$50 million needed by Salvadoran textile sector
The sector hopes that banks will inject part of the $400 million loan from the Inter-American Development Bank into the industry.
Monday, January 12, 2009
According to laprensagrafica.com "Since the middle of last year, the sector has experienced problems in accessing credit from the banking sector, since the combination of the economic crisis and the entrance of new banks in the country - which are closely screening clients looking for loans - has made it difficult for the sector to meet the needs of its clients.
During the first six months of 2013 the textile industry sold $1,140 million, $104 million more compared to the same period in 2012.
Faced with limited access to credit, the textile industry is looking to find financing abroad.
The survey conducted by the Textile Chamber (CAMTEX) among its members reflects the need for $25 million for the sector.
The Fruit of the Loom textile company halted operations at one of its 7 plants, temporarily suspending 25% of its personnel.
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