Rural SMEs in Costa Rica Secure Greater Access to Credit with IIC Support
Loan of up to US$1 million will benefit some 50 small and medium-sized enterprises in the country’s northwest
Ciudad Quesada, Costa Rica, June 19, 2013 — The Inter-American Investment Corporation (IIC) has signed a loan agreement for US$1 million with the Cooperativa de Ahorro y Crédito de la Comunidad Ciudad Quesada R.L. (Coocique) that will enable some 50 small and medium-sized enterprises (SMEs) in Costa Rica’s San Carlos region to obtain credit.
“This operation is part of a broader IIC effort to promote the growth of Costa Rican SMEs in sectors outside the metropolitan area,” noted Marvin Guevara, IIC senior investment officer in charge of the operation. “With this credit facility we are entering a long-term relationship with Coocique aimed at helping it meet its productive credit needs in the San Carlos region in a sustainable and socially responsible way.”
In this regard, Berny Calderón, general manager of Coocique, added, “Our relationship with the IIC will enable us to offer our business members additional financial tools to support their commercial activities. This will no doubt have a direct impact on the economic development of their communities and improve living conditions, which is one of our objectives.”
Coocique is one of the country’s oldest savings and loan cooperatives, with almost half a century of experience. It has around 100,000 members and a portfolio of over 17,000 loans, most of them small loans for the productive, consumer, and housing sectors.
The signing ceremony took place at the Coocique corporate office in Cuidad Quesada. Berny Calderón Fonseca, general manager, signed for Coocique and Juan Fonseca, IIC senior investment officer in Costa Rica, for the IIC.
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: Marvin Guevara
Telephone: +503 2233-8902