Banco Múltiple Santa Cruz S.A. to Grant 200 Loans to Dominican SMEs with IIC Support
Loan of up to US$3 million to finance foreign trade operations and working capital
Santo Domingo, Dominican Republic, July 3, 2014 — the Inter-American Investment Corporation (IIC) has approved a loan of up to US$3 million to Banco Múltiple Santa Cruz S.A. (“Banco Santa Cruz”) to finance some 200 loans to small and medium-sized enterprises (SMEs) in the Dominican Republic, primarily for foreign trade operations and working capital.
“The purpose of this operation is to strengthen ties between the IIC and Banco Santa Cruz to continue developing the Corporation’s lines of business geared to SMEs in the Dominican Republic and help diversify their sources of medium- and long-term financing,” noted Sandra Reyes Correa, IIC senior investment officer in charge of the operation.
“The experience acquired through the IIC in global best practice has substantially improved our internal practices, enabling us day by day to strengthen our competitive advantages,” commented Rafael Jiminian, executive vice president for business of Banco Santa Cruz. ”The funding approved will likewise enable us to continue our aggressive pursuit of business in our main segment, SMEs.”
This is the IIC’s second operation with Banco Santa Cruz. The proceeds of the first operation, which benefited 70 Dominican SMEs, were used for the purchase of fixed assets, foreign trade operations, and working capital.
Banco Santa Cruz is a Dominican bank created in 1999. It operates through a network of 31 branches in different parts of the country, with five new offices opened last year. The SME segment is very important in the bank’s portfolio, distributed mainly among merchants and small manufacturers. Its Mi Negocio product targets small businesses such as hair salons, daycare centers, and laundries.
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. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling $415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Sandra Reyes Correa
Telephone: +57 (1) 325-7053 in Bogotá, Colombia