IIC supports Nicaragua's largest salt producer
Loan worth US$210,000 will strengthen SALNICSA and improve its competitiveness
Managua, Nicaragua, April 17, 2014 — The Inter-American Investment Corporation (IIC) and Sales de Nicaragua, S.A. (SALNICSA) have signed a loan agreement worth up to US$210,000 that will provide the Nicaraguan salt producer with working capital for meeting growing demand in Nicaragua and Central America, as well as help it improve quality control with a new laboratory.
The loan is part of FINPYME Credit, an IIC program for financing small and medium-sized enterprises (SMEs).
“The IIC funding comes at a key moment, when we want to increase our presence in Central America while improving product quality with a new laboratory,” said Aarón Guerrero, SALNICSA’s general manager. “The IIC funding will also enable us to increase the volume of salt collected and perform maintenance to meet increasing demand from our domestic and international customers.”
“With this financing, the IIC supports SALNICSA in its development and expansion, as it will now be able to build a laboratory and a salt and minerals plant. The impact of this will be evident as it creates new jobs and brings foreign exchange income to the country,” said Luisa Mayorga, the IIC senior investment associate in charge of the operation.
SALNICSA is a family business founded 10 years ago that produces almost 20 percent of the salt consumed in Nicaragua. A pioneer in salt production, the company focuses on the industrialization, manufacture, and local and regional sale of the product for human and animal consumption, as well as for industrial use.
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 Nicaragua, among other countries of the region, and supports small companies looking to increase their sales by financing investments in working capital as well as fixed assets.
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 (SMEs). 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 approximately 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 the IIC, visit www.iic.org.
Contact: Luisa Mayorga
Telephone: +505 2264-9140