IIC promotes development of Guatemalan SMEs by providing financing to Financiera de Occidente, S.A.
At least 17 SMEs are expected to receive loans through this operation
Washington, D.C., September 3, 2014 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$6 million to Financiera de Occidente, S.A. (Fidosa) to facilitate the expansion of its credit operations with the Guatemalan SME sector.
“This IIC loan maintains and deepens the relationship between both institutions and supports Fidosa’s strategy of contributing to the growth and competitiveness of SMEs, as well as diversifying its financing sources,” said Mónica Navarrete, IIC senior investment officer in charge of the operation.
Fidosa is a Guatemalan financial institution that was established in 1991. Its core business consists of placing fiduciary, mortgage, and pledge-backed loans with tenors beyond three years. Fidosa also manages trusts, private pension funds, real estate projects, and other investments that require specialized financial services.
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, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Mónica Navarrete
Telephone: +503-2233-8901 in San Salvador (El Salvador)