Costa Rica: Development Bank to start in December

Farmers, entrepreneurs and professionals will be able to present their proposals to compete for part of the $84 million that the Government made available to start the fund.

Thursday, November 13, 2008

In December the interested parties will be able to go to the National and Agricultural Credit banks, the minister of Agriculture and Livestock, Javier Flores, said.

The development bank system will facilitate request for credit, provide guarantee when there is no guarantor, and, at times, offer better interest rates; however these have not yet been established.

More on this topic

Useless? Development Banking in Costa Rica

June 2013

The bureaucratic requirements contained in a bill advancing in Congress would continue to hamper access to credit for entrepreneurs.

A few days ago Congress ruled on the Law for Strengthening Development Banking, under which sureties are not required, interest would be low and deadlines for payment would be longer.

Costa Rica: Development Banking Lent $2.45 Million

June 2009

These credits have been distributed among 243 projects of micro and small entrepreneurs.

By the end of May, 51% of the loan has gone to the agriculture sector, 19% to commerce, 14% to cattle raising, 6% to services, 6% to dairy production, 3% to industry y 1% to tourism.

Development Bank System off to partial start

November 2008

The Development Bank System (SBD) will start to function in December, but a great part of it is still incomplete and will take at least six months to complete.

The Government confirmed that the system will start with the Nacional, Popular and Credito Agricola de Cartago banks. The last of these three will administrate two of the main funds of the SBD.

Costa Rica: Development Bank to have fewer resources

April 2008

The Development Bank system will have access to fewer resources, because the allocations of resources from the Fund for Productive Restructuring, determined by the management committee of the National Production Board (CNP) is reducing its contribution by more than half.

In January of last year the Fund's budget provided about 22 million colons (about 42 million dollars), but yesterday Javier Flores, Minister of Agriculture, confirmed that it would provide just 10 billion colons this year.

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