Saturday, May 19, 2012

Supporting Sustainable Travel:

grace periods for credit

Image By Order published in Official Gazette N º. 39,402, of April 13, 2010, the Ministry of Popular Power for Tourism and Planning and Finance, established mandatory grace periods for credit applications in the tourism sector in the various financial institutions.

This decree was introduced with the aim to benefit all entrepreneurs and tourism service providers, and to allow greater flexibility to comply with its obligations with credit.

The grace periods ranging from twelve to fifteen months for the development of tourism projects, project staffing, equipment and repair of tourism facilities, tourist transport. The second period corresponds between fifteen to twenty four months for the expansion and renovation of tourism. And twenty-four to thirty-six months for the acquisition and construction of buildings for tourism, acquisition of aerial tourist transport units and / or water.

It is important to note that the design of these periods in the form of bands, encourages finance operations, as set out in Article 6 of the Law of Credit for the Tourism Sector, and also complies with the policies promoted by the Bolivarian Government to promote Tourism Sector and the development of service providers.

It was learned that at the end of February 2010 the performance of the Loan Portfolio closed at 2.09% over 3%, which emphasizes the bank's compliance Treasury 5.27%. (Press Mintur) Ferreira Heilinghs .-

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