IIC Finances Home Lending to Middle- and Low-Income Families in Costa Rica
The US$3 million loan to Mutual Cartago de Ahorro y Préstamo will also benefit local MSMEs
Washington, D.C., September 29, 2015 — The Inter-American Investment Corporation (IIC) has granted a loan of US$3 million to Mutual Cartago de Ahorro y Préstamo (MUCAP) to fund close to 25 home loans to middle- and low-income families and about 65 loans to micro, small, and medium-sized enterprises (MSMEs) in Costa Rica.
“This operation has a dual purpose: Not only are we supporting the mortgage sector so that middle- and low-income Costa Ricans can buy their own homes, but we are also helping Costa Rican MSMEs obtain the financing they need to grow sustainably,” said Michael Apel, the lead IIC investment officer in charge of the loan.
“We are a very dynamic financial entity striving to offer products and services tailored to the needs of our clients. That’s why we will use this loan from the IIC to serve SMEs that need liquidity to make their businesses grow. Also, we will be channeling part of the loan to finance homes for middle-class families,” said Eugenia Meza, the general manager of MUCAP.
MUCAP was founded in 1970 in the Cartago province and has become a well-established player in the domestic financial system. MUCAP is currently the second largest mutual savings bank in Costa Rica. MUCAP has 33 branches and a presence in all seven provinces. It offers its clients a broad portfolio of products including loans for purchasing, building, or repairing homes; MSME loans; and consumer loans. It also offers savings and investment products to its clients.
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 innovative technical assistance, advisory services, and 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: Michael Apel
Telephone: +1 (202) 623-2521 in Washington, D.C.