IIC Signs A Loan With Banco Múltiple Santa Cruz, S.A.
10/11/2009Santo Domingo, Dominican Republic - On October 12, 2009, the Inter-American Investment Corporation (IIC) signed a loan agreement for up to US$2 million with Banco Múltiple Santa Cruz, S.A., a financial institution that seeks to explore market niches where it has competitive advantages and increase its share of the financial products market, particularly those oriented toward small and medium-size enterprise (SME) financing, where the bank can utilize its competitive advantages.
This operation seeks to provide financing to eligible enterprises located and with their main assets and activities in the Dominican Republic. The funds will be used mainly to provide financing for fixed asset, foreign trade, and working capital needs of Dominican SMEs.
Banco Santa Cruz is a midsize player in the Dominican financial system; it has a substantial share of the foreign exchange market and is a leading provider of financing to agricultural sectors such as rice growing. "This loan will enable Banco Santa Cruz to diversify its funding sources and improve the terms of the medium-term financing it offers SMEs," said Gustavo Romero, IIC senior investment officer in charge of the operation.
The loan agreement was signed in the law offices of Squire Sanders & Dempsey Peña Prieto Gamundi, in Santo Domingo. Signing for Banco Múltiple Santa Cruz was Fausto Arturo Pimentel Peña, CEO. Yolanda Cosme Cosme signed on behalf of the IIC.
The IIC 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 reached US$1.5 billion in assets and approved sixty-four operations 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: Gustavo Romero
Telephone: (202) 623 3855