Cuba to ease loan terms for private businesses
HAVANA — Cuba announced on Saturday that 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 and publicized by state media. 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.
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.
Show commenting policy
TribLive commenting policy
- In Paris, nations, investors to pledge billions for climate change research
- Climate summit spawns protest marches around world
- EU expects ‘immediate’ clampdown on migrants in $3.2B deal with Turkey
- Pope Francis appeals for peace amid tight security in Central African Republic
- Norway mulls using medical heroin to prevent deadly overdoses
- A third of world’s cacti threatened with extinction, report says
- Senators call for 20,000 more troops in Syria and Iraq
- Israel suspends contact with some EU groups over labels on exports
- Iran gives investors glimpse of $30 billion in oil deals to come
- Russia hits Turkey with sanctions amid frayed relations
- Top Kurdish lawyer shot dead in Turkey