Inter-American bank lends $40 million for small firms

Banco BAC San José, Costa Rica’s largest private bank, will get a loan of as much as $40 million from the Inter-American Development Bank to expand mortgage financing and lending to small enterprises.

The loan will provide BAC with longer term financing that will allow the bank to offer mortgages to middle and lower middle-income families.

It will also pave the way for BAC to boost long-term ending to small companies, a market segment currently underserved by commercial banks in the country.

Source: egovmonitor