An experienced international banker, Julio M. Herrera Velutini leverages years of experience to serve as chairman of a prominent Puerto Rico-based financial entity. Through his company, Julio Herrera Velutini strives to provide better financing and crediting options to Latin American communities by promoting microfinance. As its name suggests, microfinance involves the allotment of small-scale loans. Most of these “microloans” do not award more than a few hundred dollars at a time. Most commonly, microfinance entities conduct most of their work within developing nations whose residents often need basic monetary assistance. Typically, microfinance caters to two main groups: individuals and small business owners. For those who are unemployed or otherwise make insufficient funds for living expenses, these services provide them with a means of turning their lives around financially. These individuals can use their microloans for everything from groceries to housing. Otherwise, microfinance entities commonly work with small business owners that lack the necessary capital to obtain loans from their banking institutions. With this funding, these entrepreneurs are better equipped to invest much-needed funding into their businesses. In all cases, microloans come with interest rates comparable to those of traditional loans. They are also similar to standard loans in that their loan terms obligate recipients to make repayments on a set schedule.
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Chairman of an international bank, Julio M. Herrera Velutini is a banking executive with a 120 year family history in banking. It is important for a legacy holder such as Julio M. Herrera Velutini to put extra effort into maintaining his impression on world banking. Recently, he initiated an agreement with MicroCapital to grow the microfinance sector in Costa Rica by offering small loans. This project is geared towards people with limited or no access to financial services. Typically, the financial services are provided to small businesses to help them grow their businesses, provide jobs, and, ultimately, improve the Costa Rican economy. Not just loans, the services include savings accounts, credit cards, money transfers, and micro-insurance. Costa Rica has steadily expanded its economy and, as a result, it has one of the lowest poverty rates in Latin America and the Caribbean. Mr. Velutini's foundation and MicroCapital help bridge the gap in inequality of the Costa Rican people by helping low-income business owners receive the same benefits as wealthy and middle-income earners. Julio Herrera Velutini has the rare privilege of continuing a family tradition that extends four generations—banking. Among Julio Herrera Velutini’s banking forefathers is Jose Herrera Uslar. Here are a few facts about this distinguished Venezuelan.
In 1936, Mr. Uslar became a founding member of the Progressive Republican Party, which sought to combat Marxism in the country. After World War II, Mr. Uslar served as the Venezuelan ambassador to Switzerland. During this difficult period of time in Europe, when many thousands of children were orphaned, Mr. Uslar successfully placed 1,000 orphans in Venezuelan homes via his connections with Europe. Although the sport of basketball first arrived in the country in the 1920s, it wasn’t until the 1930s that Venezuelan teams were awarded professional status. This status was achieved through effort from people like Jose Herrera Uslar, who helped found the Basketball Federation of Venezuela (or Venezuelan Basketball Federation). Today, the organization represents the Venezuelan National Basketball Team. Julio M. Herrera Velutini, whose family has long been involved in Venezuela’s banking system, currently serves as the chairman of an international bank headquartered in Puerto Rico. Under Julio Herrera Velutini’s leadership, the bank is a member of the Association of Banks of Puerto Rico, an organization that represents financial institutions and offers resources to consumers.
Among its many services, the Association of Banks of Puerto Rico is conducting a financial literacy campaign to help consumers effectively manage their finances and navigate current economic conditions. The campaign educates consumers through a variety of channels, including a weekly radio show, financial training workshops, advertisements, and educational materials distributed to banks across Puerto Rico. On its website, the Association also publishes informative articles on financial matters relevant to consumers. For example, one article discussed lending money to a friend and explored the various considerations and possible complications associated with that decision. The Association also posted articles about creating a personal budget, saving on groceries, and applying for a loan. More information about the Association of Banks of Puerto Rico’s financial literacy campaign is available online at www.abpr.com. With a family history of more than 12 decades in the financial industry, Julio Herrera Velutini is a prominent banking professional in Venezuela. Julio M. Herrera Velutini serves as chairman of the board of an international bank in Puerto Rico, and formerly led as chief executive officer of a financial institution based in Caracas, Venezuela.
The official currency for Venezuela is the bolivar, also commonly referred to as bolo and luca. With a currency symbol of Bs, the Venezuelan bolivar has an inflation rate of 56.2 percent as of September 2014. In 2010, the Venezuelan government established a two-tiered official exchange rate system, which includes non-essential and essential rates. Non-essential rates are placed on imports and are set at 4.3 bolivares per dollar. Essential goods have a lower rate of 2.6 bolivares per dollar. Determined by the government, essential goods consist of expenses related to culture, health, sports, and scientific investigations; remittances to relatives settled abroad; and currency conversions for diplomatic activities. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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