Banco Santander Perú S.A. receives a loan of up to US$15 million from the IIC
12/15/2010Operation includes working capital financing for suppliers of Bank clients under a program involving paying invoices in advance
Washington, D.C. – On December 15, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$15 million to Banco Santander Perú S.A., to provide financing to small and medium-sized companies in Peru. The loan will finance general operational needs, including working capital under the Confirming Program, which involves the advance payment of invoices issued by suppliers of Bank clients that have signed up for the program.
According to Zoila Pun, IIC Investment Officer in charge of the operation, "With this second operation, the IIC will continue supporting the development of Banco Santander Perú’s Confirming Program for supply chain financing, benefitting a large number of Peruvian SMEs by providing them with working capital financing under better terms than if they directly requested a credit line from a commercial bank. This is an innovative program because it offers a new alternative for financing SMEs."About Banco Santander Perú S.A.
Banco Santander Perú S.A. focuses on commercial, corporate, and global banking. It was established in July 2007 and began operations in October of that year under the laws and regulations of Peru, as a subsidiary of Banco Santander S.A. de España. The latter previously maintained a presence in Peru, but sold its portfolio of banking assets in 2002. For more information about Banco Santander Perú S.A., visit www.santander.com.peAbout the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int
Contact: Zoila Pun
Telephone: + (511) 215-1837