Credit Guarantees for Costa Rican SMEs

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

Friday, April 3, 2009

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.

According to an article in elfinancierocr.com, the $8.5 million are for the next 6 months and they are expected to assist 600 SMEs.

The entities that received the guarantees are "the Banco Popular, Coopefyl, Coocique, Coopenae, Coopealianza, Coopeservidores and Coopemex.”

More on this topic

Costa Rica: $30 million for SMEs and Mortgages

July 2011

The National Cooperative of Educators (Coopenae) will receive $30 million from the International Finance Corporation (IFC) for loans.

The funds will go to mortgage loans for low-income families and financing for small and medium enterprises.

IFC, a branch of the World Bank will provide $15 million in colones, to which are added another $15 million also in colones provided by FMO, the Dutch development bank.

Costa Rica: Development Banking Places 55% of Its Funds

March 2010

By February, the system has placed 55% of its available funds, benefiting 1.775 small and medium companies.

The beneficiary companies broke down as follows: 94% micro companies, 5% small and 1% medium enterprises.

$24.5 million were lent in February, up 7% from January, when $23 million were placed, according to newspaper La Prensa Libre.

"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".

$35 million for Costa Rican MSMEs

February 2009

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

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)"

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