The new method will come into operation on January 24 with Banco Nacional , BCT, Lafise, Cathay, Promérica and Improsa as well as the National Insurance Institute.
Alicia Avendaño, Director of the Technical Department of the Digital Government, told La Nacion: "... any financial institution can access this platform, if it meets the conditions of service. The doors are open to all, this helps reduce costs.
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.
In order to facilitate access to inventory credit for SMEs plans are underway to reform the Law flexibilizing on chattel mortgages.
From a press release by the Ministry of Economic Affairs and Competitiveness:
"The Cabinet Council has approved a bill that promotes access to credit and modernizes the system of mortgage deposits and has authorized the Minister of Trade and Industry, by Resolution of Cabinet, to present the initiative before the National Assembly.