Costa Rica state bank slashes interest

January 30, 2009

A state bank announced Monday a series of highly attractive loans for small businesses and would-be homeowners, an effort to reduce defaults and seduce new borrowers.

Beginning in March, Banco de Costa Rica will decrease interest rates on new home loans by 3.25 percentage points. Interest rates on loans of up to ¢50 million ($91,000) for small- and medium-sized businesses will drop by 5 percentage points.

Responding to a request by President Oscar Arias, the bank will also cut by 2 percentage points interest rates on existing home loans and loans for small businesses. The new policy began Sunday and will be in place for two years.

Under both programs, during the first year, rates for home loans will be capped at 15 percent and rates for small businesses will be capped at 17 percent. The rates apply only to loans in colones, not dollars.

Facebook Comments

You may be interested

Mexico opens border to women and children from migrant caravan
Honduras
1079 views
Honduras
1079 views

Mexico opens border to women and children from migrant caravan

AFP - October 20, 2018

Mexican authorities on Saturday allowed dozens of women and children from the Honduran migrant caravan to pass into its territory,…

Venezuela accuses Costa Rica of ‘subordination’ to U.S.
Costa Rica
1828 views
Costa Rica
1828 views

Venezuela accuses Costa Rica of ‘subordination’ to U.S.

AFP - October 20, 2018

Venezuela criticized Costa Rica this week for expressing support for several countries that have asked the International Criminal Court (ICC)…

Lifeguards call for help in Costa Rica: support their work in Osa
Changemakers
2146 views
Changemakers
2146 views

Lifeguards call for help in Costa Rica: support their work in Osa

Perry Gladstone - October 20, 2018

Over the last four years, the Lifeguards of Costa Ballena have performed 240 in-water rescues, administered first aid 100 times…