SMEs in Costa Rica and Dominican Republic receive new support initiatives

Small and medium-sized enterprises (SMEs) in Costa Rica and the Dominican Republic are receiving targeted support to enhance productivity and market competitiveness.

In Costa Rica, Ricardo Carvajal, director of the Ministry of Economy, Industry and Commerce, stated that the national focus is shifting from merely creating new startups to consolidating existing businesses. With approximately 295,000 SMEs in the country, the goal is to improve access to technology, international markets, and information. Carvajal noted that while 88 financing sources exist with rates between 2% and 15.6%, a primary challenge remains ensuring businesses can identify the specific instruments that meet their needs.

In the Dominican Republic, Banco Caribe has launched ‘PYME Expansión,’ an initiative designed to support the growth of the local business fabric. Through strategic alliances with the Development and Export Bank (BANDEX) and BARNA Management School, the program provides a combination of working capital, executive training, and specialized advisory services. The initiative aims to assist businesses through various stages of development, focusing on leadership, sustainability, and professionalization.