The Central American Bank launched the Regional Competitiveness and Sustainability Program for Tourism MSMEs (PROMITUR) the last April 19th, which seeks to provide financial solutions to help reactivate micro, small, and medium-size tourism enterprises in El Salvador and the region.
The program seeks to generate opportunities for tourism companies to obtain working capital under favorable financial conditions and is tailored to the needs of different types of companies. Micro and small companies in the sector can obtain financing for up to USD 100,000.00 and medium-sized companies can obtain financing for up to USD 1,000,000.00; the program also grants additional benefits such as a grace period of up to 12 months.
The loans will be executed through intermediary institutions, in El Salvador will participate: Banco Agrícola, Banco Hipotecario and Banco Promerica.
To be eligible for benefits, companies must meet the following requirements:
- Be registered with the National Tourism Registry and the National Commission for Micro and Small Enterprises (COMAMYPE).
- Be a business that started operations prior to the pandemic and be operating with at least 70% of the company’s personnel.
Senior Associate
García & Bodán
El Salvador