Micro-loans for Small Business:

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.

Rural Credits: Offered to farmers, cattle ranchers and businesses in rural areas. Interest rates vary between 3.5% and 2.5% per month.

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.

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.

Life Insurance:
Microinsurance policies to ensure that family members are not saddled with unreasonable amounts of debt in the case of the death of the borrower.

Home Improvement Loans:
Offered to help remodel or fortify the borrowers’ existing homes to improve standard of living.

Currency Exchange Services:
Exchange of US dollars to Cordobas and vice versa.

Government Cheque Cashing:
Clients are able to cash their government cheques at MiCredito which often saves them travel time and money.

Cell Phone Recharging:
A service offered to clients allowing them to pre-pay their cell phones.