IIC's First Operation Under Its Small Business Revolving Line Is Signed In Uruguay For US$280,000
07/25/2006Montevideo, Uruguay—On July 26, 2006, the Inter-American Investment Corporation (IIC) signed its first loan under the Small Business Revolving Line (SBRL), a new financial product with a streamlined approval process that enables the IIC to offer small, standardized loans to eligible small companies. Instituto Cultural Anglo Uruguayo (ICAU) will use the US$280,000 in loan proceeds to build a new school in Montevideo: The Anglo School.
It is difficult for small and medium-size companies in Latin America and the Caribbean to obtain financing on reasonable terms. Operations like the ICAU loan are part of the IIC's ongoing efforts to streamline procedures, improve efficiency, and offer smaller loans. The SBRL is available in Costa Rica, Honduras, Nicaragua, Paraguay and Uruguay. It targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, and construction sectors, as well as any other sector that contributes to the local economy.
The loan agreement was signed at the IDB country office in Montevideo, Uruguay, where the IIC has a local presence. Signing for the borrower was Mr. Daniel Supervielle, Chairman of the Board of Directors of ICAU. Mr. Santiago Cat, Investment Officer, signed for the IIC.
The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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 stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: Santiago Cat (in Uruguay)
Telephone: + (598) 2915-3696