FINPYME App Will Assess Sustainability of Family Businesses

12/16/2015

The IIC adds a new feature that enables owners of family businesses to assess their businesses' corporate governance from their smart phones.

Washington, D.C., December 16, 2015 — The Inter-American Investment Corporation (IIC) added a new feature to its app for business owners to enable them to assess the corporate governance of family businesses of any size and complexity.

With a detailed questionnaire, the IIC helps owners of family businesses think about succession and generational transfer policies; mechanisms of communication among members of the family; the role of governance bodies; and the potential of governance for adding value to the business.

“In Latin America, the majority of businesses are family businesses, and they account for a significant portion of gross domestic product,” says Rebeca Sanchez de Tagle White, a senior corporate governance specialist at the IIC. “Therefore, the region's employment levels and growth rate depend in large part on the success of family businesses.”

In February, the IIC launched its first smartphone app, aimed at business owners in Latin America and the Caribbean. The FINPYME app is designed to help the owners and executives of small businesses improve their competitiveness and access a variety of advisory services from anywhere.

Starting in 2010, the IIC has promoted corporate governance capacity-building for family businesses in the region through training, financing, and direct advisory services. In 2015, it certified 187 people through its online course Successful Family Business with the purpose of disseminating good corporate governance practices. The IIC also carried out in-person training with experts on the corporate governance of family businesses. In 2015, they trained more than 370 individuals, including both IIC clients and non-clients.

Thanks to mobile technology, the IIC is reaching more businesses in the region, disseminating the importance of implementing good practices when it comes to ownership, the family, and the business, helping these family businesses not only to last, but also to grow and become more competitive.

Since its launch in February, the app has been downloaded more than 3,300 times and more than 1,100 evaluations have been completed.

The FINPYME app can be downloaded for free from Apple's App Store and from Google Play.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). The IIC provides companies with funding in the form of equity investments, loans, and guarantees, as well as technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations for a total amount of US$426.3 million. Since its inception, the IIC has approved more than 920 direct loan and equity investments to SMEs and financial intermediaries, for a total of US$5.63 billion. An additional US$3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.

Contact: Tatiana M. Laborde

Telephone: +1 (202) 623-3401

Email: tmedina@iadb.org