New and attractive facilities from the Cuban banking system are now at the disposal of self-employed businesses, even without the need to resort to commercial offices, modality introduced and in progress by the Banco Popular de Ahorro (BPA).

It consists of modern financing services in the Cuban financial system since 2011 when the Law 289 was approved to give natives other banking services to attract the non-State sector.

New and attractive facilities from the Cuban banking system are now at the disposal of self-employed businesses, even without the need to resort to commercial offices, modality introduced and in progress by the Banco Popular de Ahorro (BPA).As of two months ago, such is the case of remote banking for clients of the BPA, an electronic facility that allows the client to access banking services without their physical presence in the branch.

The director of the Business Banking of that financial entity, Greicher La Nuez, affirmed that such a mechanism was only offered to juridical persons (enterprises), but now self-employed business people can make money transfers, receive information on the state of their current accounts and know their 10 most recent operations.

This can be done via a website, which they can access from anywhere in the national territory, simply by connecting to the network.

Such a service is favored with the recent perks for browsing the Internet, as clients have the advantage of accessing the internet using cell phones, personal computers or tablets with wifi applications.

The BPA is studying the possibility that owners of businesses could pay their hired workers through remote banking, after transferring money to the current accounts of the workers.

Another service under trial, of great usefulness to trade and the liquidation of tax obligations is the operation of funds through checkbooks and magnetic cards by non-state businesspeople.

The BPA portfolio of offers also includes the access to loans for the acquisition of goods, inputs and equipment, opening current accounts both in Cuban pesos, or in Convertible pesos as well as giving advice for paying in or taking out money.

BPA executives explain that loans can be approved for work capital or investment, beginning at a minimum of onethousand pesos, while the maximum will depend on the applicant´s capacity to pay back, a resource which is also available for non-agricultural cooperatives.

Although often unknown to the so-called self-employed persons, such facilities do not reach the half million mark of those workers registered in the country for lack of habit or economic know-how.

This also influences the rejection to credit and the relationship with banks, despite the importance of responding to needs of the emergent models of economic management, therefore the financial institutions look for new alternatives, like the creation of specialized structures for that sector.

In this effort the Banco de Credito y Comercio (Bandec) stands out with credits that allow the private worker to develop their activity with attractive periods of grace, minimum interest rates, less troublesome documents, and exemption from payment for the analysis of credit approval.

Bandec has established a figure of the person who applies for microcredit on behalf of his client, to assist private workers in the area where they work, without the need to go to commercial offices.

In the agencies of that banking institution they can also make tax payments, contributions, pay the bills for electricity, telephone, water and gas through current accounts, a banking service not used by private workers that manage their businesses.

Such current accounts can be associated to a magnetic card, which reduces the handling of cash in retail stores.

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