200 Costa Rican MSMEs Maintain Economic Solvency and Access Working Capital with CABEI Resources

San José, July 20, 2021 - A total of 167 small Costa Rican companies, 33 micro and one medium-sized company have accessed financing from the Central American Bank for Economic Integration (CABEI) channeled through its commercial allies such as financial institutions.

The resources requested by this productive sector since 2020 to date, which come from the Financial Sector Support Facility for the Financing of MSMEs, total US$26.0 million and have been used for the expansion and modification of their business model, working capital and payment of obligations, as well as for the consolidation or readjustment of debts in the vast majority.

"MSMEs are our region's economic engine and we are pleased to know that in Costa Rica more than 430 jobs were preserved despite the crisis generated by the pandemic, since small entrepreneurs were able to apply for these resources at lower interest rates than conventional ones, with ample grace periods and the possibility of accessing a Guarantee Fund in the event that they did not have assets to back up their loans in full," said CABEI Executive President, Dr. Dante Mossi.

Requests for financing were made by MSMEs in the commerce sector, followed by service providers, as well as construction, hotels and tourism, among others, providing coverage in the country's seven provinces.

Since the MSME Support Facility was made available to the region, the intermediary financial institutions in Costa Rica that have accessed funds are Banco Improsa, Banco Promerica, Financiera Desyfin, and Coopeservidores, for a total of US$26 million between them.