Increase access to financing for small and medium-sized enterprises

By Mayora IP

IDB Invest, a member of the IDB Group, has provided a USD 100 million loan to Banco de América Central, S.A., part of the BAC Credomatic financial group, to increase access to financing for small and medium-sized enterprises (SME) in Guatemala and to contribute to the recovery of one of the sectors most affected by COVID-19, promoting work and economic growth in the country.

The resources from the 5-year tenor loan are destined to alleviate, protect and promote those companies affected by the current crisis. This operation potentially contributes to three United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), Partnerships for the Goals (SDG 17).

IDB Invest will advise BAC Credomatic Guatemala in its efforts to promote the digitization of SME, creating new business opportunities, generating savings and efficiency in their processes. With this assistance, SME will be supported to incorporate more channels and digital tools into their business model in an orderly, safe and efficient manner that integrates differentiated solutions that meet their needs. During this advisory, BAC Credomatic Guatemala will refine its definition of this category to better track its digital and non-digital solutions to capture and report disaggregated data.