With a family involved in banking in Venezuela for more than a century, Julio M. Herrera Velutini serves as chairman of the board of a digitally focused banking institution in Puerto Rico. Part of Julio Herrera Velutini’s mission in his current role is to aid small businesses in Venezuela and beyond. Running a small business in Venezuela has become increasingly difficult in recent years, with some experts suggesting that running a business is more challenging in Venezuela than in Syria. The massive 700 percent inflation rate, along with food shortages during the recession, pose major challenges to local businesses. Some small business owners struggle with armed gangs demanding a “tax” in certain neighborhoods, while other businesses resort to smuggling materials across the border. Additionally, Venezuela relies largely on the oil industry, which has been steadily shrinking and is projected to keep doing so. Many businesses have left the country, but some remain rooted in their homeland, hoping to help support the struggling economy. Some entrepreneurs in Venezuela consider their work an act of political resistance in a time of governmental uncertainty.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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