Loans
BEC offers loans in Cuban pesos (CUP) and Cuban convertible pesos (CUC) for working capital and investments.
Any institution that requires this kind of service shall meet all requisites demanded by the bank to offer any kind of financial intermediation and shall detail the following:
– Destination of the funds.
– Amount and currency.
– Repayment term and grace period.
– Form of payment.
– Guarantees.
Based on the customer’s needs, the request is submitted to the approval of the Bank’s Credit Committee and Board of Directors.
A loan, or bank loan, is understood as a deal in which a financial institution lends a customer a certain amount, as stated in a contract obliging the other party to repay that amount within a period of time.
The contract also sets interests and fees customers shall pay for the amount of the loan received; such amount is referred to as Principal. Interest is the price paid for using that amount. The period of time determined to return the loan is called Repayment Term.