IIC Signs The First Loan Under Its Small Business Revolving Line In Costa Rica
01/21/2008The loan will finance a corporate expansion
San José, Costa Rica - The Inter-American Investment Corporation (IIC) signed a loan agreement with Prima, S.A., its first in Costa Rica under the Small Business Revolving Line (SBRL). Prima manufactures raw materials for the food industry on several sectors. It exports 30 percent of its sales to Central America, follows best manufacturing practices, and is Kosher certified.
The loan proceeds will finance the company’s permanent and temporary working capital needs–the latter for meeting beginning- and end-of-year demand. The loan will also enable Prima to expand its foreign sales and reach new clients, as well as purchase new machinery that will enable it to expand its product range for the domestic and international markets.
Signing for Prima, S.A. was Mr. Rodrigo Bettoni Jiménez, the company’s general manager, who said, "this loan will enable us to increase our production capacity and enlarge our plant. This will consolidate our growth over the past six years, in both the domestic and the international markets. Increased working capital for production, research and development, and quality assurance will enable us to strengthen and reach our goals for growth." Mr. Vicente Lines Fournier, IIC local counsel in Costa Rica, signed for the IIC. The IIC has a local presence in Costa Rica.
The SBRL is a financial product that enables the IIC to offer standardized small loans to eligible small enterprises under an expedited approval process. It is currently offered in Bahamas, Barbados, Bolivia, Costa Rica, Dominican Republic, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Suriname, Trinidad and Tobago, and Uruguay. It targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, and construction sectors, as well as any other sector that contributes to the local economy.
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: Juan Fonseca (in Costa Rica)
Telephone: + (506) 2523-3348