IIC Loan for up to US$5 Million Supports 1,500 Peruvian SMEs
Loan to Banco Santander Perú will create new momentum for the bank’s Confirming Program
Washington, D.C., July 17, 2012 — The Inter-American Investment Corporation (IIC) has approved a loan for up to US$5 million to Banco Santander Perú S.A., whose proceeds will finance approximately 1,500 small and medium-sized enterprises (SMEs) through the bank’s Confirming Program.
The Confirming Program offers support to SMEs that supply goods and services to the bank’s customers by paying their outstanding invoices in advance. “Thanks to this loan, we expect that the Confirming Program will grow to US$175 million by year-end 2012,” noted Jose Quiñones, the IIC investment officer responsible for this operation. “This loan will facilitate greater access to financing for approximately 1,500 suppliers who provide goods and services to some 120 of the bank’s customers.”
This is the IIC’s third operation with Banco Santander Perú. The two previous loans totaled US$30 million and helped expand the Confirming Program’s lending capacity to US$125 million. The proceeds of these earlier loans benefited some 1,250 SMEs.
A subsidiary of Spain’s Banco Santander S.A., Banco Santander Perú offers a line of customized products for Peru’s commercial and corporate banking sectors. The bank serves the country’s leading companies and economic groups, particularly with its financial leasing and invoice discounting products. As of March 2012, the bank had an office in Lima and 47 employees.
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). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.
Contact: Jose Quiñones
Telephone: +51 (1) 215-1839