IIC Approves Loan To Bicbanco In Brazil
06/09/2009The loan is expected to help bring more companies and individuals in northeastern, northern, and west-central Brazil into the formal banking system
Washington, D.C. - On June 10, 2009, the Inter-American Investment Corporation (IIC) approved a US$35 million loan to Banco Industrial e Comercial S.A. (BicBanco), divided between an A loan of up to US$10 million and a B loan of up to US$25 million.
BicBanco specializes in short-term secured lending primarily to midsize companies, and is well positioned in this niche. Its product mix includes working capital and trade finance loans, as well as secured and personal loans.
The loan proceeds will enable BicBanco to onlend to small and medium-size enterprises located primarily in northeastern, northern, and west-central Brazil. This will provide these SMEs, operating in productive sectors such as manufacture, services, trade, agriculture, and agribusiness, with financing for their short-term working capital needs.
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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 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.
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