Seeking to diversify its funding sources, Banco Improsa registered a $10 million standard bond issue with Bolsa Nacional de Valores de Costa Rica and Bolsa de Valores de Panamá (the Costa Rican and the Panamanian Stock Exchanges) for placement of the two series with Panamanian investors. Because this is its first issue in the Panamanian stock market, Banco Improsa requested a partial issue guarantee from the Corporation to enhance the issue rating in Panama, thus making it more attractive to the market. Banco Improsa targets the small and medium-size company niche (80 percent of its portfolio is made up of companies with sales below $4.5 million). To better serve these companies, Banco Improsa has diversified its product range to include warehouse receipts, factoring, letters of credit, commodity pledges, collection services, trusts, and leasing.