El Salvador plans to lend to local SMEs through the Acumen de Solana green lending platform.

The Salvadoran government plans to provide $10 million in cryptocurrency loans to small and medium enterprises (SMEs) by the first quarter of 2022, Golden Finance reported. Conamype President Paul Steiner said Solana-based lending platform Acumen would provide US dollars to El Salvador's National Council for Micro and Small Enterprises (Conamype), a government agency that plans to distribute money. money to local illegal businesses and self-employed workers. . Acumen's project manager, Andrea Gómez, said Acumen's interest rates will range from 6% to 7% per year. According to Steiner, 86% of Salvadoran businesses carry out illegal activities and do not have access to banking services. 98% of that percentage is relying on unsecured loans, he added, with an average interest rate of 2,300%. (Change machine)