The new law will allow lenders to accept personal property as a guarantee for loans.
The head of the Honduran Association of Banking Institutions (AHIBA), María Lidia Solano, told Latribuna.hn that, "movable guarantees are an instrument that can be used to give small and medium sized producers access to credit".
A draft law on Secured Transactions has been presented in the Legislative Assembly, which gives MSMEs greater access to commercial credit.
The Minister of Economy, Armando Flores and the Deputy Minister of Trade and Industry, Francisco Lazo presented today, Monday, January 7, to the President of the Legislative Assembly, Sigfrido Reyes, a draft law on Secured Transactions with which it is intended that the micro , small and medium enterprises (MSMEs) will have greater access to commercial credit through collateral.
The law passed by the Legislature allows companies to use their personal property as collateral to take out productive loans.
From a statement issued by the National Assembly of Nicaragua:
During the plenary session on October 5, the National Assembly approved in general the Secured Transactions Law, a legal instrument to promote access to credit for micro, small and medium enterprises by putting up any movable goods used in their daily work as collateral.
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