IIC Supports Chilean SMEs with Loan of US$3 Million
Over 90 SMEs expected to benefit from IIC loan to Incofin Servicios Financieros S.A.
Washington, D.C., July 16, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$3 million for Incofin Servicios Financieros S.A. who will in turn use its proceeds to grant subloans to more than 90 Chilean small and medium-sized enterprises (SMEs) to finance working capital and factoring and financial leasing operations.
“This loan will enable us to consolidate our role as a financial intermediary in Chile’s sizeable SME market and help us reach a greater number of SMEs under better market conditions,” noted Pablo Walker, Incofin’s chief financial officer. “We will also leverage these resources to support SME business ventures, help these companies grow, and generate more economic activity and jobs for Chile’s economy.”
According to Piedad Acuña, the IIC’s senior investment officer responsible for the operation, “This loan represents an opportunity for the IIC to continue supporting the development of Chilean SMEs by ensuring that they have the necessary financing to be competitive.”
Incofin is a Chilean financial institution that specializes in financing for SMEs. In business for more than two decades, Incofin is among the most experienced financial institutions serving this sector. It currently has nine branch offices located throughout the country offering financial services to SMEs for the purchase of vehicles, machinery, and other productive goods.
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. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on IIC activities, visit www.iic.org.
Contact: Piedad Acuña
Telephone: +57 (1) 325-7055