IIC Supports Chilean SMEs with Loan to Banco BICE
IIC financing of up to US$30 million expected to fund some 170 subloans to SMEs
Washington, D.C., August 28, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$30 million to Banco BICE that will be used to fund some 170 operations with small and medium-sized enterprises (SMEs) in Chile from such sectors as agroindustry, manufacturing, construction, and services. Banco BICE will use the proceeds of the loan to expand its coverage in that market nationally.
“With this loan, we are improving SME access to sources of funding suited to promoting their development and competitiveness. We are also continuing to build on our long-term relationship with Banco BICE,” noted Ana María Orellana, the IIC’s lead investment officer in charge of the operation.
This is the IIC’s third operation with Banco BICE. Its earlier operations reached more than 400 Chilean SMEs and contributed to Banco BICE’s growth and development.
Founded in 1979, Banco BICE is an all-purpose medium-sized bank headquartered in Santiago, Chile, that offers commercial and retail banking services to individuals and businesses. One of Chile’s largest private banks, Banco BICE has a network of 23 full-service branch offices.
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. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Ana María Orellana
Telephone: +562 2431-3707 in Santiago, Chile