Wednesday 16 June 2021

Small Businessmen Can Take Out Loan Without Risking The Family Home

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.

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“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.

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