El Salvador Plans to Offer Crypto-Based Loans for SMEs

El Salvador Plans to Offer Crypto-Based Loans for SMEs
The government of El Salvador plans to offer small and medium-sized companies (SMEs) $10 million in crypto-based loans as of the first quarter of 2022.Acumen, a Solana-based lending and borrowing platform, will provide U.S. dollar funding to El Salvador’s National Commission for Micro and Small Enterprises (Conamype), a government entity that plans to allocate financing to local informal entrepreneurs and self-employed workers, Conamype’s president Paul Steiner told CoinDesk.Acumen’s loans will have an annual interest rate of 6% to 7%, although it could reach up to 10%, Acumen’s project manager Andrea Gómez told CoinDesk.According to Steiner, 86% of the companies in…