Non-Agricultural Cooperatives


Credits to CNA for Initial Working Capital.

Credits to CNA for Initial Working Capital.

  • Credits can be requested in both currencies..
  • Used for paying suppliers, procurement of supplies and other expenses related to the initial productive cycles.
  • Maximum settlement period: 12 months.
  • Mode: Line of credit.

Guarantees:

  • Joint guarantors.
  • Pledged accounts.
  • Contract assets (jewelry, motor vehicles, cattle, tractors and harvesters). pending
  • Immovable property mortgages (summer homes and vacant lots).

Requirements:

  • Presentation of the basic documentation of the Non-Agricultural Cooperative.
  • Presentation of documents for credit analysis.
  • Credit agreement.
Credits to CNA for Investments.

Credits to CNA for Investments.

  • Credits can be requested in both currencies..
  • Preferential rates of interest are applied during the first two years after establishment of the cooperative, as of the date of its inscription in the Commercial Registry.
  • Intended for the procurement of equipment and for the construction or upgrading of properties.
  • Maximum settlement period: 10 years.

Guarantees:

  • Joint guarantors..
  • Pledged accounts.
  • Contract assets (jewelry, motor vehicles, cattle, tractors and harvesters).
  • Immovable property mortgages (summer homes and vacant lots).

Requirements:

  • Presentation of basic documents of the Non-Agricultural Cooperatives.
  • Presentation of documents for credit analysis.
  • Credit agreements.
Current account for CNA.

Current account for CNA.

  • The account may be opened in both currencies
  • Minimum balance
  • The first account deposit is the balance of the monetary contributions made by the members.
  • The issuance of debit cards is accepted as a complement to traditional operations of current accounts.

Requirements:

  • Presentation of basic documents of the Non-Agricultural Cooperatives..
  • Deposit of the monetary contributions of the members.
  • Adhesion Contract..

Account of the monetary contributions of the members for the CAN.

  • Opened in Cuban pesos (CUP)..
  • Intended for the creation of a fund with the monetary contributions of the members of the Non-Agricultural Cooperative (NAC) after its creation has been approved.
  • BANDEC shall issue a certification validating the opening of the account, as a basic condition for proceeding with the establishment of the NAC.
  • This fund is the initial deposit for the current account of the NAC.

Self-employed Workers (TCP in spanish)


Working Capital Credits for TCP.

Mode:

Simple Credit (funding delivered only once), or Line of Credit (funding with a maximum limit to be used by clients according to their requirements).

Currency:

Cuban pesos (CUP).

Maximum Term:

18 months.

Intended for:

Self-employed Workers and other forms of Non-State Businesses.

Purpose:

  • To purchase goods and supplies.
  • To purchase equipment.
  • To pay for raw materials.
  • To pay for water, electricity and gas.

Requirements:

  • Permanent identity document (identity card).
  • Official document authorizing self-employment or another type of non-state business..
  • Operating a current account at the BANDEC branch where the funding is requested, within the municipality of your legal residence.
  • Have no debits overdue, or debts from a previous credit at another BANDEC branch or financial institution of the system, associated to your self-employment activity.
  • Additional documents requested by the bank, demonstrating the capability the borrower to carry out the activity it wishes to finance, including the payment capacity of the borrower.
  • Authorization from MINSAP whenever required for the activity.

Guarantees:

  • Transfer of rights over current and future incomes.
  • Transfer of certificates and fixed-term or savings accounts.
  • Joint guarantors
  • .
  • Contract assets (jewelry, patrimonial assets, motor vehicle, cattle).
  • Immovable property mortgages (rest houses or summer homes, vacant lots).
Investment Credits for TCP.

Mode:

Simple Credit, or Line of Credit..

Currency:

Cuban pesos (CUP)..

Maximum term:

10 años.

Intended for:

Self-employed Workers and other forms of Non-State Businesses.

Purpose:

  • Expenses associated with the construction, remodeling or modernizing facilities.
  • Equipment procurement.

Requirements:

  • Permanent identity document (identity card).
  • Official document authorizing self-employment or another type of non-state activity.
  • Operate a current account at the BANDEC branch where the funding is requested, within the municipality of the applicant’s legal residence.
  • Have no debits overdue, or debts from a previous credit at another banking branch or financial institution of the system, associated to the applicant’s self-employment activity.
  • Additional documentation requested by the bank, demonstrating the ability of the borrower to carry out the activity they wish to fund, and the borrower´s payment capacity.
  • Authorization from MINSAP whenever required for the activity.

Guarantees:

  • Transfer of rights over current and future incomes
  • Transfer of certificates and fixed-term or savings accounts.
  • Joint guarantors.
  • Contract assets (jewelry, patrimonial assets, motor vehicles, cattle).
  • Immovable property mortgages (rest houses or summer homes, vacant lots).
Current Account for Self-employed Workers (SEW).
  • The minimum amount is of 200 CUP or 50 CUC, according to the currency..
  • These may be: Individual (only one SEW as the holder); Equal liability or Indistinct (two or more SEW holders who may operate separately); Cash Pool or Joint Accounts (two or more SEW holders who may deposit separately, however all of the holders must be present for making withdrawals and for closing the accounts). In the first two cases, the account will operate through checkbooks. In the last variant, only payment orders will be used.

Requirements:

  • Identity card of the holder or co-holders.
  • Photocopy of the License issued by the competent authority, corresponding with the activity practiced.
  • Inscription in the Taxpayer’s Registry.
  • Document from the National Tax Administration Office (ONAT), certifying the annual income level.
  • Request to open a current account.

Associated forms of payment:

  • Nominal checkbooks and Payment Orders, except for cash pool or joint accounts..
  • Magnetic cards..