IIC Supports Bolivian SMEs with a Loan to Servicios Agrícolas Joma
The loan of up to US$200,000 will open new market opportunities for the company
Santa Cruz de la Sierra, Bolivia, July 2, 2012 — The Inter-American Investment Corporation (IIC) and Servicios Agrícolas Joma, an agricultural service provider, have signed a loan agreement for up to US$200,000 that will help Joma expand its customer portfolio in Bolivia.
Joma will use the loan, which is part of the FINPYME Credit program, to purchase agricultural equipment and refinance its short-term debt. Joma provides agricultural services encompassing all growing-season activities. It also grows its own crops, cultivating 600 hectares of sorghum. It plans to increase services to its current customers and add new agricultural outsourcing contracts.
“The IIC financing is an excellent way to supplement bank financing available in Bolivia because of its terms and interest rates,” noted Joaquín Alfredo Antequera Peña, Joma general manager and owner. “This support will enable us to develop as a company and grow our customer base.”
Cristina Paredes, the IIC’s financial analyst in charge of the project, added, “The IIC is proud to promote the establishment and expansion of small and medium-sized enterprises (SMEs) and to contribute to the development of Bolivia’s private sector. We are helping Joma to expand and modernize its agricultural machinery as well as the services it provides to agriculture—an industry that is growing in Bolivia.”
The services that Joma provides to agricultural producers include everything from the preparation of the soil and seeds until planting, the harvesting of the grain, and the maintenance of machinery and the fields. The Bolivian company was established in 1999 and operates in an agricultural zone with an epicenter in Santa Cruz de la Sierra, in the country’s eastern zone.
Through working capital and investments in fixed assets, FINPYME Credit supports Latin American and Caribbean SMEs looking to increase their sales. Loans under the program range from US$100,000 to US$600,000 and are available to enterprises from a variety of productive sectors.
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 SMEs. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC’s activities, visit www.iic.org.
Contact: Cristina Paredes
Telephone: + (595 21) 616 2320 in Asuncion, Paraguay