IIC Supports Family Business in Uruguay’s Farming Sector

09/04/2015

Loan of US$230,000 will support the development and competitiveness of Las Maravillas Sociedad Agropecuaria

Montevideo, Uruguay, September 7, 2015 -The Inter-American Investment Corporation (IIC) approved a loan of US$230,000 to Uruguayan family business Las Maravillas Sociedad Agropecuaria to help it improve productivity.

The loan was approved under FINPYME Credit, an IIC program for providing financing to small and medium-sized enterprises (SMEs). The loan will enable Las Maravillas to refinance its short-term debt, thereby improving its financial matching and freeing up permanent working capital.

“This connection to a prestigious institution like the IIC has enormous value to our family business, and we hope to carry out new projects together in the future to help us face planning and management challenges,” said Inés Uriarte, the director of Las Maravillas.

“With this loan, the IIC is helping a Uruguayan SME in the farming sector carry out its development strategy and become more competitive at the local level,” said Ignacio González Darriulat, the IIC financial analyst in charge of the operation.

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. FINPYMECredit is offered in Uruguay, among other countries of the region, and supports small companies looking to increase their sales by financing investments in working capital and fixed assets.

Las Maravillas is a Uruguayan family business in the farming sector that manages a total of 2,300 hectares. Its main focus is rice cultivation and livestock.

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. The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.

Contact: Ignacio González Darriulat

Telephone: +598 2915 3696 in Montevideo, Uruguay

Email: ignaciog@iadb.org