# Microfinance and credit access in Latin America > Live situation record from CLSTR: https://clstr.news/situations/microfinance-and-credit-access-in-latin-america > Updated: 2026-10-17T11:57:15.000Z. Sources: 13. Developments: 2. Microfinance experts and political leaders are advocating for enhanced policy support and improved credit access to foster social mobility and entrepreneurship in the Dominican Republic and Colombia. In the Dominican Republic, experts have noted that while 17% of the population lives in poverty, an additional 33% remain in a state of vulnerability. To mitigate this, specialists recommend pairing credit access with financial training and asset building. In Colombia, industry leaders have pointed to high interest rates and the costs of formalization as significant barriers for small businesses. Building on these themes, Rafael Paz, president of the Fuerza del Pueblo, specifically addressed the Dominican Republic's financing obstacles during a political forum. Paz argued that current credit systems often rely too heavily on personal relationships or existing assets, which excludes young entrepreneurs. He called for the strengthening of guarantee funds, the expansion of financing options, and the implementation of seed capital programs to democratize credit and support small and medium-sized enterprises. ## Timeline ### 2026-10-17: Rafael Paz calls for improved credit access for entrepreneurs Dominican political leader Rafael Paz is calling for expanded credit access and stronger guarantee funds to support entrepreneurs and innovators in the Dominican Republic. 11 sources. https://clstr.news/cluster/rafael-paz-highlights-financing-barriers-for-dominican-entrepreneurs ### 2026-10-01: Microfinance experts call for policy support to drive social mobility Microfinance experts advocate for public policies that combine credit with business support to drive social mobility and protect vulnerable entrepreneurs in the Dominican Republic and Colombia. 2 sources. https://clstr.news/cluster/microfinance-experts-call-for-policy-support-to-drive-social-mobility --- Cite as: Microfinance and credit access in Latin America. CLSTR, https://clstr.news/situations/microfinance-and-credit-access-in-latin-america