In an attempt to reduce costs and improve the use of resources devoted to the subject, a bill proposes integrating into a single institution the organizations dedicated to promoting entrepreneurship.
The aim of the bill is for the current bodies DIGEPYME, INAPYME, PRONAMYPE, FODEMIPYME, PROPYME and CONICIT to be integrated into a single entity and a with single fund to maximize resources, reduce paperwork and costs.
The BCIE has granted a credit line to Cathay Bank to support MSME’s, as well as international trade and housing in Costa Rica.
A press release by the Central American Bank for Economic Integration (BCIE) reads:
The Central American Bank for Economic Integration (BCIE) has granted a loan to Banco Cathay allowing it to expand its global credit line to $10.5 million in order to support Micro, Small and Medium Enterprises (MSMEs) as well as international trade and housing Costa Rica.
The Overseas Private Investment Corporation (OPIC) approved funding to Lafise Bank in order to support small and medium enterprises (SMEs) in the region.
With better access to long-term credit, small-scale farmers, manufacturers and owners of retail businesses will be able to grow faster and in turn support their local economies.
OPIC resources will strengthen the capital base of Lafise Panama Group, Inc.
Bank BAC will offer funding for Small and Medium Enterprises interested in developing energy efficiency projects.
The banking institution signed a collaboration agreement with the Inter-American Investment Corporation (IIC). Under it, they will offer funding and technical assistance to small and medium enterprises to develop energy efficiency projects.
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”.
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".
"The loaner can supply mortgage, pledge or fiduciary guarantee" reports Elfinanciero.co.cr.
IFC granted a $20 million loan to Banco Improsa, and auhtorized its incorporation to the Global Trade Finance Program.
IFC, a member of the World Bank Group, will provide a $20 million long-term financing to Banco Improsa in Costa Rica, to expand access to finance for local small and medium enterprises and $5 million in guarantees to expand bank’s capacity to provide trade finance.