IIC Grants Its First Loan In Dollars And Local Currency To A Financial Intermediary In Peru For Providing Financing To Peruvian SMEs
06/04/2007Direct loan of up to US$4 million and up to 13 million nuevos soles to América Leasing, S.A.
Washington, D.C. – On June 5, 2007, the Inter-American Investment Corporation (IIC) approved a direct loan with two components—one for up to US$4 million and another for up to 13 million nuevos soles—to América Leasing, S.A., a leasing company that provides financial services to small and medium-size companies. The loan proceeds will be used to provide financing to small and medium-size companies in Peru via medium- and long-term finance leases for modernization and/or expansion projects.
The company is subject to oversight by Peru’s Superintendencia de Banca, Seguros y AFP. Over the years, it has positioned itself in the medium-size enterprise market and sought to provide technical and personalized service that is both responsive and timely. América Leasing also provides consulting services in order to deliver products that are tailored to its clients' needs in terms of cost, tax benefits, and liquidity. Companies or individuals with assets that do not exceed US$35 million will be eligible for financing under the IIC loan.
According to IIC Financial Institutions and Structured Finance Coordinator Carlos Roa, "The IIC's objective is to make it possible to introduce new financial instruments and thus enable América Leasing to penetrate new markets. With this loan, the IIC is playing an important role by supporting América Leasing with long-term financing in dollars and local currency that will enable the company to offer products and services especially tailored to the needs of small and medium-size enterprises."
In order to finance the local-currency component of the loan to América Leasing, among other operations, the IIC registered a bond issue program for up to 250 million nuevos soles in the Peruvian securities market.
The Inter-American Investment Corporation 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. 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.
Contact: Carlos Roa/Rita Bettiol (in Washington D.C.)
Telephone: (202) 623-3955