A group of 3 banks in the country have a self-expanding guarantee fund aimed at small and medium-sized enterprises (SMEs) in the tourism sector. This will allow individuals and legal entities to finance credits of up to ¢ 100 million, and a maximum of US$ 155,000, in American currency. These guarantees allow the banking sector to offer better conditions when granting loans.
This is what is sought for small and medium-sized companies linked to tourism, such as hotels, tour operators, carriers, restaurants, among others. This sector has been one of the hardest hit by the pandemic, of which the consequences are still recent with greater intensity and where the greatest losses of companies could be recorded. “We know that the tourism sector requires much more support for its complete recovery”, said the President of the Republic, Rodrigo Chaves.
Those who are interested can approach the operators involved so far:
• Bank of Costa Rica
• National Bank
• BAC Credomatic
Conditions for approval of guarantees
The Portfolio Guarantee Program for the Tourism Sector is financed through the Banking System for Development (SBD) and, on this occasion, it had the support of the Costa Rican Tourism Institute (ICT).
For approval, a series of requirements must be met, established by each financial operator. The credit operation is generated under the guarantee modality through the figure of shared risk guarantee, which covers a maximum amount both in colones and in US dollars.
For guarantees in colones, the maximum amount to be financed will be ¢ 100 million, with a maximum term of 15 years and a cost of 1.10% per year. For its part, in dollars, the maximum amount will be US$ 155,000, with a maximum term of 15 years and a cost of 1.15% per year.
A set of 4 levels of coverage were established:
Type I Guarantee- This Guarantee will have a coverage of 50% for all the portfolios where the entrepreneur is requested other additional guarantees to the promissory note, in this way the mitigation for the Financial Operator will be 100% (50% of the set of guarantees requested + 50% guarantee from FONADE).
Type II Guarantee- It will have a coverage of 60% for all the portfolios where the entrepreneur is requested only a promissory note (except as indicated in type III guarantees), of this Internal Use form the mitigation for the Financial Operator will be 100% (40% Promissory Note + 60% FONADE Guarantee).
Type III Guarantee- The creation of portfolios made up of credits granted to tourism micro-enterprises is encouraged, granting coverage of 75%, when the entrepreneur is only asked for a promissory note. In this way, the mitigation for the Financial Operator will be 100% (25% Promissory Note + 75% FONADE Guarantee).
Type IV Guarantee- It is composed of credits granted to women’s businesses is encouraged, granting coverage of 75%, when the businesswoman is only asked for a promissory note, in this way, the mitigation for the Financial Operator will be 100% (25% Promissory Note + 75% FONADE Guarantee).
The Minister of Economy and president of the SBD, Francisco Gamboa, pointed out that this launch is being done at this time with “the purpose that they can take advantage of the high season that is about to start and contribute to the creation of an ecosystem that stimulates the generation of new businesses, new jobs and that reactivates the local economy in tourist regions”.