Productos Ujarrás S.A. continues to grow with IIC support
Loan of US$100,000 extends support that has already stimulated 80% increase in sales
San José, Costa Rica, April 4, 2014 — A loan of US$100,000 from the Inter-American Investment Corporation (IIC) will help Costa Rican fruit preserves producer and exporter Productos Ujarrás S.A. to acquire machinery to increase production capacity and meet growing international and local demand.
The approved loan is part of FINPYME Credit, the IIC's program for financing small and medium-sized enterprises (SMEs). This is the IIC's third operation with Ujarrás. The company has also received support for obtaining food safety certification for its products, improving its production processes, and strengthening its corporate governance. Thanks to this support, Ujarrás has been able to increase its sales by 80% and its profits by 35%.
“The loan we have received from the IIC will be used to acquire machinery that will make our production more efficient and make us more competitive both domestically and in export markets. With this loan, we will continue to be the leader in our category,” said Edgardo Rodríguez Soto, general manager of Productos Ujarrás S.A.
“With this financing, the IIC continues to support Costa Rican SMEs by providing Ujarrás with tools for development and expansion that will have an impact as it creates jobs and brings foreign currency into the country,” said Luisa Mayorga, the IIC senior investment associate 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, which is offered in Costa Rica and other countries in the region, supports small companies looking to increase their sales by financing investments in working capital as well as fixed assets.
Productos Ujarrás produces tropical fruit pastes, jellies and marmalades. It currently has close to 100 products that it sells in all the chain supermarkets. It has been exporting products for more than a decade to markets including the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Puerto Rico, the United States, and a number of Caribbean islands.
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, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$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 in Managua, Nicaragua