Cuba eases rules for small business lending

Posted on Saturday, 12.28.13



Cuba eases rules for small business lending

THE ASSOCIATED PRESS



HAVANA -- Cuba says it's easing the terms of lending to private business

owners in an attempt to boost the country's new small business sector.



The new rules were published in the country's Official Gazette this week

and publicized by state media Saturday. They let private businesspeople

take out loans for as little as 1,000 pesos, or $41, a third less than

the previous minimum.



The terms of repayment can now extend up to 10 years, with bank

presidents authorized to extend them even longer in certain cases.



Earlier this year, Cubans were allowed to use personal property such as

real estate and jewelry as collateral for loans.



The number of islanders working for themselves has stalled for the past

two years at about 444,000 — or 9 percent of the workforce.



Source: HAVANA: Cuba eases rules for small business lending - Latest

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