"Foster Our Own" Program Finances Viable Projects

Costa Rica Development Banking System will finance SMEs productive projects in up to $110.000.

Wednesday, July 29, 2009

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".

"The loaner can supply mortgage, pledge or fiduciary guarantee" reports Elfinanciero.co.cr. "If he lacks enough guarantee, the National Development Trust (Finade) can back up to 75% of the loan".

More on this topic

Costa Rican Credit for SMEs

January 2011

State banks will allocate $670 million through different programs aimed at Small and Medium Enterprises.

According to a survey conducted by La Nacion with State owned financial institutions, the sectors most favored will be service and trade.

"For 2011 Banco Nacional has a budget of $375 million to lend to MSMEs, Banco Popular has $243 million, BCR $30 million and Bancrédito $22 million, respectively."

$40 Million for Costa Rican SMEs

April 2010

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”.

Credit Guarantees for Costa Rican SMEs

April 2009

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.

$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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