Small companies in El Salvador will be able to receive funding to power their companies with cryptocurrency.
The government of El Salvador will offer cryptocurrency-based loans to small companies. Conamype, the National Commission for Micro and Small Enterprises, will be the link between the investors and a decentralized finance protocol called Acumen, that will be able to provide funding in stablecoins. The aim being to help small investors that have no credit history in the country. The program is directed to include owners of small companies that still lack access to traditional finance tools.
The announcement was made by Paul Steiner, President of Conamype, and Mónica Taher, in charge of Tech & Economic International Affairs, during a Facebookon January 19. The organization will provide $10 million in funding to these companies using Acumen, a decentralized finance protocol based on Solana.
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