CABEI makes two new disbursements for the amount of US$12 million for the economic reactivation of Costa Rican MIPYME
Banco Promerica and Financiera Desyfin received resources from the COVID-19 Emergency Support and Preparedness Program and the Economic Reactivation-Support Facility for the Financial Sector (MIPYMEs).
US$28 million is still available to other Costa Rican public and private financial institutions.
San José, December 9th, 2020. – With the objective of supporting the MIPYME sector in its economic reactivation, the Central American Bank for Economic Integration (CABEI) approved in the past days to Banco Promerica and Financiera Desyfin, disbursements for US$10 million and US$2 million respectively, as part of the Financial Sector Support Facility Program for the Financing of MIPYME.
In October of this year, Banco Improsa was the first to request and receive US$10 million and the purpose, in all three cases, is to transfer these resources to micro, small and medium entrepreneurs, through investment loans, working capital and even liability restructuring.
MIPYMEs of between 1 and 200 workers will be able to obtain loans under favorable conditions such as terms of up to 5 years, a fixed interest rate and a grace period of up to two years, which means that during the first 24 months they will pay only interest, giving them access to a lower monthly payment.
Additionally, the use of these funds will also allow the MIPYMEs, through the platforms of the three financial entities, to access CABEI's Guarantee Fund, something that will be very useful for those who do not have sufficient assets to support their credit operations.
"We are sure that these financial resources, as well as the Guarantee Fund, will be very useful for Costa Rican companies, who will be able to feel a support to face the challenges that have been presented to us in the last months. We invite Costa Rican financial institutions to join efforts with CABEI in support of the productive sector," said CABEI's Executive President, Dr. Dante Mossi.
Different sectors affected by the COVID-19 pandemic, such as tourism, agrifood production, construction and the creative industry, among others, will be able to access funds from the Facility to finance different plans.
A total of US$50 million was made available to public and private financial institutions in the CABEI founding countries. In the case of Costa Rica, US$ 28 million are still available for financial institutions interested in taking them to their current and potential MIPYMEs clients.
The Financial Sector Support Facility for MIPYME Financing is part of the Emergency Support and Preparedness Program for COVID-19 and the Economic Reactivation of the region, which was approved by the Bank in March 2020 as support for the region's private sector and has resources from CABEI, the Government of Germany through KfW, the European Union and Taiwan's ICDF.