• Micro and small businesses, women entrepreneurs will benefit from the deal

IDB Invest has provided a loan to Te Creemos, S.A. de C.V., S.F.P. for an amount equivalent to $12 million denominated in Mexican pesos. The four-year financing will help Te Creemos increase its productive microfinance portfolio with an emphasis on loans to micro and small businesses (MYPE) and sectors hit by the pandemic.

Te Creemos has a holistic financial inclusion model with diversified financial services that include credit, savings and insurance. By boosting these portfolios, it seeks to promote financial inclusion in Mexico through a greater depth of access for the microcredit segment, achieving a positive impact on the economic growth of the country, especially in the case of companies led by women and / or located in rural areas that face challenges in accessing financing.

IDB Invest will provide advisory services to Te Creemos to guide the preparation of an eventual issuance of a social bond with a gender focus. For this, a diagnosis of Te Creemos' capacities will be conducted, aligned with the 2020 social bond principles, and an analysis of current and recommended gender projects. The consultancy will also seek to identify existing gender opportunities in the business to achieve a potential successful broadcast. This support is part of the We-Fi initiative (Women Entrepreneurs Finance Initiative), an alliance that aims to unlock financing and access to markets for companies owned or led by women. We-Fi is an international initiative formed by fourteen governments and six multilateral development banks, as implementing partners, in addition to other actors from the public and private sectors of the world.

This deal is expected to contribute to three United Nations Sustainable Development Goals (SDGs): End of poverty (SDG 1), Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9).

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 Te Creemos

Te Creemos focuses on financing the less favored sectors of Mexican society. The Institution is empowered to collect deposits from the public among other activities related to financial intermediation. Founded in 2005 by several local business investors, Te Creemos obtained authorization to operate as Sociedad Financiera Popular (SOFIPO) in 2006 by the CNBV. The Institution began operations in states with high rates of social backwardness and / or inequality such as Chiapas, the State of Mexico and Veracruz. Currently, it has 238 branches and a network of more than 13,000 payment points, which facilitates compliance with obligations and reduces travel times for borrowers. Te Creemos has a workforce of more than 3,500 employees distributed in the central offices and branches, 51% of whom are women.