IIC Supports Agribusiness Sector with Loan to Montecristo Bolivia S.R.L.

06/17/2014

Loan of US$250,000 will increase productivity and sales and grow client portfolio

Washington, D.C., June 17, 2014 — A  US$250,000 loan from the Inter-American Investment Corporation (IIC) will boost the growth of Montecristo Bolivia S.R.L., a Bolivian company based in the city of Tarija that produces soy meat and other products derived from soybeans.

The loan is part of FINPYME Credit, an IIC program for financing small and medium-sized enterprises (SMEs). Montecristo will use the IIC funds to purchase a canning machine in order to diversify its production and add to its sales force to reach the individual end-consumer market.

"Part of our company's mission is reaching those who are most in need to help fight hunger and malnutrition in our country," said César Milciades Peñaloza, Montecristo's general manager. "Having the support of an organization as important as the IIC inspires us to move forward. It fills us with satisfaction and demonstrates our company’s commitment to its people and society."

"With this funding, the IIC is contributing to Bolivia's economic development while at the same time supporting an SME's development and boosting its competitiveness, to increase productivity and the supply of products representing unique, healthy, and natural nutritional alternatives," said Ignacio González, IIC financial analyst in charge of the operation.

Montecristo received a Business Management Award in 2012 in recognition of its management system and rigorous adherence to quality and environmental standards.

FINPYME Credit is a small-loans program that provides competitive financing to SMEs in Latin America and the Caribbean. The loans range from US$100,000 to US$600,000 and are available to businesses from various productive sectors. FINPYME Credit is offered in Bolivia, and other countries in the region and supports small companies looking to increase their sales by financing investments in working capital as well as fixed assets.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.

Contact: Ignacio González

Telephone: +598 2915-4330 in Montevideo, Uruguay

Email: ignaciog@iadb.org