Credit for home construction in Camagüey expanded

creditos.viviendasHavana, October 18 – More than 10,000 loans have been awarded by the province’s Banco Popular de Ahorro, (BPA) for independent construction and repair of homes, since the end of 2011 to date. Credit for this purpose is the type most often requested in the region, according to AIN.

Funds amounting to 100 million CUP have been solicited primarily for the acquisition of construction materials and labor, as a result of the country’s new banking policy.

Very few requests have been rejected, according to bank officials, thus supporting independent efforts to construct and repair dwellings by individuals, given the deterioration of the province’s housing stock.

Liudmila Torres Corps, head of personal banking for the BPA in the province, explained that requests are only denied when the person asking for a loan has a poor credit history, his or her work record is unstable, or insufficient collateral is presented.

Also increasing, as compared to previous years, are requests for loans by the self-employed and non-agricultural cooperatives, with some 120 loans awarded to cover liquidity needs, capital investment and promotion.

Miguel Hernández Fernández, a BPA business specialist added that the bank also provides financial advice to individuals and incorporated entities, as well as for local state initiatives.

Source: Granma International

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