The purpose of the proposed project is to give CrediFactor, S.A. a loan. The proceeds from the loan will ultimately help CrediFactor expand its credit operations with the small and medium-sized enterprise (SME) sector, chiefly through invoice discounting (factoring). The operation will help the company grow its loan portfolio and diversify its medium- and long-term sources of funding.
This is a category III project according to the IIC’s environmental and labor review procedure because it could produce certain effects that may be avoided or mitigated by following generally recognized performance standards, guidelines, or design criteria. To be better informed about IIC requirements, representatives of CrediFactor, S.A. attended the IIC’s environmental training workshop for financial intermediaries in 2009, and the institution now has an environmental management system. Each subproject will undergo an environmental review and must comply with national laws, regulations, and standards governing the environment and labor, as well as the IIC’s environmental guidelines.