IIC approves loan to Banco Internacional S.A. for lending to Ecuadorian SMEs
Loan of US$6 million will fund loans to small and medium-sized enterprises across all productive sectors
Washington, D.C., December 1, 2015 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$6 million to Banco Internacional S.A. to support small and medium-sized enterprises (SMEs) in Ecuador by providing financing for working capital and for business modernization and expansion.
“We are delighted to be supporting the efforts of Banco Internacional S.A. in Quito, Ecuador to continue developing its SME-lending lines of business. Over the past three years, the bank has increased at an average annual rate of 20 percent the total balance of its SME portfolio, which accounts for 22 percent of its current lending activities,” said Ana Rosa Echeverri, the IIC senior investment officer in charge of the operation.
Established in Quito in 1973, Banco Internacional has 87 service points throughout Ecuador as of October 2015, covering 17 provinces and 28 cities in the coastal, mountainous, and Amazonian regions. It employs 1,324 individuals and has a network of 393 ATMs. Its main operations focus on corporate banking, small and medium-sized enterprises, trade, housing, and consumer 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). The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.
Contact: Ana Rosa Echeverri
Telephone: +57 (1) 325-7053 in Bogotá, Colombia