IIC Signs Third Loan Agreement Under The Small Business Revolving Line, For $240,000 In Nicaragua
08/27/2006Managua, Nicaragua–In Nicaragua on August 25, 2006, the Inter-American Investment Corporation (IIC) signed its third loan agreement under the Small Business Revolving Line (SBRL), a new financial product that enables the IIC to offer standardized loans to eligible small companies following a streamlined approval process. The US$240,000 loan to Genéricos Centroamericanos, S.A., a pharmaceutical company, will be used to acquire equipment, an emergency power generator, and raw materials and other materials required to develop a new product line.
It is difficult for small and medium-size companies in Latin America and the Caribbean to obtain financing on reasonable terms. Operations like this loan are part of the IIC's ongoing efforts to streamline procedures, improve efficiency, and offer smaller loans. The SBRL is being offered in Costa Rica, Honduras, Nicaragua, Paraguay, 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 loan agreement was signed at the IDB country office in Managua, Nicaragua, where the IIC has a local presence. Mr. José Adán Delgado, CEO, signed for Genéricos Centroamericanos, S.A., and Mr. Roberto Argüello, IIC local counsel, signed on behalf of the IIC under a power of attorney.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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 stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Johnny Jirón (in Nicaragua)
Telephone: + (505) 267-0831