$20 Million for Small and Medium Sized Businesses in El Salvador
With a credit from the BID, Banco Agricola will expand its loan program for micro, small, and medium sized businesses (MiPyMEs acronym in Spanish).
Friday, June 26, 2009
“The approval of the loan from the Inter-American Development Bank (BID acronym in Spanish) to Banco Agricola allows us to offer resources that are currently available to meet the needs of the credit market in El Salvador. And to continue supporting, especially, micro, small, and medium sized businesses, exactly as we have been doing in recent years,” said Juan Gonzalo Sierra, Financial Manager of Banco Agrícola.
The project seeks to establish mechanisms to collect credit information and evaluations in order to facilitate access to financing for small and medium businesses.
With the fund provided by the Inter-American Development Bank (BID, acronym in Spanish), 29 projects will be executed for small and medium businesses.
The Inter-American Investment Corporation (IIC), an IDB affiliate, hopes to become a financial alternative for small and medium sized businesses.
BBVAP and IDB signed documents for a $15 million loan to provide BBVAP with long-term funding to support its lending to small and medium-sized enterprises.
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