The Costa Rican foundation FundecooperaciĆ³n para Desarrollo Sostenible this week reported they have ā”750 million ($1.3 million) available to financeĀ small- and medium-sized businesses toĀ help improve the quality of life or promote gender equality.
āThe funds are part of our Custom-Made Credit Program aimed both at individuals and companies with environmentally sustainable projects or businesses,ā said JosĆ© Montero PeƱa, from the foundation’s Credit Promotion Department.
Under the program funds are available through three separate loan types. The first, investments loans, offers credits of up to ā”65 million ($120,000) for buying property, expanding facilities or acquiringĀ equipment. The credit line offers up to ā”40 million ($75,000) for working capital and short-term investments.Ā Second-tier loans grant funds up to ā”200 million ($377,000) to associations, cooperatives and other organized groups for funding business opportunitiesĀ among associates or community members.
The foundation mostly aimsĀ atĀ benefitingĀ businesses orĀ projects related toĀ agriculture, forestry, sustainable energy, clean technologies, sustainable tourism and gender equality, among others.
Recently itĀ opened a new credit line for “cultural value” businesses, where individuals or groups can apply for projects involving manufacturingĀ or marketing traditional Costa Rican goods and services.
The study and approval process of an application takes on average 40 days. Credit options are available for both Ticos and expats as long as they meet the foundation’s requirements, Montero said.
āThere are various projects by expats currently in operation. Among them are tourism, recycling and souvenir manufacturingĀ businesses,ā he said.
FundecooperaciĆ³n launched its credit programs in 1994 and since have invested approximately $35 million in over 300 projects promotingĀ sustainable development.
A full description of their credit options is available at fundecooperacion.org. For more information, call 2225-4507 (English-speaking staff is available) orĀ email:Ā info@fundecooperacion.org.
