IIC Supports SMEs in Ecuador with Loan to Banco Bolivariano C.A.
Loan of up to US$7 million to benefit more than 30 small and medium-sized enterprises in the country
Washington, D.C., September 2, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$7 million to Banco Bolivariano C.A. of Ecuador to provide small and medium-sized enterprises (SMEs) with financing for foreign-trade operations and working capital.
“Through this operation, the IIC is looking to support and bolster the Ecuadorian economy and assist SMEs by improving their access to adequate sources of credit,” noted Piedad Acuña, IIC senior investment officer in charge of the operation.
Banco Bolivariano opened for business in Guayaquil in 1980 and is currently Ecuador’s fifth largest bank. It is a sound bank, recognized for its good customer service, national scope, foreign trade-focused services, and cash and remittance management.
Banco Bolivariano is the first financial institution in the country to have obtained carbon neutral certification, helping to reduce its environmental impact through energy-efficiency projects, fuel savings, and solid waste management.
This project is the IIC’s fourth operation with Banco Bolivariano. The previous loans were used as working capital and supported the export activities of more than of 50 SMEs.
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: Piedad Acuña
Telephone: +571 325-7055 in Bogotá, Colombia