Nicaraguan SME Kola Shaler Receives IIC Loan to Purchase Machinery
US$450,000 loan to Kola Shaler Industrial S.A. will enable the company to continue implementing its growth and competitiveness strategy
Managua, Nicaragua, December 2, 2015 — A US$450,000 loan provided by the Inter-American Investment Corporation (IIC) to Kola Shaler Industrial S.A. will enable this Nicaraguan beverage producer to purchase machinery to manufacture its own PET bottles and to reduce its production costs.
The loan was approved under FINPYME Credit, an IIC program for financing small and medium-sized enterprises (SMEs). This is the IIC’s second operation with Kola Shaler; the previous operation enabled the company to expand its production capacity and increase its exports.
The IIC provided technical assistance to Kola Shaler with the support of the Korean Trust Fund, which allowed it to better define its market strategy, resulting in a more solid and competitive company.
“The IIC is helping this Nicaraguan SME to reduce its production costs and to strengthen its position in the domestic and international markets,” said Luisa Mayorga, the IIC senior investment officer in charge of the operation.
“We thank the IIC for its continued support that will enable us to increase our production capacity and introduce new technologies to significantly reduce our costs in what is a highly competitive industry. This support has also enabled us to actively participate in the IIC’s family succession program and has given us the opportunity to learn from the successful experiences of other Latin American business owners,” said Julio Cárdenas, CEO of Kola Shaler.
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. FINPYME Credit is offered in Nicaragua, among other countries of the region, and supports small companies looking to increase their sales by financing investments in working capital and fixed assets.
Kola Shaler is a beverage producer specialized in carbonated drinks that was established more than 100 years ago. In addition to the Kola Shaler brand, the company offers other products such as Kolitas, Vino Condor, Ginger Ale Shaler, and Soda Shaler. The Kola Shaler brand is well established in Nicaragua.
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. The IIC provides companies with funding in the form of equity investments, loans, and guarantees, as well as technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations for a total amount of US$426.3 million. Since its inception, the IIC has approved more than 920 direct loan and equity investments to SMEs and financial intermediaries, for a total of US$5.63 billion. An additional US$3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.
Contact: Luisa Mayorga
Telephone: +505 2264 9140 in Managua, Nicaragua