COVID-19 / Fogo: Soldifogo reduces granting of credit to less than a quarter – responsible

São Filipe, May 22 (Inforpress) – Soldifogo Cooperativa, a savings and credit micro-finance institution for social inclusion, has reduced granting of credit to less than a quarter in the last two months.

The Chairman of the Board of Directors of Soldifogo Cooperativa, Manuel da Luz Alves told Inforpress that compared to the same period, the credit application is around one fifth, adding that this situation is clear that people are aware and know that they have nowhere to apply the credits due to the new coronavirus pandemic.

“There are far fewer people asking for credit and many more customers requesting a moratorium on payment,” said the head of Soldifogo Cooperativa, noting that “there is no bad-faith or deliberate default” but due to the situation that is experienced since many customers are people linked to the informal sector of the economy.

The Soldifogo Cooperativa’s CEO said that, unlike last year, there is currently no credit line on favorable terms, that is, with no interest and with a prolonged grace period, to support livestock farmers and other operators affected by the drought that is now occurring together with the pandemic, remembering that the previous credit line was made available by the Government and managed by Soldifogo.

JR / HF / ZS

Inforpress

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