IDB Invest, a member of the IDB Group, has provided a financial package of up to $106.8 million to Tanner Servicios Financieros S.A. (Tanner), with a 5-year tenor. The funds from this operation will be used to finance small and medium-sized companies (SME) through factoring operations in Chile.

The financial package is comprised of $36 million from IDB Invest and $50.8 million from commercial banks and institutional investors, including Bladex, Bancaribe, Banco de Occidente, BDH and responsAbility. The deal will be co-financed by the OPEC Fund for International Development for $20 million.

The resources will allow Tanner to access financing and diversify its funding sources and generate new commercial relationships with the mobilization of approximately $70 million that will accompany IDB Invest's resources.

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) and Partnerships for the Goals (SDG 17).

As part of the support to Tanner, IDB Invest will finance an advisory and knowledge service that aims to improve the offering of its products and services to SME clients.

About IDB Invest
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. 

About Tanner
Tanner Servicios Financieros SA (Tanner) is a Chilean non-bank financial institution founded in April 1993. The main purpose of Tanner is the purchase or financing, with or without liability, of accounts receivable from any type of company or natural person (factoring) , grant loans of various types, such as financing for the acquisition of vehicles and general purposes, in addition to the services offered through its subsidiaries. Tanner is positioned as a leader among factoring companies in Chile, with a 9.3% market share. Headquartered in Santiago, Tanner has around 20 physical branches and 5 virtual branches located in the most important cities of Chile, through which it serves 79,500 clients.