Agricultural production requires a lot of effort and money. There are so many details to achieve good results! Cuban banking allocates large sums to enhance and facilitate the work of this branch of the economy. How to access this financing? Cuban Directory informs.
Agricultural production continues to be one of the strategic sectors within the Cuban economy, despite the fact that it is one of the least taxed on the Gross Domestic Product (GDP).
That is the current reality, as declared by the highest government authorities in May.
Although not always successful, the State has tried, over the years, to promote this area. For this, it has implemented different methods and mechanisms, including the granting of bank loans to small farmers and cooperatives.
For what purpose are these bank loans granted?
Agricultural producers, whether independent or cooperative, can request loans from the bank to:
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- Promote, renew and / or rehabilitate plantations of various crops.
- Promote, renew and / or rehabilitate sheep-goat herds and pigs. (Beef cattle are explicitly excluded).
- Buy and repair means of work.
- Any other purpose in order to increase their productions.
Where to apply for this type of bank loan?
To finance agricultural production, the island’s banks grant credit starting at a minimum of $ 500.00 Cuban pesos (CUP).
Specifically, members of Credit and Service Cooperatives (CCS) are required to request the loan at the bank branch where said cooperative operates.
The productive entity can provide institutional representation to its associates who wish to request bank credit individually.
Meanwhile, small farmers can request the service, depending on their place of residence, at any branch of:
- Credit and Commerce Bank (BANDEC)
- Popular Savings Bank (BPA)
- Banco Metropolitano (BM or BANMET)
Required documentation
To request financing from the bank for their economic activity, agricultural producers must present:
- Credit application model established by the financial institution:
- It includes the estimated income and the guarantees available to the applicant.
- It must be signed and filled in correctly (with all the required information, in its corresponding field, and without smudges or stains).
- Identification document.
- Certification issued by the Land Control Office (certifies the legal possession of the land by the applicant).
- Registration in the Taxpayers Registry of the National Tax Administration Office (ONAT).
- Last proof of payment of taxes (if applicable).
The financial institution has the power to ask the applicant for any other document, if it deems it necessary.
We hope our information is useful. For you who read us, or perhaps for a relative, friend, acquaintance, client … We are Cuban Directory, in search of current affairs on the island.
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