Aid provided by banks for those affected by the Colombia earthquake

On August 10, 2026, a 7,4-magnitude earthquake that occurred in Colombia\'s Chocó region affected 196.614 families and 406.963 people, resulting in 331 deaths and 152 missing. Following the earthquake, thousands of homes were damaged and many buildings collapsed. In this situation, while the government and local authorities launched emergency relief efforts, banks also offered financial support packages. The aim of the banks is to facilitate the reconstruction process by temporarily suspending payments of affected individuals and businesses.

Asobancaria President Jonathan Malagón announced that for loans in the affected areas, an interest-free period of up to one year and protection of credit scores were recommended. Additionally, it was stated that the interest rate for housing loans in the affected areas has been fixed at %8, and this rate provides banks with a competitive advantage over their funding costs in an environment where inflation is %6,5. Microloans with %10 interest are being offered to self-employed workers and small businesses in need of microcredit. These measures aim to reduce the risk of affected individuals being unable to pay their existing debts.

Bancolombia allocated a fund of over 5 billion COP for businesses, individuals, and local authorities in the affected areas, and this fund includes working capital support, inventory replenishment, and microloans. Davivienda, in cooperation with Seguros Bolívar, began insurance payments for housing loan customers and is applying an %8 interest rate on reconstruction loans for affected homes. Banco de Occidente is offering a %50 discounted interest on card purchases made at markets, pharmacies, hospitals, and similar locations in the affected region, and together with CAF is establishing a financing line of up to 50 million USD for businesses. BBVA also extended its credit line with CAF to 200 million USD, of which 41 million USD has been allocated for reconstruction.