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Finaktiva provides more than $100 billion for the reactivation of companies in Barranquilla

Colombia registered a drop in Gross Domestic Product of 6-8% and teh closure of more than 509,000 micro-companies. The fintech company Finaktiva established a portfolio of services that seek to be more comprehensive in providing financial solutions. In this way, Barranquilla’s entrepreneurs can access different lines depending on their needs.

Helene Lindbergh

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The Chamber of Commerce of Barranquilla, Colombia, revealed that 18% of companies in the city already reported an increase in sales at the end of December 2020.

Just a few days before reaching the middle of the year, the economic results left by the COVID-19 pandemic in Colombia are not gratifying, with a drop in Gross Domestic Product of -6.8%, the closure of 509,370 micro-businesses and more than 3.9 million unemployed people, the picture becomes somewhat dark in the midst of a recovery. However, companies such as Finaktiva have earmarked $100 billion for the placement of credits and lines of financing.

“The economic recovery is everyone’s job and from our company we hope to put just one click away the solution that SMEs in Colombia need to continue growing. Financial liquidity is the gasoline to keep going and we are there to give it to those who need it most,” said Pablo Santos, CEO of Finaktiva.

Finaktiva comes to the rescue of companies in Colombia

The businessman explained that for this year, they started with a different mentality after having understood the situation that the pandemic had left in each of the micro, small and medium-sized companies. Thus, they established a portfolio of services that seek to be more comprehensive in providing financial solutions.

In this way, Barranquilla’s entrepreneurs can access different lines depending on their needs: Empresarial + SUAM; Pyme; Nómina Pyme and Finaktiva women’s line. Each of them with very low interest rates and the possibility of accessing in just a few minutes.

The latest figures from the National Administrative Department of Statistics (DANE) were not at all positive for Barranquilla, revealing that during the first mobile quarter from November 2020 to January 2021, its labor informality rate increased by 60.7%, with more than 500 thousand informal workers.

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Despite this and in contrast to those negative figures, the survey “Dynamics of economic recovery in the Atlántico”, conducted by the Chamber of Commerce of Barranquilla revealed that 18% of companies in the city already reported an increase in sales at the end of December 2020.

Likewise, 48% of the Atlantic entrepreneurs have an optimistic view of the economy of 2021 and the sector to which they belong, so they can move forward with their businesses, generate jobs and contribute to the growth of the region.

The companies will only have to comply with some minimum requirements for such financing, which is expected to be a support for the economic reactivation. So far, through its lines of credit, it has been able to support more than 200 companies and its goal is to reach 1,000 by the end of the year.

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(Featured image by bergslay via Pixabay)

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First published in LA LIBERTAD, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Helene Lindbergh is a published author with books about entrepreneurship and investing for dummies. An advocate for financial literacy, she is also a sought-after keynote speaker for female empowerment. Her special focus is on small, independent businesses who eventually achieve financial independence. Helene is currently working on two projects—a bio compilation of women braving the world of banking, finance, crypto, tech, and AI, as well as a paper on gendered contributions in the rapidly growing healthcare market, specifically medicinal cannabis.