Bonding, an alternative for those who do not have guarantors

The crisis that has caused the pandemic and that has manifested itself in unemployment, deterioration of the credit portfolio, greater risk of debtors, bankruptcy of companies and more banking digitization are stimulating consolidation, an activity that has existed in Colombia for 20 years but which has not evolved as in other countries in the region and where, according to industry spokesmen, greater regulation is lacking.

A bond is a guarantee that seeks to guarantee the fulfillment of an obligation. A kind of insurance that enables a company or a person to protect themselves in case of default by the debtor, the one who makes a contract or has a property under lease.

Gustavo Rincón, manager of Coophumana, an entity that replaces or substitutes the guarantor for consumer loans that grant funds from employees, fintech and cooperatives, says that “this activity has increased because debtors have been hindered in the pandemic with the guarantee». The entity, with nine years in the market, has agreements with 15 credit originators and a guaranteed portfolio of $676,000 million in 42,223 operations that existed at the end of December 2020.

Coophumana grew by 25% in the volume of secured loans compared to the 2019 operation. More than 50% were digital loans. In addition, it closed nine new businesses with allies from all sectors: cooperative, private, employee funds and Fintechs.

He adds that the corporation he directs is trying to combat phenomena such as the so-called daily payment, since the conditions have also been relaxed so that some people who have negative reports in credit bureaus due to minor factors can have credit again.

The bonding company does not have direct contact with the debtor, since he pays the amount corresponding to the bond within his credit quota.

Afiancol is another corporation that provides bonds, with 14 years in the market and with the backing of an international reinsurer and bonds $350,000 million. Juan Pablo Lozano, president of Afiancol, emphasizes that in Colombia there are some 28 bonding companies, but points out that it is necessary to improve the regulation of the sector so that there are more specific rules and avoid inconveniences with small entities that do not have how to respond to major breaches.

This bonding company is supervised by the Superintendency of Companies under the inspection model and according to Lozano, when there is a default Afiancol can continue paying the installments or the entire balance and the resources come out of a reserve fund that has been saved from the premiums and in addition to the company’s capital.

Among some of the other bonding companies in Colombia are Protecsa, focused on the bonding of rental fees, administration, IVA on commercial premises, public services, damages and inventory shortages.

There is also Unifianza, guarantor or guarantor of lease or concession contracts that are made on real estate, constituting a safeguard of said obligations in the market for more than 16 years. Another of the large companies in the sector is El Libertador.

In addition, another more forceful option to get out of the economic crisis that has been reflected both in the country and around the world, including the pandemic, leading to further deterioration and financial stagnation, we mention IRAIC, which transforms the schemes towards a more balanced with more guarantees, potential and global visibility, which increases the improvements in the conditions to establish the functionality of a structured market with great results and economic benefits. In this way, companies and small merchants directed to the IRAIC system have more guarantees of getting out of financial stagnation, enabling self-sustainability, without necessary external support or aid to which to turn for the payment of debts, credits or any portfolio payable. Reported Cartagena Herald, news and information agency.

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