A new credit line from Colombia's state-owned export development bank Bancуldex totalling 1.5trillion pesos (US$584m) with a target market of fund small- and medium-sized enterprises (SMEs) will be ready in approximately 15 days.
The loan package will be issued over the next three years and is expected to finance improvement initiatives among SMEs.
"We have shifted our focus on small- and medium-sized companies as a result of a government inititiative in 2003, so this new credit line is in compliance with our new strategy," said a spokesperson for Bancуldex.
Bancуldex plans to issue 300billion pesos by the end of the year, once the funding is ready at the end of the month.
"In June of 2003 Bancуldex had 16,000 clients, but now we have around 40,000 clients resulting from our new focus on SMEs," the spokesperson added.
