In Argentina, microenterprises and SMEs account for almost 99% of companies and 65% of formal employment.
With 33% of its portfolio dedicated to SMEs and over 130 years of activity on the Argentinian market, Banco Supervielle is regarded as being the bank for small and medium-sized enterprises and has based its strategy on the development of this segment. The credit line allocated today will allow it to increase its lending activity to SMEs active in the sectors of agriculture, trade, manufacturing, construction and services.
PROPARCO’s financing should support the growth of dozens of SMEs in the country and help create or maintain over 1,700 jobs among Banco Supervielle’s clients.
Banco Supervielle also employees some 5,100 people, half of whom are women. The new financing will support the growth in the activity of the bank, which could create some 650 additional jobs, including 50% for women, over the next five years. This project should thereby help create or maintain a total of some 7,500 jobs in Argentina.
This operation has been conducted in the context of the cofinancing facility (Friendship Facility) which closely links PROPARCO with its German and Dutch counterparts, DEG and FMO. FMO, the arranger for the financing, and PROPARCO have thereby been able to provide Banco Supervielle with a senior credit line for a total amount of USD 80m (USD 40m each).
#Argentina : Proparco and @FMO_development have signed this morning a USD 80m loan (USD 40m each) to @Supervielle_ARG. This credit line will be fully earmarked to support local #SMEs which need long-term resources to support their growth : https://t.co/Ek0nRE1a7u pic.twitter.com/d8fWIugxX1— Proparco (@Proparco) August 20, 2019