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El Salvador’s government will be helping small companies in the country to receive crypto-based loans. In a special program that is aimed at those business owners that lack access to the traditional financial assistance, stablecoin loans will be offered through the National Commission for Micro and Small Enterprises, Conamype.
Conamype’s president made the announcement during a Facebook stream on January 19 together with Mónica Taher who is in charge of Tech & Economic International Affairs for the firm.
A special fund of initially $10 million will be set up and dispersed with the use of a Solana-based DeFi protocol, Acumen. To mitigate volatility effects, loans will be made in stablecoins, such as USDT and USDC.
According to Steiner, more than 80% of small business in El Salvador do not have a bank account and lack the opportunity to acquire a traditional loan thereby falling in the hands of alternative financing such as loan sharks. Steiner said:
“There are loan sharks charging between 20% and 25% per month. That is what we want to avoid.”
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Furthermore, the Conamype president said that the annual interest on its stablecoin loans will be the lowest in the market.