Spain Supports Innovative Financing Program For SMEs In Colombia, Peru, And Venezuela
08/26/2007Washington, D.C. - On August 27, 2007, the Spanish Government, through the General Cooperation Fund established between Spain and the Inter-American Development Bank, approved funding for a new phase of FINPYME, an innovative program launched by the Inter-American Investment Corporation (IIC) earlier this year, and has announced that two Spanish professionals will be seconded to the IIC to work on FINPYME and other IIC initiatives.
FINPYME (Financiación Innovadora de PYME) is a methodology developed in Spain to diagnose small and medium-size companies (SMEs). The methodology consists of the evaluation of each company’s weaknesses and threats in order to recommend a Competitiveness Improvement Plan which will facilitate access to medium- and long-term financing. FINPYME serves as a "rating" system for SMEs that can be used by commercial lenders in evaluating the potential of individual SMEs.
Spanish funding for FINPYME will permit this program to expand to Colombia, Peru, and Venezuela. For the last year, the IIC has been implementing the FINPYME Program in Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama with funding from the Republic of Korea through the Korea-IIC SME Development Trust Fund. The IIC expects that the program will be launched in the English-speaking Caribbean in the fourth quarter of 2007, before being rolled out in South America in 2008.
In announcing this news, Michael Apel, Senior Trust Fund and Technical Assistance Officer of the IIC, stated that "this support from Spain for FINPYME is particularly welcome, given that Spain funded the first FINPYME program at the IIC in 2001, when it was rolled out in Bolivia and Chile."
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. 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.
For more information on FINPYME activities, please visit www.FINPYME.org.
For more information on the IIC's activities, please visit www.iic.int.
Contact: Jorge Roldán/Michael Apel
Telephone: (202) 623-3948/(202) 623-2521