Posted on Saturday, 12.28.13
Cuba eases rules for small business lending
THE ASSOCIATED PRESS
HAVANA -- Cuba says it's easing the terms of lending to private business
owners in an attempt to boost the country's new small business sector.
The new rules were published in the country's Official Gazette this week
and publicized by state media Saturday. They let private businesspeople
take out loans for as little as 1,000 pesos, or $41, a third less than
the previous minimum.
The terms of repayment can now extend up to 10 years, with bank
presidents authorized to extend them even longer in certain cases.
Earlier this year, Cubans were allowed to use personal property such as
real estate and jewelry as collateral for loans.
The number of islanders working for themselves has stalled for the past
two years at about 444,000 — or 9 percent of the workforce.
Source: HAVANA: Cuba eases rules for small business lending - Latest
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