IIC To Provide Up To US$30 Million In Financing To BPN Brasil Banco Múltiplo S.A.
09/17/2007A Loan of up to US$5 million to be funded by the IIC and B Loan of up to US$25 million to be funded by participating financial institutions
Washington, D.C. - On September 18, 2007, the Inter-American Investment Corporation (IIC) approved a loan of up to US$30 million to BPN Brasil Banco Múltiplo S.A. (BPN) for working capital loans and revolving credit facilities for SMEs. The operation is in line with the Corporation’s strategy to increase the flow of financial resources to SMEs in the region in order to meet the Declaration of Nuevo León goals. The financing from the IIC will enable BPN to grant loans that are expected to average some US$250,000 over a period of approximately two and one-half years.
BPN is a Brazilian bank that has been growing steadily. It offers commercial and investment banking products and focuses on SMEs. BPN needs alternative sources of funding to sustain its growth. The loan will be used to provide financing to SMEs that need stable sources of funding. At least forty companies are expected to benefit from this operation.
According to Santiago Cat, IIC Investment Officer in charge of the operation, "the operation will enable BPN to make loans with terms suitable to its clients’ needs while properly matching its sources of funding. These kinds of loans are in high demand by SMEs in Brazil but are difficult to obtain. These companies need medium- and long-term financing alternatives to properly fund their operations, helping them to increase their production capacity."
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Carlos Roa/Santiago Cat (in Uruguay)
Telephone: (202) 623-3955/+ (598) 2915-4330