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 -Published: Thursday, November 14, 2019 $50 million for loans
to companies in the tourism sector
By the A.M. Costa Rica staff The National Chamber of Tourism has announced a $50 million fund to provide credits or loans to small businesses in the tourism sector. The announcement was made Wednesday at the facilities of the chamber, with the participation of President Carlos Alvarado, among other officials. According to the chamber, these loans are part of the government's strategy to support small companies and tourism. "This plan is in line with our absolute commitment to job creation and economic growth and will allow us to give new opportunities to people who depend on the tourism sector and bring well-being to their families and communities," Alvarado said. The loans will be offered to companies such as hotels, hostels, restaurants located within tourist areas, tour operators, tourist transport services and local suppliers. Three types of loans are offered. - Loans for Investment: construction and/or renovation of infrastructure, technology, among others. - Loans for business strengthening: working capital, cancellation of other loans, cancellation of debts with Social Security or cancellation of tax debts with the Ministry of Finance, among others. - Loans for production: payment of debts with tourism service providers among others. According to the chamber, the loan fund was made based on a study conducted on the financing needs of small and medium enterprises in the tourism services sector. “For the chamber it has been grateful to have collaborated with this process that allows us to present a loan that understands the particular needs of tourist SMEs, which, we hope will help the growth of the industry, and with it, all the benefits that are they derive from an activity that has become a powerful tool for economic recovery and a strategically in reducing unemployment rate,” said Sary Valverde, president of the chamber. According to the Ministry of Economy, the tourism sector is a source of income representing 8.2% of gross domestic product and generates at least 211,000 jobs, equivalent to 8.8% of the country's total employment. In order for a small business to apply for a loan, it must meet the requirements requested by the banks: Banco Improsa and BAC Credomatic, which have funds available immediately Credits may also be requested at state banks. The maximum amount of each loan per company is $1 million with a maximum term of 15 years. It is possible the $50 million could be distributed to 50 companies. For company owners interested to know more about the requirements of the loans, the authorities recommend requesting the information on the Development Banking System program, known as SBD, to those private banks or any other public bank, such as Banco de Costa Rica, Banco Nacional, Banco Popular, among others. ------------------------ Should the government open special credit lines for other productive sectors of the country? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com |
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