Credit lines for entrepreneurs in Bogotá

With the aim of continuing to promote the economic reactivation of Bogotá, the Secretary of Economic Development The ‘Bogotá Responde’ and ‘Crea, Bogotá Crece’ lines of credit are available to businessmen who have been affected by the pandemic. Here’s how they work.

Credit line ‘Bogotá Responde’

The District Secretariat for Economic Development, in partnership with Bancoldex, has managed to benefit 10,400 businessmen in the city, who have received loans from the ‘Bogotá Responde’ line for $ 226.1 billion.

In seven months of operation, this line has achieved a significant impact among the city’s business sector and still has resources available to benefit more entrepreneurs, strengthening its business units for economic reactivation. Bogotá Responde offers resources with a maximum term of 3 years, with a 6-month grace period.

Currently, more than $ 37.9 billion in credits to be disbursed. Micro, small and medium-sized companies interested in accessing resources can do so through financial and microfinance entities.

  • Program resources: $ 264,000 million

  • Resources delivered: $ 226.1 billion

  • Available resources: $ 37.9 billion

The ‘Bogotá Responde’ credit line will be in force until March 31, 2021 and the requirements to access it are defined by each of the financial intermediaries.

Who and how can access?

This line is part of the mechanisms that the National Government and the Mayor’s Office of Bogotá have made available to micro, small and medium-sized entrepreneurs to contribute to mitigating the economic effects of the COVID-19 crisis.

Entrepreneurs request the resources through the banking entities or financial intermediaries of their choice. For more information you can enter desarrolloeconomico.gov.co, write to contact us@bancoldex.com or contact the Bancóldex multi-contact line: 7420281.

The ‘Bogotá Responde’ credit line will be in force until March 31, 2021 and the requirements to access it are defined by each of the financial intermediaries.

Where have the requested resources gone?

The main beneficiaries of the disbursements have been microenterprises (95.8%), followed by small companies (2.2%) and medium-sized companies (2%), in terms of the number of operations.

Regarding the amount disbursed, most of the resources have been allocated to medium-sized companies (46.8%), followed by micro-companies (35.7%), and small companies (17.5%).

Likewise, 47.9% of the operations were destined to the commerce sector, 20.2% to the manufacturing industry and 9.1% to accommodation and food services.

Credit line ‘Crea, Bogotá grows’

This line of credit is aimed at MSMEs in the capital, to provide financing alternatives in times of crisis, caused by the COVID-19 pandemic and continue to promote innovation, growth and competitiveness.

The credit line ‘Crea, Bogotá Crece’ has a maximum amount per company of 400 million pesos with a term of up to 7 years for the payment of the acquired credit and a grace period of up to 12 months, with a capital amortization with monthly, quarterly or semi-annual payments.

The credits can be used for the technological modernization of MSMEs, acquisition of transport vehicles for business, certifications, patents and licenses; development of innovation projects and development of new products, services and processes.

All the information can be consulted at www.desarrollo economico.gov.co.

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