Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Credit Unions and Financial Cooperatives for Colombia
COLFCNODUSNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40,221.00
Year-over-Year Change
196.68%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts for small and medium enterprises (SMEs) at credit unions and financial cooperatives in Colombia. It provides insight into the financial services and credit access available to SMEs, a key driver of economic growth.
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 'Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Credit Unions and Financial Cooperatives for Colombia' series tracks the volume of SME lending by non-bank financial institutions in the Colombian market. This data is useful for analyzing financial inclusion and the availability of credit for small businesses.
Methodology
The data is collected and reported by the Colombia Superintendency of Finance.
Historical Context
This metric is relevant for policymakers, banks, and SMEs to understand trends in SME lending and access to finance.
Key Facts
- Colombia has over 4 million SMEs, accounting for 90% of the country's businesses.
- SMEs generate 80% of Colombia's employment.
- Credit unions and cooperatives hold over $27 billion in assets in Colombia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts for small and medium enterprises (SMEs) at credit unions and financial cooperatives in Colombia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into financial inclusion and access to credit for SMEs, which are critical drivers of economic growth and development in Colombia.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Colombia Superintendency of Finance.
Q: How is this trend used in economic policy?
A: Policymakers, banks, and SMEs can use this metric to understand trends in SME lending and access to finance, which informs policies and strategies to support small business development.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not reflect the most current conditions in the SME lending market.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Credit Unions and Financial Cooperatives for Colombia (COLFCNODUSNUM), retrieved from FRED.