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.

You may be interested

Victorious Champions coach celebrates Costa Rica-style: ‘This is pura vida’
Keylor Navas
97 views
Keylor Navas
97 views

Victorious Champions coach celebrates Costa Rica-style: ‘This is pura vida’

Katherine Stanley - May 27, 2018

Costa Rican superstar goalie Keylor Navas has made his mark on the field for Real Madrid, but also on the…

5 questions for Costa Rican artist Rossella Matamoros
Weekend Arts Spotlight
86 views
Weekend Arts Spotlight
86 views

5 questions for Costa Rican artist Rossella Matamoros

Elizabeth Lang - May 27, 2018

Using art in all its possible expressions has motivated Rossella Matamoros for more than two decades. At home in Costa Rica…

Costa Rica’s Keylor Navas, Real Madrid nab third consecutive Champions title
Keylor Navas
180 views
Keylor Navas
180 views

Costa Rica’s Keylor Navas, Real Madrid nab third consecutive Champions title

Katherine Stanley - May 26, 2018

Costa Rica's star goalie, Keylor Navas, continued his historic march through world football as his club team, Real Madrid, won…