Banco Improsa

Banco Improsa, founded in 1986, has established a strong presence in Costa Rica with 13 branch offices serving approximately 2,000 borrowers and 5,000 depositors. It is the second largest SME bank in Costa Rica, with 69 per cent of its loan portfolio allocated to SMEs. In addition, the Bank offers a loan product targeting microentrepreneurs, which are underserved by financial institutions.

Micro, small and medium-sized enterprises (MSMEs) account for 93 per cent of businesses in Costa Rica, half of which are considered to be underserved. This lack of capital not only prevents their growth, but also contributes to Costa Rica’s average unemployment rate of almost 10 per cent, which increases to more than 25 per cent for the youth and lower-income populations. Banco Improsa offers SMEs long-term financing, which is the scarcest and most-needed type of financing. The Bank therefore contributes to the creation of secure and formalized employment opportunities. SIFEM’s loan of USD 12 million is earmarked for MSME clients and contributes to broad-based and long-term private sector growth in Costa Rica.