HAVANA.- The prospect of being able to open bank accounts in the United States has been a long-held desire for Cuban entrepreneurs like Lauren Fajardo and her partners, who hope to take advantage of this opportunity to boost their businesses in the fashion sector on the Caribbean island.
“It’s something that can benefit us a lot,” says Lauren, a 40-year-old fashion designer. “But still the feeling is one of insecurity.”
However, Washington’s recent approval has left many in the Cuban private sector with more questions than answers. They consider that this measure becomes a “political ball” in the game between the United States and the communist regime on the island.
Despite the possibility of accessing the US banking system, insecurity persists among Cuban entrepreneurs. They wonder which banks and companies will comply with the new approved measures, especially given the reluctance of US financial institutions to face sanctions due to the trade embargo in force for more than six decades.
“The question is: ‘Yes, they approved,'” but “what banks, what companies, what platforms are going to comply with the new approved measures?” asks the Cuban entrepreneur.
The story of Lauren and her partners is representative of the roller coaster of politics between the United States and Cuba. They began their business adventure in 2016 with the hope that came with the easing of sanctions under the Barack Obama administration. However, the arrival of Donald Trump to power reversed many of these policies, leaving Cuban entrepreneurs in regulatory limbo.
The Biden administration’s recent announcement offers an opportunity, but also poses challenges. Civil engineer Yulieta Pilares sees the potential of the measure, but also recognizes the perception of risk that US banks face in the face of a possible change in policy towards Cuba, especially with the uncertainty about Trump’s eventual return to the White House.
For Oniel Díaz, founder of a consultancy in the private sector, political uncertainty can fade the progress made with this initiative.
In the political sphere, the reactions were immediate. While the Cuban regime considers the measures as limited and aimed exclusively at the private sector, Republican senator María Elvira Salazar criticizes them, stating that they will give more power to the Cuban dictatorship.
In the middle of this political game, Cuban entrepreneurs feel trapped, being the soccer ball that is kicked in both directions, as Yulieta describes it. Uncertainty persists in a scenario where political interests overshadow commercial opportunities.
Source: With information from AFP
