Uruguayan manufacturer of curtains and awnings increases production capacity with IIC support
The loan of US$140,000 will help strengthen Bandalux S.A. and improve its competitiveness
Montevideo, Uruguay, June 17, 2015 — The Inter-American Investment Corporation (IIC) approved a loan of US$140,000 to Uruguayan company Bandalux S.A., which manufactures, sells, and installs non-traditional curtains and awnings in the department of Montevideo, Uruguay.
The loan was approved under FINPYME Credit, an IIC program to provide financing to small and medium-sized enterprises (SMEs). It will enable Bandalux to increase its productivity by investing in fixed assets in its new production plant.
“The IIC loan will support us in the manufacturing of our products and in the inclusion of new equipment and machinery to enable us to expand strategically and add new product lines,” said Hugo Benedetti, Bandalux’s president. “Likewise the new facilities give us the opportunity to improve productivity, optimizing installed capacity and improvements in quality standards in terms of both our processes and our products in order to be more competitive domestically and internationally.”
“With this financing, the IIC contributes to developing Uruguay’s economy while at the same time supporting an SME as it continues to grow and develop in the local market and looks to reach its production growth goals,” said Ignacio González Darriulat, the IIC financial analyst in charge of the operation.
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 Uruguay, among other countries of the region, and supports small companies looking to increase their sales by financing investments in working capital and fixed assets.
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). The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC’s activities, visit www.iic.org.
Contact: Ignacio González Darriulat
Telephone: +598 2915 3696 in Montevideo, Uruguay