Access to credit is one of the fundamental pillars for the growth and sustainability of enterprises in Cape Verde, especially for small businesses and start-ups. The Cape Verdean financial system offers a variety of financing solutions tailored to the needs of entrepreneurs and micro, small and medium-sized enterprises (MSMEs). These options range from government programmes to private initiatives, with specific conditions aimed at fostering innovation, job creation and economic development.<\/p>\n\n\n\n
Among the main initiatives is the Access to Finance Project for Micro Small and Medium Enterprises<\/strong>The programme is funded by the World Bank in partnership with the Cape Verdean government. This programme includes components such as partial credit guarantee funds, technical assistance and improved credit information systems, with the aim of facilitating access to finance and boosting private investment. More information can be found at UGPE's official website<\/a>.<\/p>\n\n\n\n In addition, commercial banks such as Banco Comercial do Atl\u00e2ntico (BCA)<\/strong> and Cape Verdean Business Bank (BCN)<\/strong>With a range of financial products, including short- and long-term loans, credit lines and investment finance. Conditions vary according to the company's risk profile, with interest rates ranging from 5% to 11%. For more details on the NCB's products, visit the bank's official website<\/a>..<\/p>\n\n\n\n Finally, initiatives such as Securities Guarantees Registration Platform<\/strong>This initiative, launched by the Government of Cape Verde, allows movable property to be used as collateral to obtain credit, promoting the financial inclusion of small businesses and families. Details of this initiative can be found at PT50 Newspaper<\/a>.<\/p>\n\n\n\n These credit solutions, combined with training programmes and tax incentives, represent significant opportunities for Cape Verdean entrepreneurs to turn ideas into successful businesses.<\/p>\n\n\n\n The Cape Verdean government has implemented specific programmes to support entrepreneurs and small businesses, with a focus on innovation and sustainability. One of the main programmes is Entrepreneurship and Innovation Support Programme (PAEI)<\/strong>This programme aims to reduce financial risks for start-ups and small businesses through subsidies and credit guarantees. This programme is managed by Institute for Business Support and Promotion (Proempresa)<\/strong>, which collaborates with local financial institutions to facilitate access to credit.<\/p>\n\n\n\n Conditions include:<\/p>\n\n\n\n To apply, entrepreneurs must submit a detailed business plan, financial statements and an up-to-date commercial register. More information can be found on the official Proempresa<\/a>.<\/p>\n\n\n\n O\u00a0Youth and Women's Bank <\/strong>(BJM)<\/strong>\u00a0<\/a>is an innovative initiative launched by the Cape Verdean government to support young people and women entrepreneurs. This digital bank offers\u00a0eight lines of credit<\/strong>\u00a0specifically for start-ups and SMEs, with a focus on sectors such as energy transition, creative industries and digitalisation.<\/p>\n\n\n\n The main conditions include:<\/p>\n\n\n\n To apply, you need to register on the bank's digital platform, submit a business plan and personal and business documents. More details are available on the Government of Cape Verde<\/a>.<\/p>\n\n\n\n Commercial banks in Cape Verde, such as Cape Verdean Business Bank (BCN)<\/strong> and Cape Verde Savings Bank<\/strong>, offer various credit solutions for small businesses. These institutions offer financial products adapted to the needs of SMEs, such as the Investment Credit<\/strong> and CREDIMAR<\/strong>.<\/p>\n\n\n\n Those interested must submit documents such as financial statements, commercial registration and a business plan. More information can be found on the NCB<\/a>.<\/p>\n\n\n\n Requirements include sending a formal application, pro forma invoice, financial statements and other legal documents. See more details on the Cape Verde Savings Bank<\/a>.<\/p>\n\n\n\n The Cape Verdean diaspora plays a crucial role in financing small businesses in the country. O Cape Verdean Diaspora Investment Programme (PIDC)<\/strong> was created to channel remittances and direct investments from Cape Verdeans living abroad.<\/p>\n\n\n\n Conditions include:<\/p>\n\n\n\n Interested entrepreneurs should contact Proempresa or the Ministry of Communities for detailed information on the requirements and benefits. More information is available at official website of the Government of Cape Verde<\/a>.<\/p>\n\n\n\n For startups and innovative businesses, venture capital and crowdfunding are emerging as viable financing alternatives in Cape Verde. These options are especially useful for companies that face difficulties in obtaining traditional bank credit.<\/p>\n\n\n\n Entrepreneurs can explore international or regional platforms to launch crowdfunding campaigns. Proempresa also offers support for structuring effective campaigns.<\/p>\n\n\n\n To access the various credit solutions available in Cape Verde, entrepreneurs and small businesses must meet general criteria that vary depending on the financial institution and the specific programme. Generally speaking, the requirements include:<\/p>\n\n\n\n The Youth and Women's Bank (BJM) offers specific credit lines for young entrepreneurs (18-35 years old) and women aged 18 and over. Conditions include:<\/p>\n\n\n\n This government programme aims to support start-ups led by young people, with differentiated conditions:<\/p>\n\n\n\n Microcredit is a solution for micro-entrepreneurs and people on low incomes, with simplified conditions:<\/p>\n\n\n\n Interested parties must submit a formal application to their chosen financial institution. The process usually involves:<\/p>\n\n\n\n After submission, the bank or financial institution carries out a detailed analysis, taking into account:<\/p>\n\n\n\n Once approved, the loan is formalised by signing a contract, which specifies:<\/p>\n\n\n\n In addition to credit, many institutions offer additional benefits to support entrepreneurs:<\/p>\n\n\n\n This report presents new information that complements existing content, focusing on the specific eligibility criteria and the detailed credit application process, without repeating information that has already been covered.<\/p>\n\n\n\n To start the credit application process, entrepreneurs must gather the documents required by the financial institution. These include:<\/p>\n\n\n\n These requirements are common in programmes such as Youth and Women's Bank<\/a> and Pro Company<\/a>.<\/p>\n\n\n\n Once the documentation has been prepared, the next step is to formally submit the application. This process can be carried out in person at bank branches or digitally, depending on the institution. For example, the Youth and Women's Bank offers a digital 100% system, allowing entrepreneurs to follow every stage of the application online. (Directorate-General for Employment<\/a>).<\/p>\n\n\n\n The application is analysed on the basis of criteria such as the viability of the project, the applicant's credit history and the guarantees offered. This process is essential for determining the risk associated with the financing. (Cape Verdean Business Bank<\/a>).<\/p>\n\n\n\n In addition to credit, many programmes offer technical support to strengthen entrepreneurs' skills. For example Pro Company<\/a> promotes training in financial and business management, while the Youth and Women's Bank includes professional training initiatives.<\/p>\n\n\n\n To reduce the risks associated with credit, some programmes rely on state guarantees. O Stimula Empreenda+<\/strong>, promoted by Pro Empresa, covers 100% of guarantees for young people and women entrepreneurs, facilitating access to finance. (Pro Company<\/a>).<\/p>\n\n\n\n Interest rates vary according to the programme and the applicant's profile. For example:<\/p>\n\n\n\n The repayment periods are adapted to the needs of the entrepreneurs. In the case of the Youth and Women's Bank, the term can be up to 60 months, with a six-month grace period. (Directorate-General for Employment<\/a>).<\/p>\n\n\n\n Commercial banks in Cape Verde, such as Banco Comercial do Atl\u00e2ntico (BCA)<\/a> and Cape Verdean Business Bank (BCN)<\/a>, offer specific financial products for small and medium-sized enterprises. These include:<\/p>\n\n\n\n Banks require documents such as an economic feasibility study, commercial registration and financial statements. Approval depends on the applicant's risk profile and repayment capacity. (Cape Verdean Business Bank<\/a>).<\/p>\n\n\n\n This digital bank is designed to simplify access to credit, reducing bureaucracy and speeding up the decision-making process. The entire procedure, from application to approval, is carried out online, ensuring greater transparency and efficiency. (Government of Cape Verde<\/a>).<\/p>\n\n\n\n In addition to traditional banks, entrepreneurs can use crowdfunding platforms to raise funds directly from investors. Pro Empresa offers technical support to structure effective campaigns. (Pro Company<\/a>).<\/p>\n\n\n\n This report provides additional information to that already available, focussing on specific details of the application process and the financing conditions available, without repeating content previously covered.<\/p>\n\n\n\n The Cape Verdean financial system offers a wide range of credit solutions to support entrepreneurs and small businesses, with an emphasis on government initiatives, commercial banks and innovative alternatives such as crowdfunding and venture capital. Among the most relevant programmes are Entrepreneurship and Innovation Support Programme (PAEI)<\/strong>managed by Proempresa<\/a>provides subsidies and credit guarantees for start-ups and SMEs in strategic sectors, while the Youth and Women's Bank (BJM)<\/strong>This digital platform facilitates access to finance for young people and women entrepreneurs, with simplified processes and a focus on areas such as digitalisation and the energy transition. In addition, commercial banks such as Cape Verdean Business Bank (BCN)<\/a> and Cape Verde Savings Bank<\/a>These offer financial products adapted to the needs of SMEs, including micro-credits and specific credit lines.<\/p>\n\n\n\n The main requirements for access to credit include submitting a detailed business plan, up-to-date commercial register and financial statements, which vary depending on the programme or institution. In addition, initiatives such as\u00a0Cape Verdean Diaspora Investment Programme (PIDC)<\/a><\/strong>\u00a0and the technical support offered by Proempresa strengthen the financing ecosystem, promoting sustainability and economic growth. Digitalisation, exemplified by the Youth and Women's Bank, and the use of crowdfunding platforms are emerging as promising trends, expanding access to capital in an agile and inclusive way.<\/p>\n\n\n\nCredit Programmes Available for Entrepreneurs and Small Businesses in Cape Verde<\/h2>\n\n\n\n
Government Incentives for Startups and SMEs<\/h3>\n\n\n\n
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Youth and Women's Bank (BJM)<\/h3>\n\n\n\n
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Traditional bank loans<\/h3>\n\n\n\n
Cape Verdean Business Bank (BCN)<\/h4>\n\n\n\n
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Cape Verde Savings Bank<\/h4>\n\n\n\n
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Investment from the Cape Verdean Diaspora<\/h3>\n\n\n\n
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Venture Capital and Crowdfunding<\/h3>\n\n\n\n
Venture Capital<\/h4>\n\n\n\n
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Crowdfunding<\/h4>\n\n\n\n
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Conditions and Requirements for Access to Financing<\/h2>\n\n\n\n
General Eligibility Criteria<\/h3>\n\n\n\n
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Specific requirements per programme<\/h3>\n\n\n\n
1. Youth and Women's Bank (BJM)<\/strong><\/h4>\n\n\n\n
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2. StartUp Youth Programme<\/strong><\/h4>\n\n\n\n
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3. Microcredit from Caixa Econ\u00f3mica de Cabo Verde<\/strong><\/h4>\n\n\n\n
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Credit Application Process<\/h3>\n\n\n\n
1. Order submission<\/strong><\/h4>\n\n\n\n
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2. Order evaluation<\/strong><\/h4>\n\n\n\n
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3. Decision and contract<\/strong><\/h4>\n\n\n\n
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Additional Benefits and Complementary Support<\/h3>\n\n\n\n
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\n\n\n\nProcess for Applying for Credit and Available Support<\/h2>\n\n\n\n
1. credit application steps<\/h3>\n\n\n\n
Preparing the necessary documentation<\/h4>\n\n\n\n
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Application Submission<\/h4>\n\n\n\n
Order evaluation<\/h4>\n\n\n\n
\n\n\n\n2. Complementary Support Programmes<\/h3>\n\n\n\n
Technical Consultancy and Training<\/h4>\n\n\n\n
State Guarantees<\/h4>\n\n\n\n
\n\n\n\n3. Financing conditions<\/h3>\n\n\n\n
Competitive Interest Rates<\/h4>\n\n\n\n
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Deadlines and Refund Modalities<\/h4>\n\n\n\n
\n\n\n\n4. Access to bank finance<\/h3>\n\n\n\n
Specific products for SMEs<\/h4>\n\n\n\n
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Documentation and requirements<\/h4>\n\n\n\n
\n\n\n\n5. Digital and Innovative Initiatives<\/h3>\n\n\n\n
Youth and Women's Bank<\/h4>\n\n\n\n
Crowdfunding and Venture Capital<\/h4>\n\n\n\n
\n\n\n\nConclusion<\/h2>\n\n\n\n