IIC approves loan to Microfinanzas del Uruguay S.A.
The loan proceeds will be used to grant more than 900 loans
Washington, D.C. - On June 3, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$500,000 to Microfinanzas del Uruguay S.A. (Microfin), to support Microfin’s lending operations. Microfin provides financial services to micro and small enterprises in Uruguay.
This is the IIC’s second operation with Microfin. The first loan supported the strengthening and consolidation of Microfin, and is estimated to have financed a total of 979 loans to micro and small enterprises.
With this loan, the IIC is supporting SMEs and strengthening the financial sector in Uruguay. The loan will help create direct and indirect jobs and improve the financial structure of micro and small enterprises in Uruguay, where microlending is underdeveloped.
Microfin was incorporated in 2007 and began operations on March 6, 2008, as a microfinance institution in Uruguay. Microfin’s principal line of business is to provide financial services to micro and small enterprises and other segments of the population that are underserved by the traditional financial system, thus promoting the social and economic development of low-income individuals nationwide. Microfin has the support of Grupo Acción Comunitaria del Perú, an internationally recognized leader in the microfinance sector. For more information about Microfin, visit www.microfin.com.uy.
About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: Fernando Luciani
Telephone: + (598) 2915-3696