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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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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