1. Standard Credits: Intended for micro and small commercial businesses such as services and transport. Interest rates vary between 3.5% and 2.5% per month.
2. Rural Credits: Offered to farmers, cattle ranchers and businesses in rural areas. Interest rates vary between 3.5% and 2.5% per month.
3. Temporary Credits: Offered to existing clients with an A credit-rating needing temporary credits to respond to increases in demand during summer, Christmas, Mother’s Day and other special events during the year. Interest rate is 4.5% and loan terms are up to 3 months.
4. Salaried Staff Credits: Offered to salaried employees in various companies through agreements with these institutions. Interest rates vary between 3% and 2.5% per month.
Standard and Rural Credits Requirements
- Offered to owners of micro and small businesses in the following sectors: services, commercial, industrial, agricultural and cattle-ranching.
- Businesses need to have a minimum of 12 months of operating history.
- Business owners need to be older than 21 years of age and younger than 66 years.
- Business owners must reside in an area around one of MiCrédito’s branch offices.
- Business owners must be in possession of a Nicaraguan Identification Card.
- Business owners must have a photocopy of the business registration certificate (if in possession of one)
Conditions for Loans
- Terms depend on type of business activity;
- Guarantees, assets and collateral up to 1.5 times loan amount;
- Mortgage guarantees may be required in the case of loans greater than US$10,000;
- Loans range from US$100 to US$20,000;
- Payments in accordance to the borrower’s capacity to pay.
For temporary credits, applicants must be current MiCrédito clients with an A credit-rating.
For salaried staff credits, a previous agreement signed between MiCrédito and the company of the salaried employee making the credit request is required. Other requirements: a Nicaragua Identification Card, a wage guarantee and an INSS guarantee
Future Products
These products are currently in the test phase:
- Debt Consolidation Product
- Business Line of Credit
- Remittances