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Latin America Investment News on Viva Tropical

Bandesa Bank Funds $1.75 Million in Salvadorian Tourism Projects

Article Summary:

The Development Bank of El Salvador (Bandesa) is providing up to $1.75 million in financing for tourism projects in the country. The monies can be used for acquisition of property, construction of hotels, certifications in food handling, purchase of machinery and vehicles, and market research. There are three main requirements: tourism company must be legally registered, the project is profitable, and the company is financially sustainable.

Photo Credit: El Salvador

Original Article Text From El Salvador via Google Translate :

Up to $ 1.7 MLLs. available for tourism projects
Approximately $ 1,750,000 is the maximum amount that can fund the Development Bank of El Salvador (Bandesal) for major tourism projects, including real estate acquisition, construction of hotels, certifications in topics food, purchase of machinery and vehicles and studies market, according to reports.

The idea is to promote the quality and competitiveness of tourism services in all its branches, so Bandesal has created a line of credit that serves as the entrepreneur mountain and beach, fishing, medical, cultural and / or business.

“Sometimes there are projects as simple as buying a minibus but for a tour operator is important, and we fully fund it,” said commercial manager Bandesal, Oscar Servando.

The only requirement is that those who wish to obtain such financing are legally registered, with at least a couple of years of travel, the project is profitable and the company is financially sustainable. “If you’re doing well we can talk,” he said about Cesar Barahona, director of trade and development Bandesal.

He also stressed that “in a project above $ 100,000 can finance 80% of it, and one below that amount of funding is 90%.”

Servando also said that credit terms depend on the type of project, and exemplified that some companies to buy some type of machinery given six years, leaving them quite complicated and, until that time passes they might get another investment. “We try to extend these deadlines in order to generate new investments,” he said.

For that matter, the construction of hotels or restaurants can get up to 20-year term, the acquisition of fixed assets 8 years and the training programs or consulting 2 years later.

On interest rates, it was reported that these vary in a range that goes from 7 to 10%, depending on the evaluation of the project.

However, it was noted that only fund projects for companies or individuals who have a credit rating of A, B and C1.

To date Bandesal has awarded $ 4 million in the tourism sector. -Agency

Link to Original Article:

From El Salvador

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