BAC Debit Card and Savings Account

MiCrédito has teamed up with Banco America Central (BAC) to offer clients a MiCrédito loan through a BAC bank account; providing clients the access to the BAC network of ATMs and Branches, along with a safe place to save money for their businesses and the future.

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 the type of business activity;
◦  Guarantees assets and collateral up to 1.5 times the 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 (to be in the highest standings with MiCrédito)

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.