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Supporting SME financing in Costa Rica
Project
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Signature date
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Location
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Costa Rica
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Financing tool
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Financing amount (Euro)
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1900000
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Financing details
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USD 1,999,560 guarantee
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Customer
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Banco Promerica Costa Rica
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Type of customer
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Financial institution
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Project number
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CCR1022
This information is given at the time of signature, without prejudice to any developments in the operation/project.
By allocating a portfolio guarantee to Banco Promerica, Proparco is supporting Costa Rica’s entrepreneurial fabric.
Client presentation
Banco Promerica is a universal bank offering financial services to companies and individuals. It is the fourth largest private bank in Costa Rica and a member of the regional group Promerica Financial Corporation (PFC), which operates in nine Latin American countries and has been a strategic partner of Proparco since 2013. The bank is increasingly participating in the segment of small and medium-sized enterprises (SMEs). It offers innovative products tailored to the needs of its SME clients, which have been facing new difficulties since the onset of the health crisis.
Project description
The project involves a USD 2m portfolio guarantee which aims to share the credit risk taken by Promerica Costa Rica in the segment of small and medium-sized enterprises through loan operations. This guarantee automatically covers 50% of each loan granted by the bank to eligible SMEs during the two years of allocation, meeting the criteria for the amount and maturity.
Project impact
The objective is to support growth in the activity of Costa Rican small and medium-sized enterprises (SMEs) which face difficulties in accessing financing due to the lack of collateral guarantees.