QUÍMICAS VETERINARIAS, S.A. Continues to Grow with IIC Support
Loan of US$180,000 to help increase productivity and meet growing demand
Managua, Nicaragua, September 5, 2014 — A loan worth US$180,000 from the Inter-American Investment Corporation (IIC) will provide support to pioneering Nicaraguan veterinarian pharmaceutical manufacturer Químicas Veterinarias S.A. (QUIMVETSA) as it expands. The company has operated in Managua since 1998, and its products are used widely.
The approved loan is part of FINPYME Credit, an IIC program for financing small and medium-sized enterprises (SMEs). This is the IIC’s second lending operation with QUIMVETSA. The financing will allow it to build its own facility, as it has seen sales increase by 65% over the last two years.
“The loan from the IIC will benefit us in many ways. By building our own laboratory, we will have the opportunity to improve productivity and optimize installed capacity. It will also allow us to improve quality standards both for our processes and the products that we manufacture, making them more competitive domestically and internationally,” said Ricardo Høigjelle, QUIMVETSA general manager.
“With this financing, the IIC contributes to Nicaragua’s economic development while helping an SME increase domestic sales of its products and supporting it in its plans to enter Central American markets like Honduras and El Salvador,” 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 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 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 more than 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