The Chilean banking regulator, Sbif, and the local banking association, Abif, signed an agreement to create a standardised financial information file (FECU) for small and medium sized-enterprises, Sbif said in a statement.
The financial information will be publicly available online so that banks and other financial institutions can easily access the information on companies included in the file.
The initiative is aimed at increasing SMEs' access to bank loans and other financial services by providing banks with more complete information about their operations and could provide banking access to some 100,000 SMEs.
Due to a trend towards increased use of debt instruments for financing among large companies in the last three years, local banks have increasingly turned their focus to smaller companies.
Source: Business News Americas
