Procedures and Services

• Factoring or factorage: Set of services based on the transfer to the bank of the documented collection rights held by the assignors over third parties. It may include the following services: collection management, financial advice for managing the client portfolio and financing.
• Local Letter of Credit: Payment instrument through which the Banks of the buyer and the seller carry out the collection and payment actions, respectively; prior agreement between the seller and the buyer by contract on its use and the presentation of the agreed documents for payment.
• Payroll direct debit: Service through which salaries in CUP and CUC can be collected by magnetic card, minimizing risks to entities in the transfer of cash, as well as giving clients the possibility of paying directly discounted debts.
• Financial Advice: The Bank provides clients with all types of advice free of charge.

Non-Agricultural Cooperatives in formation and established Non-Agricultural Cooperatives are granted in Cuban pesos (CUP) and are subject to credit.  The credits that are requested for initial working capital will be made for a single time and will cover the financing needs to guarantee that the Cooperative manages to establish itself in its initial stage, being able to cover with these, needs associated with the purchase of rotation means, raw materials and others.  The CNAs that need to apply for bank loans can access them with differentiated rates during the first 2 years, as long as the risk analysis is satisfactory and their granting is approved by the Credit Committee.

Financing that is formalized in a lease agreement between the owner of the property and the Bank, which will use it within an agreed term, through the payment of a certain fee.  At the end of this period, the client acquires the goods as property.

They are granted to finance the purchase of goods, supplies, equipment and for any other purpose that contributes to the proper functioning of the activity.  Exceptionally, financing is granted for the purchase of motor vehicles, the request is submitted to the Credit Committee of the Central Office.  Financing can be used in its different modalities and classifications.