IIC Loan Increases Access to Optical Services in El Salvador
US$440,000 FINPYME Credit loan to strengthen and enhance the competitiveness of Grupo 20/20 S.A. de C.V.
San Salvador, El Salvador, October 15, 2013 — The Inter-American Investment Corporation (IIC) and Grupo 20/20 S.A. de C.V. have signed a loan agreement for up to US$440,000. The Salvadoran company will use the loan proceeds to purchase new cutting-edge equipment for its optical laboratory that will shorten the production time for its line of eyeglass frames and lenses and boost efficiency.
The loan was approved under FINPYME Credit, the IIC’s flagship program for financing small and medium-sized enterprises (SMEs).
“Thanks to the IIC loan, we can immediately roll out advanced optical technologies here in the Salvadoran market that until now have only been available abroad. This will benefit our customers, make our company stronger and more competitive, boost productivity, create jobs, and contribute to the country’s development,” explained Larry Alberto Zedán, CEO of Grupo 20/20.
“This IIC financing will enable Grupo 20/20 to produce more in less time, support eye in El Salvador with its quality optical services, and help upgrade optical technology in the country,” added Luisa Mayorga, IIC senior investment associate in charge of the operation.
Operating in El Salvador for nearly 50 years, Grupo 20/20 sells eyeglass frames and lenses, contact lenses, and other vision products. The company has a network of 30 optical shops and a laboratory, accounting for 40% of El Salvador’s market of independent optical outlets that provide optometry services.
FINPYME Credit is a small-loans program that provides competitive financing to SMEs in Latin America and the Caribbean. Loans range from US$100,000 to US$600,000 and are available to businesses in a variety of productive sectors. FINPYMECredit, which is offered in El Salvador and other countries of the region, supports small companies looking to increase their sales by financing investments in working capital as well as 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 the IIC, visit www.iic.org.
Contact: Luisa Mayorga
Telephone: +505 (2) 264-9140