IIC Signs Loan To Agrofield, S.R.L. In Paraguay Under Its Small Business Revolving Line
08/18/2008The IIC loan will enhance the supply of services to Paraguay’s agricultural sector
Asunción, Paraguay - On August 19, 2008, the Inter-American Investment Corporation (IIC) signed a US$215,000 loan agreement with Paraguay’s Agrofield, S.R.L. (Agrofield) under the IIC’s Small Business Revolving Line. Agrofield has more than thirty years of experience in providing the farming sector with services and inputs. It is one of the leading local companies in the fields of veterinary products, veterinary clinics, home and garden, environmental health and hygiene, horticulture, and, more recently, agriculture and livestock. Agrofield produces more than 300 proprietary products and provides a wide range of services.
The company will use the IIC SBRL loan to implement new strategies for growth and improvement as it faces increasing demand and competition in the sector.
Agrofield’s plans for growth include purchasing high-tech machinery and equipment for its new manufacturing facility, as well as opening a new branch in the nation’s interior. These new investments will enable the company to increase production capacity, quality, and efficiency and enhance its marketing channels.
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. The SBRL in Paraguay is made possible by funding that the IIC received from the Korea-IIC SME Development Trust Fund.
Signing for Agrofield were company shareholders and managers Silvio Codas, Martín Codas, and Fabio Codas. They said, "The IIC is providing SMEs in Paraguay with an opportunity to grow. Agrofield is taking advantage of this opportunity to continue to grow and improve, making its quality-branded products and services available to more clients throughout Paraguay and the region."
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