IIC Supports the Development of the Services Sector in The Bahamas
Loan of US$500,000 to Kenuth’s Electrical Co. will enable the company to expand and enhance its electrical and plumbing services
Nassau, Bahamas, May 22, 2015 — A loan for US$500,000 provided by the Inter-American Investment Corporation (IIC) to Kenuth’s Electrical Co. will enable this company, a provider of electrical and plumbing services, to expand by purchasing a plot of land, building and equipping a business premises, and investing in working capital.
The loan was approved under FINPYME Credit, the IIC’s flagship program for financing small and medium-sized enterprises (SMEs).
“We are excited about the opportunity afforded by FINPYME Credit with the funding for this project. It allows us to build an appropriately sized facility to service the target market and provide our clientele with a comfortable environment in which to shop, while expanding the available selection of products. We are happy that the IIC understands the vision we have for the business and is supportive of our growth efforts,” said Kenuth Knowles Sr., President of Kenuth’s Electrical Co.
“With this financing, the IIC is contributing to the economic development of The Bahamas while also supporting an SME in continuing to grow and develop in the market,” said Beatriz Briceño, IIC investment officer in charge of the operation.
FINPYME Credit is a small-loans program that provides competitive financing to SMEs in Latin America and the Caribbean. The loans range from US$100,000 to US$600,000 and are available to businesses from various productive sectors. FINPYME Credit is offered in The Bahamas and several other countries in the region, and supports small companies looking to increase their sales by financing investments in working capital and fixed assets.
Kenuth’s Electrical Co. is a Bahamian company owned by Kenuth Knowles that has been operating for 25 years. The company specializes in providing plumbing and electrical services and selling parts and hardware. Kenuth’s offers a full range of commercial services to businesses and to local government and employs specialized and licensed contractors.
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. The IIC provides companies with funding in the form of equity investments, loans, and guarantees, as well as technical assistance, advisory services, and innovative knowledge products. In 2014, the IIC approved 64 operations for a total amount of US$426.3 million. Since its inception, the IIC has approved more than 920 direct loan and equity investments to SMEs and financial intermediaries, for a total of US$5.6 billion. An additional US$3.7 billion has been mobilized through financing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Beatriz Briceño
Telephone: +1 (202) 623-3933 in Washington, D.C.