U.S. Boosts Financial Support for Cuban Entrepreneurs

The U.S. Treasury Department announced regulatory changes to aid small private businesses in Cuba. This includes allowing entrepreneurs to open U.S. bank accounts and enabling 'U-turn transactions' for fund transfers originating and terminating outside the U.S. Additionally, it aims to enhance internet-based services and access to financial services on the island.

The Treasury Department on Tuesday announced a series of regulatory changes to allow more U.S. financial support for small private businesses in Cuba, bolster internet-based services on the island and expand the Cuban people's access to certain financial services.

The United States will allow small entrepreneurs on the Communist-ruled island to open U.S. bank accounts and also reinstates authorization for so-called "U-turn transactions," fund transfers that originate and terminate outside the U.S., Treasury said in a statement.