GITP Ventures Kicks Off Micro-Lending Fund
- Colombian entrepreneurs need access to capital and liquidity
- Fund will make loans available to entrepreneurs and small businesses
- Interest rates for small business loans in Colombia often exceed 24% annually
Rionegro, Colombia (Wire Services) May 8, 2017
GITP Ventures, a private equity firm based in Panama, announced today the creation of a new Micro-Lending Fund targeted to Latin American small business owners and entrepreneurs.
“Entrepreneurs in Colombia often lack capital and liquidity for their enterprises”, said Michael Puscar, founder of GITP Ventures. “While startup capital is often derived from investment, access to loans is an important component of a healthy startup sector.”
Puscar indicated that loan sizes will be small, between $10,000 and $25,000, and will be focused upon entrepreneurs that can prove that they will use the loan to generate immediate revenue, and have business assets that can be used as collateral.
“In more than 90% of the solicitations for investment that GITP receives, the majority, if in the United States, would have instead sought a small business loan”, Puscar added. “There is a gaping hole in the market, and therefore an opportunity, to provide these loans in a very targeted way. The fund will be very profitable.”
The new fund is active immediately and has already consummated the first several loan contracts. Puscar said that he expects the fund to provide loans that total just under $2 million USD by the close of 2018.
About GITP Ventures
Founded in 2012 by Michael Puscar, GITP Ventures is a private equity group that invests in dynamic, scalable companies with an international focus. GITP’s portfolio spans a wide array of verticals including technology, media, retail and fashion. GITP’s companies are challenging the paradigms of their respective industries by embracing and deploying adaptive, innovative technologies. For more information about GITP S.A., please visit www.gitp.com.co.