Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Other Deposit Takers for Colombia
COLFCNODDSNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,003.00
Year-over-Year Change
-59.40%
Date Range
1/1/2004 - 1/1/2017
Summary
This economic trend tracks the number of loan accounts for small and medium enterprises (SMEs) at other deposit takers in Colombia. It provides insights into SME access to financial services, a key indicator of financial inclusion and economic development.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The number of loan accounts for SMEs at other deposit takers, such as credit unions and microfinance institutions, reflects the level of financial services utilized by this important business segment in Colombia. This metric helps policymakers and analysts assess the state of financial inclusion and access to credit for small and medium-sized enterprises.
Methodology
The data is collected by the Central Bank of Colombia through surveys of financial institutions.
Historical Context
This trend is used to inform policies and programs aimed at promoting SME access to finance and fostering economic growth.
Key Facts
- Colombia has over 1.6 million SMEs, comprising 99% of all businesses.
- SMEs contribute over 35% of Colombia's GDP.
- Access to finance is a key challenge for many Colombian SMEs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts for small and medium enterprises (SMEs) at other deposit takers, such as credit unions and microfinance institutions, in Colombia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the level of financial inclusion and access to credit for SMEs in Colombia, which are crucial for economic development and growth.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Colombia through surveys of financial institutions.
Q: How is this trend used in economic policy?
A: This trend is used to inform policies and programs aimed at promoting SME access to finance and fostering economic growth in Colombia.
Q: Are there update delays or limitations?
A: The data may be subject to collection and reporting delays, and it may not capture all financial services utilized by SMEs in Colombia.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Other Deposit Takers for Colombia (COLFCNODDSNUM), retrieved from FRED.