Ecuador's government has moved the goalposts in its lending policy to the country's micro and small-sized business sector, according to local daily newspaper El Comercio.
It reported that a large number of small-business owners waited in vain outside branches of Banco Nacional de Fomento (BNF) in the hope of benefiting from preferential lending terms as outlined by President Lucio Gutierrez.
The awaiting throng, which included mechanics, shop owners and retailers, were to discover at their BNF branches that the authorities had changed the terms of the loan agreement, the paper added.
"The President offered three-year credit without a mortgage and now they say that credit over US$2,000 will only be received if you have a car or a house. There is no benefit to that," local retailer Viviana Centeno was quoted as saying. "If I had a car or a house I would not be here asking for a loan for my business," entrepreneur Leonardo Campoverde added.
