Resources for more than 4 billion pesos has allocated the Aval Group to support about 64,000 micro, small and medium-sized enterprises (MSMEs) in the country in the midst of the current health crisis, mainly for the payment of payroll and working capital, according to the organization.
Through its controlled entities, Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas and BAC Credomatic, actions have been implemented on 19 different fronts to mitigate the impacts of the covid-19.
Their directives highlighted the importance of this work, since the more than 2 million SMEs that Colombia has represent 90 percent of the total number of companies in the country, producing 30 percent of the gross domestic product (GDP) and employing more than 65 percent of the labor force in the national territory.
The impact of the pandemic has allowed many of these small, medium and micro-enterprises to access the economic aid provided by the banks of Aval Group, to avoid at all costs having to cut jobs, or in the worst case liquidate their companies.
This is why the organization continues to support the business sector with the lines of National Guarantee Fund (FNG), such as the 90 percent guarantee program for payroll and 80 percent for working capital.
“To the current problem for the pandemic, a financial crisis cannot be added to it, in such a way that the role of Grupo Aval is to take care of companies, to be very responsible with their management and to take care of the public’s savings ”, said Rafael Arango, Vice President of Business Banking of Banco de Bogotá.
(You may be interested in: ‘Reactivate Colombia: ways out of crisis after covid-19’)
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