IIC Loan Expands Medical Services in The Bahamas

02/24/2014

Bahamas Neurological Center receives first loan granted in The Bahamas under FINPYME Credit program

New Providence, The Bahamas, February 24, 2014  — The Inter-American Investment Corporation (IIC) and Bahamas Neurological Center (BNC) have signed a loan agreement for up to US$125,000 to finance the procurement of medical equipment for this neurological center in New Providence, The Bahamas. The company will use the proceeds of the IIC loan to expand its services to better meet the needs of the local and regional communities.

BNC is one of three private neurology facilities in The Bahamas but the only one offering comprehensive multidiscipline services from within a single facility, including ambulatory services to patients in Abaco, Grand Bahama, Eleuthra, and the Turks and Caicos Islands. This loan is the first operation in the country under FINPYME Credit, a program for financing small and medium-sized enterprises (SMEs).

“The FINPYME program has afforded us the opportunity to purchase state-of-the-art ambulatory neurodiagnostic equipment to better service the Bahamian people throughout the islands, as well as, service our regional neighbours while still providing full neurological testing at our main facility in New Providence —noted Michelle Demeritte, Bahamas Neurological Center’s director/business manager—. Without programs like FINPYME, it would not have been possible for us to secure equipment financing as the local loan markets are more geared toward consumer and residential lending and not SME growth lending.”

“With this operation, the IIC is improving access to medical services in The Bahamas and promoting the development of the local private sector,” noted Beatriz Briceño, IIC investment officer in charge of the operation.

BNC is a private neurological facility that offers neurodiagnostic testing; neurological and psychological assessments and treatments and neuro-rehabilitation therapy including physical and occupational therapies.  BNC has been providing neurology services to the Bahamian public for over 14 years.

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 The Bahamas, among other countries in the region, and supports small enterprises 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, as well as innovative technical assistance, advisory services, and knowledge products. In 2012, the IIC approved more than 70 operations totaling some US$400 million. Since its inception in 1989, the IIC has approved approximately 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: Beatriz Briceño

Telephone: +1 (202) 623-3933 in Washington, D.C.

Email: beatrizb@iadb.org