IIC Signs US$125,000 Loan With Agribusiness Nicfoods S.A. In Nicaragua
10/07/2007IIC operation approved under the Small Business Revolving Line
Managua, Nicaragua – On October 8, 2007, the Inter-American Investment Corporation (IIC) and Nicfoods, S.A. signed a US$125,000 loan agreement in Nicaragua, under the Small Business Revolving Line (SBRL). Nicfoods markets agricultural products for the domestic market and for export. The company will use the financing for working capital to increase its export volumes and improve product packaging and handling.
The SBRL is a financial product launched in 2006 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, El Salvador, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Suriname, Trinidad and Tobago, 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 in Managua, where the IIC has a local presence. Signing for Nicfoods, S.A. was Rosa Argentina Polanco Brenes, the company's President and majority shareholder, who said, "This IIC loan opens up an excellent opportunity for us to grow and improve our product quality, allowing us to be more competitive in international markets." Mr. Roberto Villavicencio, IIC local counsel, signed for the IIC.
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. 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: Johnny Jirón (in Nicaragua)
Telephone: + (505) 267-0831