Costa Rica News – The Development Bank will provide 75% of funds needed to bailout tourism business in Costa Rica.
These debts to domestic banks are in the millions. Instead of the original $7.5 million, the bank will give $10 million.
This money will go towards an initiative of readjusting loans. The change is part of a new law text that was negotiated to help tourism businesses out.
The bank will also provide $3.5 million to the Costa Rican Tourism Institute.
The new text was debated for some time and then the whole rescue plan was put on hold following the original vote. The now agreed upon text states that refinancing can be done for debts of up to $175,000.
The only businesses that qualify are micro, small, or medium hotels and restaurants.
They must have accrued the debt specifically for the business and between the years of 2008 and 2011, during the crisis.
