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.
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)"
The German loan had been stuck for four years at the Costa Rican Congress.
In addition to the $40 million loan, Germany also donated $800.000 (600.000 euros).
“The main objective of this program is to reduce environmental pollution by controlling the emissions of companies receiving these loans”, reported Elfinancierocr.com. “Banco Nacional will manage the funds”.
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