Banco del Estado de Chile will launch a program this year aimed at stimulating the innovative sector in Chile with special financing for startup companies, Fernando Amaya, the head of the project, told Diario Financiero.

Eight startup projects will receive financing in 2017, but BancoEstado plans to double the number of companies next year. Through Corfo, a Chilean business development organization, the bank will also run a pilot that looks to provide credit to 20 startups that need additional resources to grow.

The bank wants to increase its microcredit portfolio as well and plans to serve around 2,000 small companies in 2018, Soledad Obando, head of BancoEstado's small enterprise segment, told the publication.