IDB will increase access to financing for SME in El Salvador
Banco Agrícola is part of the Bancolombia Group and the largest bank in El Salvador, with more than 1,000 service locations.
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has signed a loan of up to USD 30 million with Banco Agrícola in El Salvador. The objective of the project is to increase access to financing for small and medium enterprises (SME) in the country.
Banco Agrícola is part of the Bancolombia Group and the largest bank in El Salvador, with more than 1,000 service locations. The funds from this operation will be used to grant medium-term loans to SME, which generate employment for more than 700,000 Salvadorans and are responsible for 34 percent of GDP.
IDB Invest will also support Banco Agrícola with technical assistance from the GREENPYME program. This includes workshops for their SME clients to improve their knowledge of renewable energy and energy efficiency and take advantage of these technologies for their businesses.
Banco Agrícola has strengthened its service model for SME over the last year, allowing it to establish relationships of trust with more than 35,000 businesses, mainly in the commerce and services sector. The model is focused on comprehensive advice on financial solutions and incorporates specialized products.