$35 million for Costa Rican MSMEs

The Banco Popular will make the sum available for MSMEs that lack the collateral needed for a credit line.

Tuesday, February 17, 2009

Andrey Monge writes in Elfinancierocr.com: "The funds are part of the institution's net income, and will be assigned through an auction of guarantees, to be executed on February 20th by the Fund for the Development of Micro, Small and Medium Enterprises (Fodemipyme)"

More on this topic

Costa Rican Credit for SMEs

January 2011

State banks will allocate $670 million through different programs aimed at Small and Medium Enterprises.

According to a survey conducted by La Nacion with State owned financial institutions, the sectors most favored will be service and trade.

"For 2011 Banco Nacional has a budget of $375 million to lend to MSMEs, Banco Popular has $243 million, BCR $30 million and Bancrédito $22 million, respectively."

"Foster Our Own" Program Finances Viable Projects

July 2009

Costa Rica Development Banking System will finance SMEs productive projects in up to $110.000.

Small and medium businesses with viable projects will be able to request financing from state owned banks "Banco Nacional", "Banco de Costa Rica", "Banco Popular" and "Banco Nacional de Costa Rica".

Costa Rica: Flexibility in SME loans

May 2009

SMEs may defer payment of the principal on loans made by state banks for 2 years, paying only the interest during that period.

Some 34,500 lending operations by the National Bank, Bank of Costa Rica and Bancrédito may opt for this measure.

Mercedes Agüero wrote in Nacion.com: "Institutions will postpone amortization payments and extend the term of the loan by two years."

Credit Guarantees for Costa Rican SMEs

April 2009

SMEs in Costa Rica can receive guarantee backed funds for viable projects.

The Development Fund for Micro, Small and Medium Sized Enterprises (Fodemipyme) gave guarantees and assurances to six cooperatives and one bank for $8.5 million. These guarantees will be used by the institutions to cover up to 75% of each loan request after having evaluated the feasibility of the project for which the funds are requested.

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