IDB Invest joins forces with BAC Credomatic to increase financing for small and mid-sized businesses and promote their digital transformation

IDB Invest, a member of the IDB Group, has provided a $100 million loan to Banco de América Central, S.A., part of the BAC Credomatic financial group. The goal is to increase access to financing for small and medium-sized enterprises (SME) in Guatemala and to contribute to the recovery of one of the sectors most affected by COVID-19, promoting work and economic growth in the country.

With this financing, IDB Invest seeks to add value and contribute to the digital transformation process of Guatemalan SME. Advisory services will be offered to Banco de América Central to support its clients transform their business model toward greater use of digital channels, including differentiated solutions that meet the needs of women-led SME.

The growth of BAC Credomatic's SME portfolio will be driven by digital tools, providing continuity to companies and their digital transformation with improved products and services.

The resources from the 5-year tenor loan are destined to alleviate, protect and promote those companies affected by the current crisis. IDB Invest confirms its support for SME in Latin America and the Caribbean, a key component of the economy in the region with the capacity to adapt and respond adequately to the difficulties generated by the pandemic.

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), Partnerships for the Goals (SDG 17).

IDB Invest will advise BAC Credomatic Guatemala in its efforts to promote the digitization of SME, creating new business opportunities, generating savings and efficiency in their processes. With this assistance, SME will be supported to incorporate more channels and digital tools into their business model in an orderly, safe and efficient manner that integrates differentiated solutions that meet their needs. During this advisory, BAC Credomatic Guatemala will refine its definition of this category to better track its digital and non-digital solutions to capture and report disaggregated data.

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 $12.1 billion in asset management and 333 clients in 24 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About BAC Credomatic  
Throughout the history of BAC Credomatic, its corporate evolution, values, reputation and dedication to satisfy the needs of its clients, have allowed the company to grow significantly in recent years, continuing its expansion. BAC Credomatic is present in six countries: Panama, Costa Rica, Nicaragua, Honduras, El Salvador and Guatemala. With a broad geographic presence, the group has also been able to increase its client portfolio. It currently serves more than 2.2 million people and more than 100,000 companies. The company is focused on moving forward with a digitization process to respond more efficiently to the needs of its customers. The group has implemented several processes to be more efficient, increase specialization, allow faster response times and maintain a leadership position in technological advances with digital platforms that improve the user experience and offer greater security. as well as comfort.