IIC Signs Loan Agreement With Food Sector SME In Costa Rica
03/16/2009The proceeds will be used to upgrade the production plant and will benefit small growers in the company's supply chain
Washington, D.C. - On March 17, 2009, the Inter-American Investment Corporation (IIC) and Productos Ujarrás S.A. signed a loan agreement under the Small Business Revolving Line (SBRL). Productos Ujarrás is a well-known Costa Rican company that produces and exports tropical fruit paste, jelly, and jam. The company sources fresh fruit from small growers throughout Costa Rica.
The company is growing quickly; its products are increasingly successful, both on the local market and internationally. The US$100,000 loan will be used to speed production and increase plant capacity.
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 The 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 in 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. In 2008, the IIC approved sixty-four transactions channeling US$300.5 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: Juan Fonseca (in Costa Rica)
Telephone: + (506) 2523-3348