New Financial Trust Supports Entrepreneurship in Impoverished Communities

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    The Costa Rica News (TCRN) – The less fortunate population with viable and productive business projects will now have better options to finance these ventures in Costa Rica.

    This is achieved through a strategic alliance of Mixed Institute for Social Aid (IMAS) and the Banking System Development, and other agreements with Banco Popular, Banco Nacional, and Banco de Costa Rica.

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    An initial contribution fund guarantees a National Development Trust (Finade) in the amount of 500 million colones to support loans to those approved for the funds. With this it is possible to support 500 people at this early stage of the project.

    Currently, there are enterprises that are supported by the Trust IMAS (Fideimas) but this partnership will increase their options.

    “We are expanding and sharing funds between institutions in order to give more guarantees to entrepreneurs,” said Carlos Alvarado, CEO of IMAS.

    “Many people who want to get ahead do not necessarily have financial access to do so, or have an idea but don’t have seed money or a business plan, or training to carry it out. Today with this alliance we close that gap,” explained Alvarado.

    An example of these ventures which has also generated employment is Elena Hernandez, a native of Carthage, who thanks to this support succeeded in exporting her traditional hand-crafted products to Spain and Korea.

    “I needed a push to realize my dreams. I saw myself giving workshops on tradition which was made a possibility thanks to Fideimas. Through a loan, my dream of giving workshops and trainings came true. This program generates wealth, allowing people to break the circle of poverty,” said Hernandez.

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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