The Government of Panama is now working on developing and implementing more flexible rules and a few new laws to facilitate access to credit resources for SME sector (Small and Medium Enterprises). It’s expected that such measures will improve the county’s competitiveness on the global level.
Statistical data on the loans for SME shows good increase in recent years, for the period from January to October 2013 the volume increased by 19.07% and amounted almost $ 7 million. Nevertheless, the government officials still think that support for small business could be improved and thus they took the initiative to implement simpler rules for microcredit.
Among the news there is also a new organizational form of company registration, an alternative for Sociedad Anónima (S.A), but with registration fee of only $40 instead of present $1,200.
The new rules, which were adopted at the special session of the National Assembly, will be promoted among small businesses and financial institutions on the basis of mutual benefit.
