DID and its local partners have created a new app to help farm credit agents in Colombia better manage the farm loan applications they receive. Developed with a Colombian fintech, the DECISION app draws from a huge database of agro-economic information collected by DID and its partners in the PASAC Project to Support the Agricultural Finance System in Colombia. DECISION can be used both online and offline.
Using this data, DECISION provides agents in the field with a wealth of information related to the different farming sectors under analysis:
- Production costs and revenue
- Cash flow
- Applicants’ ability to repay
- Multiple credit application simulations
Now, agents can complete a credit application on-site with the app and back up their decisions with complete, accurate agricultural information, even if they aren’t farm specialists.
An agreement was just signed by DID and FINAGRO, Colombia’s agricultural financing and development government bank, which will manage the DECISION app and the underlying credit methodology. FINAGRO will distribute the app to all Colombian financial institutions and cooperatives working in the agricultural sector to promote efficiency, solidarity and results across the industry.