IIC Finances Sustainable Wood Processing in Bolivia
Altmann Montero Exportaciones S.R.L. receives US$500,000 loan from FINPYME Credit to open new sawmill
Santa Cruz de la Sierra, Bolivia, September 24, 2013 — The Inter-American Investment Corporation (IIC) and Altmann Montero Exportaciones S.R.L. (Altmann) have signed a loan agreement for up to US$500,000. The company will use the proceeds of the loan to open a new sawmill for the manufacture of sustainable wood products in the vicinity of San Ignacio de Velasco, in eastern Bolivia.
The loan was approved under FINPYME Credit, the IIC’s flagship program for financing small and medium-sized enterprises (SMEs). Altmann will use this financing to purchase machinery for its sawmill and to fund working capital needs.
“Through this operation, the IIC is promoting the growth of a key economic sector for our countries, whose impact will include new jobs and a model production chain that safeguards the environment,” explained Cristina Paredes, IIC investment associate in charge of the operation.
The company’s general manager, Nicolás Altmann, added: “Thanks to the support received from the IIC, we will open a new sawmill, creating some 30 direct jobs and at least as many indirect jobs. The project will also help boost our volume of exports by promoting a new environmentally-friendly productive venture. We very much appreciate the support received from the IIC and the trust it has placed in us.”
Established in 2008, Altmann is a wood processing manufacturer located in Santa Cruz de la Sierra. The company produces a wide range of products, including flooring, exterior decking, and uncured and kiln-dried sawn lumber. The company currently exports to countries around the globe, including Argentina, Austria, China, France, Germany, Mexico, and Venezuela.
The wood processed by Altmann is sourced from managed tropical forests. Bolivia is one of only a handful of countries that have sustainable forestry management plans. Consequently, all the necessary controls are in place to ensure the sustainability of this activity.
This will be the IIC’s second operation with Altmann. The first operation, a loan approved in 2012, provided the company with the resources to purchase machinery, fund working capital, and diversify its product line.
FINPYME Credit is a small-loans program that provides competitive financing to SMEs in Latin America and the Caribbean. The loans range from US$100,000 to US$600,000 and are available to businesses from various productive sectors. FINPYME Credit is offered in Bolivia, among other countries of the region, and supports small companies looking to increase their sales by financing investments in working capital and fixed assets.
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. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Cristina Paredes
Telephone: +595 (21) 616-2320 in Asunción, Paraguay