State Banks To
Receive Cash Infusion
Before End Of The Year
The new year promises
good financial news for
small and medium sized
businesses as the Ley de
Capitilizacion gets
published today in the
official government
newsletter, La Gaceta,
allowing the Ministerio
de Hacienda to infuse
the state banks with
us$117.5 million dollars
before the end of the
year.
Legislators approved the
government's plan to
offer small and medium
sized businesses
available credit to face
the word financial
crisis by providing
us$50 million dollars to
each the Banco Nacional
(BN) and the Banco de
Costa Rica (BCR) and
us$17.5 million to the
anco Crédito Agrícola de
Cartago (BANCREDITO).
"2009 will be a year of
'bruises', but if we
have ointment at our
side, the pain will be
less", said the ministro
de Hacienda, Guillermo
Zúñiga.
Once the newsletter
publishes the "Ley",
Hacienda can disburse
funds to the banks
immediately, allowing
state banks to offer
credit to business at
the beginning of the
year.
Luis Carlos Delgado,
president of the BCR,
said yesterday that his
bank is prepared for an
immediate response to
the needs of business.
Mario Rivera, the BCR's
general manager, added
that consumer-oriented
loans used for say
travel on credit will be
denied.
BANCREDITO said they
will focus on funding
already approved loans,
while at the BN, they
will be focusing on the
current loan
applications.
Financial experts
recommend to shop around
to see which of the
three state banks offers
the best deal as to
interest rate and terms
and conditions of
repayment. |
