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.

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

During this period, borrowers will only pay interest on loans, lowering the amount due and allowing greater cash flow for business operations.

More on this topic

Interest Rates Remain High In Costa Rica

August 2012

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.

The pressure being exerted by the Treasury on the money market by raising funds from local resources for the payment of state obligations, could be relieved by the placement of $1 billion on the international market, with which, according to Finance Minister Edgar Ayales, "banks could stop the increases in the interest they pay to their depositors. "

Government of Costa Rica Takes Out Loans It Doesn't Use

October 2013

Interest and fees are paid for $781 million in outstanding loans, of which only $41 million have been used, 5% of the total.

The country pays interest and fees for a total of nine loans that have hardly been used. "Up until August, the Government paid a total of $3.8 million in commitment fees and interest on loans that were first implemented in the last four years ...", reported Nacion.com.

Costa Rica: Premium for Savings in Colones Drop

October 2013

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 financial report by the Central Bank of Costa Rica (BCCR) explains that "the data shows that the average differential in savings with a term of six months, closed at 1.46 points in September. But that margin was four points in the same period of 2012 ... ", reported Nacion.com.

Projects to Regulate Credit Cards in Costa Rica

July 2013

A bill seeks to regulate the information provided by issuers to consumers, and another one sets caps on interest rates.

The first project proposed was by Congressman Luis Fishman, who suggests protecting consumers without affecting free competition among companies, obtaining a reduction in fees and costs.

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