Banks Committed to Supporting Int’l Biz
Conducting business with foreign companies can be a complicated – and pricey – relationship.
If, for example, a European country wants to purchase bananas from Costa Rica, the buy, package, ship and receive process typically incurs steep costs, which the involved companies sometimes cannot afford without assistance. Fortunately for Central American companies, regional banks are committed to offering financing of international ventures – before, during and after the economic crisis.
Banks such as LAFISE (Latin American Financial Services, www.lafise.com) and HSBC (www.hsbc.com) play vital roles in supporting international business relationships. When companies involved in exporting or importing goods and services need financial assistance to support their ventures, LAFISE and HSBC have willingly stepped in to assist.
“Export and import businesses count on the support of LAFISE to facilitate the management of their financing and treasury when forming international relationships,” said Mariano del Castillo, assistant manager at the corporate offices of LAFISE in Costa Rica. “Creating relationships between foreign businesses requires financing of the initial investment, which can include purchasing of raw materials for infrastructure, transportation costs and increased production costs. We provide (this) support.”
Both LAFISE and HSBC ensure the reliability of companies interested in assistance for international ventures with a comprehensive financial background check. Once the companies are approved for loans or funding, they are permitted to open credit lines and create payment plans with the bank. Castillo said that because the relationships bring investment into the country, there are significant deductions in the companies’ payback obligations.
“Investment in foreign businesses is vital to the growth of the food, construction and infrastructure industries in Costa Rica and Central America,” Castillo said. “The support of such businesses active in improving the economy is vital for the region’s development.”
According to LAFISE and HSBC, the economic crisis has failed to alter support for such companies. Both banks claim that, despite a tighter budget, financing has remained constant.
“We have been operating in a normal manner,” Castillo said. “We never stopped our support of clients who have maintained valid credit lines – not before, during or after the economic crisis.”