Central American Bank grants Costa Rica $2 million to finance environmental projects

The Association for the Development of Small Businesses (ACORDE) on Wednesday announced they have $2 million available for loans to small and medium-sized businesses for projects that benefit the environment. The funds originated from a nonrefundable loan by the Central American Bank for Economic Integration (CABEI) to ACORDE.

Local businesses can apply for environmental loans ranging from $1,500 to $150,000, which must be invested in environmentally friendly technologies to improve efficiency. That technology includes solar panels, electronic ballasts, high efficiency diffusers and reflectors, air compressors, fluorescent lamps, LED lights, electric engines, cooling systems, boilers, low-energy vehicles and others.

CABEI’s manager in Costa Rica Alexander Garita said the environmental loans aim to solve the specific needs of small and medium-sized businesses. The credit program is called “ACORDE Verde” and includes training and counseling for business owners to help them identify the best options for green processes.

ACORDE President Danilo Montero said credit consultants received special training to identify and select the best projects and proposals that would be granted an environmental loan.

Credit information and success cases from previous loan programs are available at ACORDE’s website (in Spanish only). Interested entrepreneurs also can request information via email at: [email protected] or by phone at: 2256-4901.