Uruguay’s Textile Industry Bolstered by IIC Support
US$600,000 loan enables Fama S.A. to increase its production and keep pace with growing demand
Montevideo, Uruguay. The Inter-American Investment Corporation (IIC) and Fama S.A. have signed a loan agreement for up to US$600.000. Fama, a Uruguayan company, will use the loan to step up its production of uniforms and industrial safety work wear.
Granted under the FINPYME Credit program, the proceeds of the loan will be used to help the company meet its working capital needs, expand its inventory of raw materials, and step up production. The loan will also enable Fama to refinance its debt with Uruguayan financial institutions.
“This financing will enable us to step up our production and continue to build on the sales momentum we have achieved in recent years,” noted Luis Badano, the general manager of Fama S.A.
According to Ignacio González, the IIC’s investment analyst in charge of the operation, “This IIC loan is supporting small and medium-sized enterprises in Uruguay by providing them with the tools they need to increase their production as well as stimulate their development and competitiveness.”
A Uruguayan corporation, Fama has manufactured and marketed work wear since 1945. In addition to hospital uniforms, Fama makes clothing for workers in Uruguay’s automotive, fishing, paper, and cold storage industries.
FINPYME Credit supports SMEs in Latin America and the Caribbean that wish to boost their sales by providing loans for working capital and investments in fixed assets. Loans under the program range from US$100,000 to US$600,000 and are available to businesses in a variety of productive sectors.
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 more information on the IIC’s activities, visit www.iic.org.
Contact: Ignacio González
Telephone: +598 (2) 915-3696 in Montevideo, Uruguay