FINPYME Credit Scales Up Industrial Safety in Nicaragua

12/03/2012

Loan of US$100.000 to strengthen Solórzano Industrial & Cía. Ltda.

Managua, Nicaragua, December 3, 2012 — The Inter-American Investment Corporation (IIC) and Solórzano Industrial & Cía. Ltda. have signed a loan agreement for up to US$100,000 to help the company—one of Nicaragua’s foremost industrial safety firms—increase its competitive edge.

The proceeds of the loan, funded under the FINPYME Credit program, will be used to shore up the company’s working capital, thereby enabling it to step up procurement and expand its services.

“Thanks to this loan, we are now in a position to improve the quality of our services and bring down the costs of our products, noted Donaldo Solórzano, the company’s general manager. “This loan will not only benefit our customers but also industrial safety generally in Nicaragua.”

According to Luisa Mayorga, the IIC’s senior investment analyst responsible for the operation, “This IIC funding will enable Solórzano Industrial to boost the efficiency of its internal processes to address the growing demand for its services and strengthen its market position countrywide.”

Solórzano Industrial has been operating in Nicaragua for 35 years. Its main products include personal protection gear and equipment for workers in the industrial, commercial, and construction sectors. In addition, the company provides fire extinguisher installation, refill, and maintenance services, and organizes safety training activities and workshops.

FINPYME Credit supports small and medium-size companies in Latin America and the Caribbean looking to increase their sales with loans to shore up working capital and invest in fixed assets. FINPYME Credit provides loans from US$100,000 up to US$600,000, which are available to businesses in a variety of productive sectors.

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). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.

Contact: Luisa Mayorga

Telephone: +505 (2) 264-9140 in Managua, Nicaragua

Email: lmayorga@iadb.org