More than 1,200 jobs for Costa Rican MIPYMES to be supported with new CABEI disbursement of $4 million to the financial sector
Coopeservidores is the fourth financial intermediary institution to request and receive funds from the Financial Sector Support Facility (MIPYMES).
San José, Costa Rica, March 3, 2021. - Nearly 1,200 jobs in Costa Rican Micro, Small and Medium-Sized Enterprises (MIPYMES) will be supported with a new disbursement made by the Central American Bank for Economic Integration (CABEI) as part of its Financial Sector Support Facility Program for MIPYMES Financing.
The recently disbursed US$4 million to Coopeservidores will support approximately 150 MIPYMES in sectors such as tourism, agri-food production, construction, and the creative industry, among others.
"We are excited to know that Costa Rica's financial sector is accessing these funds, which will be converted into soft loans for MIPYMES, which can be used to invest in working capital, restructure liabilities, cancel suppliers, and even for investments to adapt to the new normal," explained CABEI Executive President, Dr. Dante Mossi.
These CABEI Support Facility funds will be financed at lower rates than conventional ones, with extended grace periods and, additionally, with the possibility of accessing a Guarantee Fund in the event that the applicants do not have assets to back all of their loans, always through the financial institution.
The Financial Sector Support Facility for Financing MIPYMES is part of the Emergency Support and Preparedness Program for COVID-19 and the region's Economic Reactivation, which was approved by the Bank to support the region's private sector. It has resources from CABEI, the German government through KfW, the European Union and Taiwan's ICDF.
In the case of Costa Rica, the intermediary financial institutions Banco Improsa, Banco Promerica and Financiera Desyfin also accessed these funds during the last four months of 2020, for a total of US$22 million between them.