By means of Circular No.006 of April 2, 2020, concerning the Colombia Responds line for everyone against the economic effects of COVID 19, the National Government, the Ministry of Commerce, Industry and Tourism and Bancóldex, in order to offer liquidity tools that contribute to the sustainability of companies and the conservation of employment, have implemented a new preferential credit solution that complements the offer published in recent days with the Colombia Responds line, under the following conditions:
- Quota amount: Approximately COP 350,000,000,000
- Sub-quota 1 re-discount mechanism microenterprises: Approximately COP 50,000,000,000
- Sub-quota 2 Micro-enterprise Facility: Approximately COP 50,000,000,000
- Subgroup 3 SMEs: Approximately COP 75,000,000,000
Intermediaries include the following entities: Banks, financial corporations, financing companies, financial cooperatives, fintech, financial NGOs, savings and/or credit cooperatives, contribution and credit or multi-activity cooperatives, clearing houses, employee funds and other national intermediaries with a quota in BANCÓLDEX and that offer a special program aimed at businesses, which must contain financial benefits as opposed to their traditional offer of credit.
This offer must have a reduction in the interest rate to the beneficiaries, at least 2% compared to the full rate that the intermediary would have approved for each specific transaction on standard credit terms compared to the full rate that the intermediary would have approved for each transaction on standard credit terms.
The beneficiaries of this credit solution would be natural and legal persons, considered as micro, small, medium or large enterprises, from all economic sectors except the agricultural sector, as well as companies financed through the Colombia Responde line. Loans may be granted to partners or shareholders of legal entities when the resources are used to capitalize the company. Likewise, trustee may also have access to these resources provided they meet the aforementioned conditions.
It should be noted that the resources must be allocated to working capital and may be used to generate liquidity by improving the financial conditions of the company's current liabilities.
The maximum amount per company, if it is an MSMEs category, is up to COP 3,000,000,000. If they are large companies, the amount would be up to COP 5,000,000,000.