Costa Rica: Announces $93 million in Soft Loans

Six financial institutions have been authorized to provide loans under the conditions imposed by the Development Bank, with interest rates of 3% in dollars and in line with the passive base rate in colones.  

Monday, June 15, 2015

Welmer Ramos, chairman of the Governing Board of the Development Banking System commented that "... 'These programs involve interest rates that are half the rates that currently exist for the same activities.'"

The accredited financial operators are: Banco Nacional de Costa Rica, Banco de Costa Rica, BAC San José, Banco Improsa, Coopenae R.L. and Coopeservidores R.L.

"... The 38 programs authorized which correspond to the different products for MSMEs that this time will be offered by the accredited entities, encompss an upcoming channeling of loans estimated at more than ¢ 50,000 million colones, which are directed towards productive activities in industry , commerce, agriculture, livestock and services. "

The Economy Ministry statement said that "... The Governing Council recognizes the willingness of financial institutions to achieve standardization in financial conditions for the benefit of citizens, achieving a deal on interest rates, which will even provide the Passive Base Rate in colones, which is at 6.80% and 3.00% in dollars. Formalization commissions, regardless of the financial operator, will be set at a maximum of 1.50%. "

More on this topic

Local Currency Shortage Pushes Interest Rates Up

March 2019

In Costa Rica, the government's strong need for financing and the Central Bank's exchange rate interventions have been putting pressure on the local financial market, pushing up passive rates in Colones.

The decrease in liquidity in Colones generated by the pressure exerted by the government and the Central Bank in the local market is the main reason behind the upward trend in passive rates in local currency.

What is the "Usury Rate" in Costa Rica?

December 2014

The Solis administration is relaunching a bill which aims to set the maximum allowable interest rate for any type of loan.

Although the so called usury rate is part of Costa Rican law, it is not specified how much the rate should be. Because of this, "... the Costa Rican financial market offers various loans with very high rates that could be punishable, but the gap in the law does not allow the courts to determine what is a high or low rate."

Costa Rica: Financing for Small Industries

October 2012

The National Bank has $14 million from the System for Development Banking for small industrialists who have a capacity to pay, good credit and a clear plan of investment.

A statement from the Chamber of Industries of Costa Rica (ICRC) reads:

- Small Industries will have 7 billion colones for funding to improve productivity

Where are the Best Interest Rates?

March 2012

Costa Rican credit unions pay up to 4.25% more than banks on term deposits in local currency.

After two years of low rates, return on certificates of term deposits (CDP in Spanish) is rising and the best deals are with savings and credit unions (CAC in Spanish), which exceed those of the banks by 4.25 percentage points.

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