Costa Rica: Flexibility in SME loans
SMEs may defer payment of the principal on loans made by state banks for 2 years, paying only the interest during that period.
Thursday, May 14, 2009
Some 34,500 lending operations by the National Bank, Bank of Costa Rica and Bancrédito may opt for this measure.
The banking industry believes that the issuance of $1 billion in Eurobonds by the government of Costa Rica will push interest rates down, but considers that rates will remain at high levels until the end of the year.
Interest and fees are paid for $781 million in outstanding loans, of which only $41 million have been used, 5% of the total.
During the last twelve months the returns given by state banks to their clients for savings in colones rather than dollars decreased by 2.6 % .
A bill seeks to regulate the information provided by issuers to consumers, and another one sets caps on interest rates.
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