IIC Signs The First Operation Under The Small Business Revolving Line (SBRL) In El Salvador
02/03/2008The US$185,000 loan will be used for permanent working capital
San Salvador, El Salvador - On February 2, 2008, the Inter-American Investment Corporation (IIC) signed its first loan under the SBRL in El Salvador. Consultores en Telecomunicaciones, Electricidad y Electromédica, S.A. de C.V. (Contelmed) will use the US$185,000 loan to acquire equipment for direct sales and trade fairs to support the company's marketing efforts.
This is also the first operation originating from the FINPYME program promoted by the IIC and Escuela de Negocios ESEN to identify and evaluate Salvadoran SMEs with the ultimate goal of improving their competitive profile and making it easier for them to access financing. The FINPYME program in El Salvador (www.finpyme.org) is funded by the Korea-IIC SME Development Trust Fund.
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, El Salvador, 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 signing ceremony took place in San Salvador. Antonio Guadrón signed for Contelmed and said, "The main problem for SMEs continues to be access to credit; the IIC has granted us financing on terms that I am certain will help Contelmed grow throughout the region." Signing for the IIC was the IIC’s local counsel.
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: Johnny Jiron (in Nicaragua)
Telephone: + (505) 267-0831