Institutional Strengthening of Cooperativa Nacional de Ahorro y Préstamo (COFAC)

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The project's objective is to open up a permanent, efficient financing channel suited to the needs of Uruguayan microentrepreneurs. Specifically, COFAC will be strengthened in implementing the national credit program targeted to this sector and in creating new products, providing access to suitable methods and technical tools to enable the cooperative to expand its services to 6,000 new microentrepreneurs in rural and urban areas, based on the criteria of profitability, operating efficiency and competitiveness that it has maintained to date. COFAC will develop specific products for these new clients such as microleasing, microfactoring and warrants, as well as traditional microloans. It will also develop an integrated savings and credit product to be known as the 'business account'.