Entrepreneurs and MSMEs in the tourism sector receive a boost for their businesses thanks to the “Self-issued Portfolio Guarantee Program for the Tourism Sector”, an initiative of the Development Banking System (SBD), the Costa Rican Institute of Tourism (ICT). and the National Chamber of Tourism (Canatur), which seeks to channel more resources for tourism activity through Portfolio Guarantees.
These guarantees are a form of guarantee through the figure of shared risk, which covers a maximum amount agreed upon by the parties (FONADE and financial operator) for a new credit portfolio, aimed at a population made up of groups with similar characteristics of this sector. It is intended to reach both tourism operators, hotels and hostels, as well as related activities of food, tours and tourist transportation.
To date, the program has granted guarantees to financial operators for ₵1,085 million (one thousand eighty-five million colones), plus $694,307 dollars (six hundred ninety-four thousand three hundred seven dollars), for a grand total, in colones, of ¢1,456 million (one thousand four hundred and fifty-six million colones); with an impact on 94 beneficiaries.
84% of these amounts are supporting credit operations in the coastal provinces: Puntarenas, Limón and Guanacaste, which are the ones with the greatest tourist activity.
Enhancing the competitiveness of tourism enterprises and businesses
Francisco Gamboa Soto, President of the Governing Council of the SBD, highlighted the results of the Program and the importance of more and more companies taking advantage of it “Through these guarantees we want to enhance the competitiveness of tourism enterprises and businesses, the improvement in the quality of services and productive chains, which is why we urge more financial operators to become accredited so that they can offer these guarantees,” he stated.
The interested financial operator must present the portfolio of operations that he is going to enroll in this program, defining the credit “packages” or “groups” based on homogeneous conditions, the pre-established profiling and the level of guarantee coverage. Today we have two financial operators at the forefront that have implemented this program: BancoNacional and BAC Credomatic.
Up to ₡100,000,000
Beneficiaries can aspire to amounts up to ₡100,000,000 (one hundred million colones) or $155,000 (one hundred and fifty thousand dollars) for a period of up to 15 years in both cases. The characteristics of financing are defined by each financial operator. The resources can be used for investment in infrastructure or equipment, technological platforms, expansion or diversification of amenities, cancellation of liabilities or working capital.
The Minister of Tourism, William Rodríguez López, highlighted that the portfolio is focused on providing favorable conditions for entrepreneurs after the pandemic. “The credit program with SBD funds has had very relevant results, accounting for almost a hundred loans for the recovery and financial stability of micro and small tourism businesses, most of them outside the GAM, in priority areas for this Government.”
The tourism indicators for the first half of 2023 are positive in terms of tourist visitation, so it is an important boost to the sector so that they can offer a quality, differentiated, accessible service that adapts to the new tastes and preferences of demand.