The government of Laura Chinchilla is promoting a bill that would allow micro, small and medium business owners to take out loans for their business, without risking the family home as collateral.

The bill, Ley de Garantias Mobiliarias (Secured Transactions Law) would allow financial institutions to accept accounts receivables, inventory, even a business or professional license as collateral for a business loan.

If the bill is passed, Mayi Antillón, the head of the Ministerio de Economia Industria y Comercio (MEIC) – Commerce minister – said it would meets the needs of the business sector and the calling for alternative methods of obtaining credit without risking the family home, for example.

“I ask, is it fair to lose the family home if a business venture fails? The clear answer is NO”, says presidenta Laura Chinchilla.

The bills is now in the hands of legislators who will evaluate, analyze and discuss it before putting to a vote for approval or denial.

SHARE
Previous articleNew Director Found Nicoya’s Hospital Functioning at 60%
Next articleCosta Rica – Colombia FTA Negotiations Remains Open
Rico
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion for presenting reality as he sees it!