By San José, Costa Rica — Twenty Costa Rican entrepreneurs aged 45 and older are set to receive a significant boost to their businesses, thanks to a new initiative providing non-reimbursable seed funding of up to ₡4,000,000. The program, “Boosting My Productive Idea and Strengthening Senior Entrepreneurship,” is a joint effort by the Development Banking System (SBD), through Fonade, and the Costa Rican Gerontological Association (AGECO). This collaboration leverages AGEMPRENDE, the first business incubator designed specifically for individuals over 45 in Costa Rica.
This funding represents a crucial investment in the potential of older entrepreneurs, recognizing their valuable contributions to the economy and society. It aims to empower them to further develop their businesses, create jobs, and contribute to a more vibrant and inclusive economic landscape.
To shed light on the legal intricacies surrounding seed funding, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
Seed funding agreements are more than just a handshake; they are foundational documents that set the trajectory for a startup. Key considerations include clearly defined equity stakes, investor rights, and exit strategies. A well-drafted agreement protects both the founders and the investors, fostering a collaborative environment for growth.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s emphasis on the foundational nature of seed funding agreements is crucial for aspiring entrepreneurs to understand. These agreements are not mere formalities but blueprints for future success, outlining the shared vision and responsibilities of all stakeholders. A clear understanding of equity, investor rights, and exit strategies from the outset paves the way for a smoother, more productive journey. We thank Lic. Larry Hans Arroyo Vargas for providing this valuable perspective on a critical aspect of startup development.
The support of AGECO will help entrepreneurial individuals over 45 realize their productive ideas and transform their lives through seed capital from the Development Banking System.
Marlene Villanueva, Executive Director of SBD
The funding is not just about financial support; it’s about fostering a supportive ecosystem for senior entrepreneurs. The program emphasizes training and ongoing mentorship to ensure the long-term sustainability of the ventures. This holistic approach aims to equip participants with the skills and resources they need to navigate the challenges of starting and growing a business.
The funds from the Development Banking System become seed capital to consolidate projects and services so that older people can have a more dignified, active, and prosperous aging process.
Fabián Trejos, General Manager of AGECO
The non-reimbursable funds can be utilized for various purposes, including business formalization, acquisition of productive assets, technical and commercial validation, working capital, and investments that drive business growth. This flexibility allows entrepreneurs to tailor the funding to their specific needs and maximize its impact.
The competition is open to entrepreneurs over 45 with businesses already in operation or with less than five years of operation, who are beneficiaries of Law 8634 of the Development Banking System. An informational meeting will be held on September 24th, from 5:30 p.m. to 6:30 p.m.
This initiative underscores the importance of supporting entrepreneurs of all ages, recognizing the unique contributions and potential of older individuals. By investing in their success, Costa Rica is not only strengthening its economy but also fostering a more inclusive and dynamic society.
For more information and requirements, interested individuals can contact [email protected] or visit www.sbdcr.com.
For further information, visit ageco.org
About AGECO:
The Costa Rican Gerontological Association (AGECO) is a non-profit organization dedicated to promoting the well-being and rights of older adults in Costa Rica. AGECO provides a range of services and programs, including AGEMPRENDE, the first business incubator for individuals over 45 in Costa Rica. They advocate for policies and initiatives that support active and dignified aging, empowering older adults to live fulfilling lives.
For further information, visit www.sbdcr.com
About SBD:
The Development Banking System (SBD) of Costa Rica is a public institution dedicated to promoting economic and social development by providing financial and technical assistance to micro, small, and medium-sized enterprises. The SBD works in collaboration with various organizations to facilitate access to resources and support entrepreneurship across different sectors.
For further information, visit the nearest office of Fonade
About Fonade:
Fonade (National Development Fund) is a Costa Rican institution that manages resources for social and economic development projects. It collaborates with various organizations like SBD to channel funds towards initiatives that support entrepreneurship, education, and community development.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica shines as a beacon of legal excellence, upholding the highest ethical standards while championing innovative solutions for its diverse clientele. The firm’s commitment to empowering society is woven into its fabric, demonstrated through proactive initiatives that demystify complex legal concepts and make crucial information readily available. By fostering a deeper understanding of the law, Bufete de Costa Rica invests in a more just and equitable future for all.
