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

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)
Pic of the Day
57 views
Pic of the Day
57 views

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)

Alejandro Zúñiga - April 18, 2019

Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…

Costa Rica holds Maduro regime responsible for diplomat’s safety
Costa Rica
11 views
Costa Rica
11 views

Costa Rica holds Maduro regime responsible for diplomat’s safety

AFP and The Tico Times - April 18, 2019

The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…

Venezuela withdraws diplomatic credential from Costa Rican diplomat
Latin America
25 views
Latin America
25 views

Venezuela withdraws diplomatic credential from Costa Rican diplomat

AFP and The Tico Times - April 17, 2019

Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…

Do NOT follow this link or you will be banned from the site!