Small hotels, restaurants in tourist areas, tour operators and small and medium businesses have new financing options to expand their businesses.
From Thursday, the Development Banking System (SBD) will have $50 million for SMEs to ask for loans for up to $1 million each. The credits will have an interest of 3%, and repayment term of 15 years.
The credits can be used for construction and / or renovation of infrastructure and equipment, strengthening of technological platforms, expansion and diversification of amenities. They can also be used for working capital, cancellation of bank liabilities, debts with the Costa Rican Social Security Fund (CCSS) and tax debts.
The announcement was made by government authorities and the National Chamber of Tourism (Canatur).
The Minister of Tourism, María Amalia Revelo, explained that the resources will encourage the acceleration of the sector, since tourism activity is a source of foreign exchange, it represents 8.2% of the Gross Domestic Product (GDP) and generates at least 211 thousand jobs, that is, 8.8% of the country’s total employment.