The Development Bank (BANDESAL), through its president, announced the execution of the second stage of the Trust Fund for the Economic Recovery of Businesses. In this second stage, there is an amount of USD 107.9 million, being the economic sectors benefited: private, school and tourist transportation, fishermen, artists, people with disabilities and merchants affected by the fire last March 10th, 2021 in the central market of Santa Ana, one of the main commercial plazas in the city of Santa Ana (El Salvador).
This trust arises from the USD 600 million loan that the Government of El Salvador obtained to recover from the impact of COVID-19 in the country.
These USD 380 million are a remainder of the funds that were approved last March by the Legislative Assembly and will be distributed as follows: USD 17.5 million for Salvadoran artists, USD 50 million for the informal commerce sector, who have been the most affected by the pandemic and are, therefore, the productive sector that has made most use of the trust fund, USD 30 million to private schools and universities and USD 270 million to the formal sector.
The following procedures are necessary for the economic sectors that are part of this new phase of the trust to be able to access these soft loans:
- Access the portal firempresa.gob.sv
- Identify the economic sector to which they belong.
- Review the requested documentation.
- Submit it to Bandesal.
These credits undoubtedly represent a way to stimulate trade and reopen the Salvadoran economy.
Senior Associate
García & Bodán
El Salvador