IIC Signs Its Second Loan Under The Small Business Revolving Line In Bolivia In Less Than Two Months
07/14/2008The IIC loan will benefit a high-tech company in Bolivia
Santa Cruz, Bolivia - On July 11, 2008, the Inter-American Investment Corporation (IIC) and Nexcom, S.R.L. signed a US$180,000 loan agreement under the Small Business Revolving Line (SBRL) in Bolivia.
Nexcom supplies high-tech products such as IT lines, satellite equipment, computers, and radios. It also provides satellite station and radio equipment installation and maintenance services, as well as information network management and storage advisory services.
The IIC loan will help finance the acquisition of a satellite teleport that will enable the company to take advantage of cutting-edge technology to offer new telecommunications services and improve the services it already provides.
This operation arose from an agreement between the IIC and Fundación Bolivia Exporta (FBE) for FBE to act as the IIC’s agent in Bolivia to identify and evaluate small and medium-size enterprises that are eligible for direct financing under the SBRL. The agreement was made possible by funding that the IIC received from the Danish 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, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Suriname, Trinidad and Tobago, and Uruguay. The SBRL 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.
Legal counsel Karen Egüez Palma from the law offices of Estudio Ferrere & Asociados signed for the IIC. Signing for Nexcom S.R.L. was Mauricio Javier Rocabado Reque, general manager, who said, "Support from the IIC will enable Nexcom to meet its goals in terms of growth, face stiff competition with confidence, and remain at the forefront of this constantly changing sector."
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. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. 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: Hernando Lesme (in Paraguay)
Telephone: + (595 21) 616-2321