El Salvador, WOCCU to Build Business Loan Support

Government policy makers in El Salvador have taken steps to develop economic policy and payments system support for credit unions and financial cooperatives prompted by the shrinkage of commercial bank loans. The commitment was made in response to a joint visit by officials last week from the Federation of Savings and Credit Cooperatives of El Salvador (FEDECACES) and the World Council of Credit Unions. The move was made to help boost sagging loan support for the small and micro-business sector. They saw the crisis as an opportunity to help their members grow and to grow their credit unions, FEDECACES CEO Hector Cordova said.