Banco de los Pobres, the Bank of the Opportunities

With the objective of favoring the creation and the strengthening of the productive activities of people of socio-economical level one, two and three; the Alcaldía de Medellin, through the Social Development Secretary, has the program Banco de los Pobres, the Bank of the Opportunities. This institution seeks to grant alternatives of financing by means of small credits that can be paid in flexible times. This financing provides the generation of income and the improvement of the quality of life of the communities that belong to high vulnerability areas in the municipality of Medellin.

From the Banco de los Pobres, the Bank of the Opportunities, are faced four strategies that, as a whole, look for the strengthening of the microcredit:

•Credit lines.

•Center of Business Development of the Zone,Cedezo (for its abbreviation in Spanish).

•Microcredit Network.

•Seed Capital Contest.

The Centers of Businees Development of the Zone (Cedezo), the Microcredit Network and the Seed Capital Contest are directed by the Banco de los Pobres, the Bank of the Opportunities, but each one has independent activities.

The Banco de los Pobres, the Bank of the Opportunities, possesses three credit lines: Bank of the Opportunities, agricultural and agroindustrial line of credit, and a credit line named Círculos Solidarios. The amount of money to which the beneficiaries can gain access goes from $ 433.700 up to $ 4.337.000 with an interest monthly rate of 0.91 per cent; the term to cancel the credit goes from 4 up to 36 months, depending on the line that they choose.

It is important to clarify that to obtain the credit; the beneficiary must realize an obligatory and free training in order to clarify the business ideas and to be able to constitute successful productive units.

To whom is it directed?

The credits asigned by the Banco de los Pobres, the Bank of the Opportunities, are directed to the persons of socio-economical level 1, 2 and 3, inhabitants of Medellin and its five districts (Santa Elena, San Cristóbal, Altavista, San Antonio de Prado and San Sebastian de Palmitas) that have a business or a business idea.

Requirements

1. Bank of the Opportunities credit

In this credit the amount of money goes from $ 50.000 up to $ 4.337.000. Every person, who wants to obtain this credit, has to present codebtor.

Petitioner

•To be 63-year-old or less.

•To live in Medellin or in some of its five destricts and that the business is located in the same city or district.

•To belong to the socio-economical level one, two or three.

•To present the bill of public services of the residence.

•Not to be reported in offices of debtors (Procrédito and/or Datacrédito) by an amount superior to $1.000.000.

•Not to have current debts with banks, corporations or not governmental entities.

•To use the credit only and exclusively for productive projects.

•To have a codebtor.

•The form is delivered only to the petitioner.

Codebtor

•To be 63-year-old or less.

•To live in the Metropolitan Area.

•Not to be reported in offices of debtors (Procrédito and/or Datacrédito).

•The codebtor can be employed, independent worker or have real state. The wage earner must earn at least a minimum wage, attach last labor letter and the two bills of payment;  the independent worker must attach a copy of the Chamber of Commerce (with less than 45 days of sent), and a certificate of income made by a public accountant and the photocopy of the professional card of the same one; the person who has real state must attach copy of the last predial tax up to date (the property must be in the Metropolitan Area).

•Cannot be a guarantor of two or any more persons in the Bank of the Opportunities.

2. Agricultural and Agroindustrial Credit

The loans go from $ 50.000 up to $ 4.337.000. All the persons who request this credit must live in the rural area of the Municipality of Medellin and belong to the socio-economical level one, two or three. The requirements are the same of the credit Bank of the Oportunities, nevertheless, if the petitioner has real state, does not need a codebtor.

3. Circulos Solidarios Credit

The Circulos Solidarios are group of people of the same area of the municipality of Medellin, which are joined to improve his business through own saving, credit to improve his business, training in personal and business growth.
This form of loans offers credits among $230.000 and $650.000. The maximum term for its payment is 16 weeks.

•To be older than 18 years.

•To live in Medellin and to belong to the socio-economical level 1, 2 and 3.

•Availability to be present at the meetings of the Circulos Solidarios.

I fulfill the requirements

If it is fulfilled by the requirements of Banco de los Pobres, the Bank of the Opportunities, the following steps must be followed:

•To go to the Banco de los Pobres, Bank of the Opportunities, it is located in the basement of the Administrative Municipal Center, la Alpujarra and ask for a completely free request of credit.

•When the request is delivered, it is necessary to attach the finished and current documents demanded in the requirements.

•Once papers have been delivered, the financial analysis and a visit is carried out to determine if the credit was approved or not to the person.

•The answer, affirmative or negative, it is notified in a maximum term of 10 days. If the answer is negative they will give him/her the reasons.

•If the credit is approved, the person must be present in an obligatory and free training (56 hours in 10 days, approximately) demanded by the Bank.

•As soon as the training was finished; the person receives the total amount approved in a term of 15 days.

•The whole process of the credit has a length of time of 35 days.

Contact us

Phones: 385 51 60 / 385 50 71 / 385 50 98

Address: Calle 44 # 52 - 165, basement of the Administrative Municipal Center La Alpujarra.

Agradecimientos: Escuela de Idiomas de la Universidad de Antioquia