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Fenalco and the fintech company Referencia launched a credit line for micro-entrepreneurs

The initiative has the support of the Government and expects to grant between $1 and $22 million in the regions where Fenalco is represented. iNNpulsa Colombia, in alliance with the National Guarantee Fund, will support 80% of the capital disbursed through the ‘Emerge’ loans, with the aim of increasing the accessibility of micro-entrepreneurs and independents to this new special line of credit.



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Fenalco, the fintech company Referencia and Banco Caja Social announced the creation of ‘Emerge’. This is a special line of credit that seeks to support small, independent, and micro-entrepreneurs in the reactivation of their commercial operation, during the current situation.

This initiative, which has the support of the National Government through iNNpulsa Colombia and the National Guarantee Fund, is expected to grant loans of between $1 and $22 million in the different regions of Colombia where Fenalco has a presence with 25 branches and divisions.

Find out more details about the new credit line for micro-entrepreneurs launched by Fenalco and the fintech company Referencia, and read the latest business news in the world with our companion app, Born2Invest.

The alternative financing for Colombian small business owners

The initiative emerged as soon as the emergency state was declared and the crisis started. Fenalco and the fintech company Referencia interacted with government entities coordinated by the Ministry of Commerce, Industry, and Tourism to design an alternative that would meet the needs of the country’s small business owners.

In this way, iNNpulsa Colombia, in alliance with the National Guarantee Fund, will support 80% of the capital disbursed through the ‘Emerge’ loans, with the aim of increasing the accessibility of microentrepreneurs, small business owners and independents to this new special line of credit.

“There are still enormous needs to be addressed, since 93.9% of formal microenterprises only have access to 3.1% of the total amount of the credits placed historically,” said Jaime Alberto Cabal, president of Fenalco Nacional.

Likewise, the union leader added that of the total resources of the Colombian financial system in the current situation, as of June 30th, only 15.26% of all available resources have been disbursed to micro-enterprises by the government. That, according to figures from the National Guarantee Fund, which showed that the flow of credit is still not completely resolved and needs to continue to be supported.

According to Fenalco, loans originated by the ‘Emerge’ Credit Line are acquired by Banco Caja Social and through it, supporting its economic and social development. “As the Banco Amigo that we are, we have been implementing a series of strategies and initiatives that are based on a deep knowledge of the needs of the entrepreneurs and seek to contribute to their sustainability over time,” said Diego Fernando Prieto Rivera, president of Banco Caja Social.

A fully digital line of credit

This new line of credit will be completely digital and joins the portfolio of special credit lines of Colombia Emprende and Innova. It is offered online, with the support of Fenalco representatives in each city, and it is approved quickly. In addition, those who receive the financing have a four-month grace period before beginning to pay their installments, which can be up to three years.

“From iNNpulsa Colombia and the Ministry of Commerce, Industry and Tourism, we are very proud to support the birth of lines of credit designed for those microentrepreneurs or independents who currently need our support to continue with their entrepreneurial projects. Through the Colombia Emprende and Innova initiative, we continue to look for ways to articulate these types of alternatives,” explained Ignacio Gaitán, president of iNNpulsa Colombia.


(Featured image by stevepb via Pixabay)

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in,, Seeking Alpha, Mogul, Small Cap Network, CNN,, among others.