Paraguayan SMEs Obtain Access to Financing with IIC Support
US$4 million loan will benefit some 30 SME clients of Sudameris Bank
Washington, D.C., February 4, 2013 — The Inter-American Investment Corporation (IIC) approved a loan of US$4 million to Paraguay’s Sudameris Bank S.A.E.C.A., which will enable the institution to expand its portfolio of loans for small and medium-sized enterprises (SMEs) in the country by up to 10%.
“Sudameris will use the new resources to provide some 30 Paraguayan SMEs with loans that have longer terms than are currently available to them,” noted José Quiñones, IIC investment officer in charge of the operation. “The project will not only contribute to the growth of Paraguayan SMEs but enable Sudameris to improve its management and diversify its funding sources.”
This is the IIC’s second project with Sudameris. The first loan, approved in 2009 for US$3 million, provided 18 SMEs with financing to procure machinery and expand their production capacity. This operation better positioned Sudameris in this segment of the local market. Sudameris’ SME portfolio increased by almost 90% in three years.
With a track record of over 50 years, Sudameris today ranks sixth in Paraguay’s banking system in terms of placements and fifth in terms of deposits. Over the past three years, it has opened ten new branch offices and installed 40 new ATMs. It is currently active in the country’s main commercial and production hubs. Sudameris Bank employs over 380 people.
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 (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For additional information on the IIC, visit www.iic.org.
Contact: Jose Quiñones
Telephone: +51 (1) 215-1839