Mauricio Pierson, CALI III Fellow and president of CrediFactor, signed an agreement with the Inter-American Development Bank to bring new opportunities to small land medium enterprises in Nicaragua.
In Nicaragua, thousands of small and medium enterprises that bring economic development to the country do not have sufficient resources for their businesses to grow. In view of this need, the Multilateral Investment Fund, MIF, a member of the Inter-American Development Bank, signed an agreement with the factor CrediFactor with the aim of facilitating access to financial services to micro and small entrepreneurs in Nicaragua , especially for owners of pulperías (general stores).
Mirna Marques Liévano, IDB representative in Nicaragua, commented that this is the first time in this country that the Bank approves this type of operation, using factoring as a financial product for the benefit of pulperías and small businesses.
"We believe that this program will diversify the supply of credit in the country aimed at the micro and small businesses that will allow these pulperías to invest in improvements and development projects with which they can expand," said Lievano.
For his part, President of the Board of CrediFactor, and CALI III Fellow, Mauricio Pierson added that this project is important for both the company and the Nicaraguan population, because this factoring will benefit a sector that is not being served by traditional banking.
The total project cost exceeds two million, of which the MIF will provide up to $ 300,000 in respect of technical cooperation grants and CrediFactor will provide another $150,000. With these funds, the company will strengthen its operational capabilities, train its human resources and operations may expand factoring to other departments.
It expects to generate over the next three years of operation, a portfolio to approximately 16.6 million dollars, facilitating credit through factoring grocers, and small and medium, urban and rural enterprises.
Originally published in:
http://impreso.elnuevodiario.com.ni/2010/08/06/economia/129510