Corfisantander was created in 1966 as a financial corporation and was majority-owned by GrupoSantodomingo, a well-known Colombian business group. In 1986, a group of reputable business people from Bucaramanga bought the 81 percent owned by Grupo Santodomingo. At the end of 1996, Corfisantander had a broad ownership base of more than 300 shareholders, including IFC. This project consisted of a US$lO.O million loan to Corfisantander to be used for on-lending to eligible small and medium-size companies in Colombia, primarily in the states of Santander, Tolima, and Huila. Sub-loans were to be made on a medium or long-term basis, mainly for export-related projects. Both the sponsoring company and the project financed had to meet IIC eligibility criteria. Sub-projects had to be technically and financially viable according to pre-established criteria. In addition, sub-projects had to comply with national environmental laws, regulations and standards, as well as applicable IIC environmental guidelines.