Bancóldex

Press release

November 17, 2020

FinDev Canada supports Colombian businesses affected by COVID-19 with USD 10 million loan to Bancóldex

Press Release

FinDev Canada announced it will provide a USD 10 million loan to Colombia’s Business Development Bank (Bancóldex).

Supporting MSMEs overcome the COVID-19 economic crisis: The program will provide emergency economic relief and support to Colombian MSMEs and large companies, making available emergency credit lines, lower-interest loans and longer terms for re-payment. The program will help to meet the Colombian government’s goal of ensuring the long-term sustainability of the MSME ecosystem in Colombia. This transaction is part of FinDev Canada’s COVID-19 response to support liquidity for financial institutions in Latin America and the Caribbean.
Protecting thousands of jobs and incomes: by providing financial relief and support to Colombia’s private sector, businesses across the economy will be better able to continue paying employees, suppliers, fixed costs and operating expenses.

Bancóldex plans to make available approximately 450,000 loans to MSMEs by 2022, reaching micro-entrepreneurs underserved by local commercial banking.

Enabling access to emergency financing for women entrepreneurs, particularly women micro-entrepreneurs: as women are highly represented in micro-enterprises, by actively supporting existing and new MSME customers, Bancóldex is responding to the emergency financial needs of women micro-entrepreneurs.
Supporting decent employment for women: women account for more than half of all direct employees at the bank. Moreover, Bancóldex believes that, by incorporating a gender perspective into its decision-making and implementation, its team, beneficiaries and stakeholders will understand the needs and experiences of women and men aiming to close gender gaps. Bancóldex is currently developing a comprehensive Gender Policy for the institution, scheduled for implementation in 2021.