The Inter-American Development Bank disbursed a syndicated loan for the equivalent of $36 million, denominated in Peruvian nuevos soles, to help Mibanco – Banco de la Microempresa S.A. increase its capacity to lend to female microentrepreneurs in Peru.
Funding for this project will come from a consortium of lenders providing $10 million and private investors that are providing $26 million toward the endeavor known as “Crecer Mi Negocio” (spanish for Grow My Business). The project will finance medium-term loans ranging from a few hundred dollars up to $3,000 for the purchase of new fixed assets or financing of improvements in existing businesses.
“The program launched by Mibanco is a unique initiative, not only for its massive scale but also because it goes a step beyond providing access to finance for low-income people by offering business training specially designed so that women who own microenterprise and small businesses can succeed in their ventures,” said project team leader Susan Olsen of the IDB’s Opportunities for the Majority initiative.
Mibanco’s CFO, Ramiro Postigo Castro, underscored the significance of this project for his institution: “We are sure that this transaction, the first local currency-denominated syndicated loan approved by a multilateral institution for Peru, will contribute to strengthen and promote entrepreneurship among women in our country and have a positive impact on the local economy. Mibanco is proud to be part of this initiative, which reaffirms the organization’s commitment to social and economic development by expanding credit to underserved markets in our country”.