IIC Supports Growth of Uruguay’s Manufacturing Sector
US$350,000 loan will enable Irisur S.A. to maximize production of its line of corporate promotional items
Montevideo, Uruguay, December 4, 2012 — The Inter-American Investment Corporation (IIC) and Irisur S.A. have signed a loan agreement for up to US$350,000, the proceeds of which will be used to help this Uruguayan company boost production of its line of corporate promotional items by 10 to 20% over the next three years.
The loan is being funded through the FINPYME Credit program and will provide working capital that will enable the company to expand its inventories of corporate promotional items and purchase equipment.
“The continuing growth of our business has made it necessary for us to increase working capital and purchase new equipment and technology,” noted Juan Ángel González Rosso, the CEO of Irisur. “The IIC has been helping us address these challenges, and together we have found a financial solution to continue growing our business.”
According to Ignacio González, the IIC’s investment analyst in charge of the operation, “With this Loan, the IIC is supporting Uruguayan small and medium-sized enterprises by offering Irisur the tools it needs to increase production, thereby stimulating its growth and competitiveness at both the national and international levels.”
Irisur is part of a family-owned business group that manufactures, inter alia, day planners, almanacs, and leather goods. In business for more than 35 years, the company focuses on promotional items for Uruguay’s corporate sector.
FINPYME Credit supports SMEs in Latin America and the Caribbean that wish to boost their sales through loans for working capital and investments in fixed assets. The program’s loans range from US$100,000 to US$600,000 and are available to businesses from 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