Looking to encourage transformation and creativity during tough economic times, and in celebration of “Entrepreneurship Week,” Banco Popular announced Thursday the launch of the “Popular StartUp” program.
The three-pronged financing program — which has an initial allocation of $1.6 million — seeks to fund proven ideas that have been in business for less than two years, and provide support and education, said Banco Popular President Ignacio Álvarez.
“We know of the need for funding, either to formally start a business or expand one, and at Popular we want to give a boost to this sector,” he said during a morning news conference.
Through StartUp Popular, the financial institution will offer a wide range of services and benefits for those who qualify for financing their business, with loans of up to $50,000. Some of the program offerings, once the proposal is approved, include: lower payments during the first year of the loan term; business coaching to develop the business; a business account (whether “FlexiCuenta” or “B-Smart”) and access to Mi Banco Comercial, both free of charge for one year.
“The new entrepreneurs segment is one that needs more attention from the banking sector. Part of Popular’s commitment is to support ideas and successful economic development,” Álvarez said.
Entrepreneurs interested in being evaluated for financing through the StartUp Popular program must fill out a form and send the documents requested on or before Jan. 31, 2016.