The Inter-American Investment Corporation teams up with BAC San José in support of SMEs

03/01/2011

New initiative to help small and medium-size companies prepare their financial information

Washington, D.C. - The Inter-American Investment Corporation (IIC) has just announced that the use of technical assistance funds provided by the Republic of Korea through the Korea-IIC SME Development Trust Fund has been approved to help SMEs in Costa Rica prepare their financial statements and improve their competitiveness.

BAC San José, in collaboration with a local software company, has developed an on-line tool to help SMEs overcome a major barrier: developing and maintaining administrative and financial records. The program has five components: (1) A software implementation and training phase for more than 500 SMEs in Costa Rica; (2) A technical support phase to help SMEs migrate from a manual business model to an on-line system offering updated information; (3) A financial education program to train SMEs in financial management; (4) A program website; and (5) A project evaluation phase.

It is expected that this project will provide SMEs with a tool to gather, organize, and communicate their information, as well as prepare formal financial statements as a requirement to access credit.

About BAC San José

BAC San José is part of Grupo BAC CredomaticGrupo Corporación Tenedora de San José S.A.and an indirect subsidiary of BAC International Bank, which is incorporated in Panama and has affiliates throughout Central America, where it has been operating for more than fifty-five years. BAC is a strategic partner of the IIC as a result of its ability to work in close collaboration with SMEs in Central America. For more information, please visit www.bac.net/bacsanjose

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Rodrigo Navas

Telephone: (202) 623-3926

Email: rodrigon@iadb.org