IIC Signs A US$120,000 Loan Agreement In Nicaragua Under Its Small Business Revolving Line.


Managua, Nicaragua-- On September 28, 2006, the Inter-American Investment Corporation (IIC) signed a US$120,000 loan agreement with Medicina Integral S.A. under its Small Business Revolving Line (SBRL). The SBRL is a new financial product enabling the IIC to offer small standardized loans to eligible small companies with a streamlined approval process.

The US$120,000 in funding will go towards renovation of a building that will house new medical care facilities and to the purchase of an anesthesia machine, which will enable Medintegral to offer a greater range of medical services and serve a larger number of covered patients.

José Ernesto Cruz Blanco, Chief Executive Officer of Medicina de Atención Integral S.A., said, "it is important to point out that the IIC's programs for lending to medium entrepreneurs are a good way to foster development and strengthen the domestic market."

It is still difficult for small and medium-size companies in Latin America and the Caribbean to obtain financing on reasonable terms. Operations like this are part of the IIC's on-going efforts to streamline procedures, improve efficiency, and offer smaller loans. The SBRL is being offered in Costa Rica, Honduras, Nicaragua, Paraguay, and Uruguay. It targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, and construction sectors, as well as any other sector that contributes to the local economy.

The loan agreement was signed in Managua, Nicaragua, where the IIC has a local presence. Signing for Medicina de Atención Integral S.A. were Mr. José Ernesto Cruz Blanco, Chief Executive Officer, and Mrs. Nema Abdalah Aragón, who cosigned the mortgage. Signing for the IIC was Mr. Roberto Argüello, local counsel for the IIC. The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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 stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.

Contact: Johnny Jirón (in Nicaragua)

Telephone: + (505) 267-0831

Email: johnnyj@iadb.org