Matanzas, Cuba. – About 800 citizens of this province have received personal loans in excess of five million Cuban pesos in the first four months of this year.

Decree-law 289 of the Central Bank of Cuba authorized the creation of personal banking. Pursuant to the decree, Matanzas banks have assisted over 7 000 people interested in the procedures and details of the new portfolio of loans.

Maria Antonia Blanco, local head of personal banking, said most credits are requested to purchase building materials. So far, very few are intended to pay labor fees for building and renovating houses and other expenses included in the decree-law.

Most of the 800 personal credits have been granted in the municipalities of Matanzas, Cardenas, Colon, Jovellanos and Jagüey Grande. However, local authorities said all 13 municipalities of Matanzas have offices authorized to deal with personal credit procedures.

So far, less than a hundred applications have been refused. The main reasons have been applicants' unsteady employment, limited capacity to pay and accumulated debts that undermine the applicant's solvency. By: Jose Miguel Solis