Next May, the 300 million dollars given by the Inter-American Development Bank (IDB) to the National Finance Corporation (CFN) as a 25-year loan will be disbursed.

These funds will be directed to credit and guarantee contributions aimed at the business growth and recovery of more than 33,000 micro, small and medium enterprises, through the Crecer program.

This was stated by Jorge Luis Andrade, president of the CFN board, this Friday, April 14, during the signing of the contract with the IDB in Guayaquil.

“The fund will be accredited around the middle to the end of May and we will start taking steps with the banks to market the loans to the banks starting in June,” Andrade said at the event, which they also attended Juan Carlos de la Hoz, represents the IDB in Ecuadorand Mónica García, Director General of the CNF.

The IDB approved a $300 million loan to CFN to finance small and medium enterprises

De la Hoz hopes that of the 33,000 useful companies, 15,000 will be led by women.

“We believe that women-led SMEs are often more productive, create more jobs and have a longer-term impact, while at the same time a good portion of resources are directed to SMEs that will work on mitigation and adaptation. climate change is equally important…” he said.

The IDB representative added: “These days, looking at the growth projections for the region, that Ecuador will be above average, we thought that the injection of credit access would be very important to support that growth in the coming years.” …”.

The $100 million delivered by CFN will be given as credit to small and medium enterprises through Produbanco and Banco Pichincha

The program has two components, the second floor for the amount of 200 million dollars and will be channeled through private banks, while the financial strengthening of the National Guarantee Fund (FNG) 100 million dollars which will be injected annually for the next five years.

“The funds handed over today will be placed through Ecuadorian private banks as second-tier funds placed by CFN with institutions that have agreements, we are trying to have agreements with all national banks, so that we can reach a wider expansion…” Andrade assured.

Likewise, he indicated that the activation of FNG with the $100 million provided by the IDB will enable CFN to provide guarantees to small businesses that do not have access to private bank loans due to the lack of guarantees.