It is estimated that by 2019 there were 396,796 microenterprises operating from homes in the country, 10% more than the 361,404 reported at the end of 2018.
On average, each microenterprise has 13 years to develop its economic activity, but there are differences by sector: in the agricultural sector, the average is 20 years, in the industry sector is 14 years, in the trade sector is 12 years and in the service sector microenterprises have on average 11 years developing their economic activity, reported the National Institute of Statistics and Censuses (INEC).
Starting in August, Correos de Costa Rica will implement a web portal called "Marketplace", which will be focused on marketing products of micro, small and medium enterprises.
The new portal will offer the functionalities of online payments, delivery logistics through the Pymexpress service, in addition to allowing companies to implement marketing campaigns, as well as the generation and use of QR codes.
The Tala loan app provides an alternative way to get short-term loans, that doesn’t involve complex procedures that are in use by banks and other lending institutions.
In these tough economic times where banks have increased interest rates that make it harder to get unsecured loans, a simpler way to get a loan is heaven-sent. The Tala loan app provides an alternative way to get short-term loans, that doesn’t involve complex procedures that are in use by banks and other lending institutions. Here, you don’t need a guarantor, security, or a good credit rating. Besides, the loan is instant, unlike other institutions where you would have to wait a minimum of 30 days. If you need a loan from Tala, you have to download the app first. This Tala loan app download guide will help you to install the app on your device.
In December 2018, Costa Rican SMEs reported a 25% increase over the previous month in online sales.
Correos de Costa Rica reported that according to the platform Pymexpress, during the past month were recorded about 40,000 shipments of products corresponding to online sales.
Explained by better promotional efforts, the proportion of Costa Rican SMEs that export to Asian, South American and Caribbean countries continues to grow.
According to the Foreign Trade Promotion Office (Procomer), last year 86% of companies that sold goods in South America were SMEs, in the case of Asia the proportion reached 81% and for the Caribbean it was 80%.
In 2016 the number of companies that sold goods and services to government institutions grew almost three times compared to 2015.
From the report "V Status Report on the SME Situation in 2016":
The V Status Report on the SME Situation in 2016 in Costa Rica indicates that sales to the state by companies that are registered in the Costa Rican Business Information System (SIEC), increased their share by 11.9%; which implies that the number of companies that sell to the state increased by 285 compared to 2015.
After closing 2016 with a 37% drop in profits, financial companies expect to achieve better results diversifying their services in an increasingly competitive market.
The total profits generated by financial companies in 2016 barely exceeded $2.4 million, a decrease of 37% compared to earnings in 2015.This year companies in the sector projected better results, some on them betting on the SME segment, some focusing on generating new business in the construction sector and others expanding their offering of services.
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.
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.
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.'"
Starting from May 15 organizations can use inventories, cash flows, patents and other things as collateral for bank loans.
The regulations for the Law on Secured Transactions are now ready and the law will take effect on May 15, and from that date, companies will be able to put up crops, agricultural machinery, copyrights, among other things, as collateral for the purpose of obtaining bank loans.
In Costa Rica a law has been proposed that would benefit tourism businesses suffering from financial problems - caused by the 2008 crisis!! -, readjusting their debts and repurchasing and returning their lost assets.
EDITORIAL
Beyond the dark aspects of the bill - among them that it is not known who the beneficiaries are - its purpose seems rude and unfair to entrepreneurs who managed to overcome the crisis of the last decade through proper management and undoubtedly a lot of sacrifice, and who today have healthy companies.
The Commercial Office of Central America CATO has a website where Central American companies can promote their products to export to the Asian island.
With the aim of promoting Central American SMEs and boosting Taiwanese investment, the Commercial Office of Central America together with the Embassy of Honduras in Taiwan has inaugurated the website www.cato.com.tw , which allows entrepreneurs in the region to showcase their products in the Taiwanese market.
In Costa Rica insurance companies are seeking to increase sales of policies to SMEs and take advantage of a hitherto untapped market.
Small and medium enterprises (SMEs) represent 77% of businesses in the country, and therefore insurers are seeking to enter this market niche which has not been fully exploited.
In Costa Rica changes have been made to the specifications of tenders for road maintenance works, which now include an option for small businesses to bid for works that do not require specialized equipment.
Until October 31st draft documents will be available for public consultation so that interested companies can send comments and suggestions to the Road Safety Council.
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