The Inter-American Investment Corp. has approved a loan of up to $1 million to Cooperativa de Ahorro y Crédito y Servicios Múltiples Alianza Pérez Zeledón de R.L. in Costa Rica. The loan will enable the company, popularly known asCoopealianza, to provide business development loans of up to $50,000 each for eligible projects and companies in the micro, small, and medium-sized enterprise segment throughout Costa Rica, said the investment corporation.
“With this operation, the IIC will be supporting and strengthening Costa Rica’s financial sector. Coopealianza will directly use the proceeds to fund the growth of its short- and medium-term business development portfolio in rural areas where private commercial bank penetration is lower than in Costa Rica’s main cities,” said Juan Fonseca, investment officer in charge of the operation.
Coopealianza, established in 1971 in Pérez Zeledón, has become one of Costa Rica’s leading savings and loan cooperatives. Its main lines of business are deposit-taking, personal, housing, and business development loans, and financial services. A substantial portion of its portfolio goes to providing financing to micro, small, and medium-sized enterprises in rural areas of Costa Rica via what it refers to as business development operations, said the investment corporation.
Coopealianza, which has more members than any other cooperative in the country, is supervised by Costa Rica’s financial market regulatory authorities.
The Inter-American Investment Corp. is a financial institution that is a member of the Inter-American Development Bank Group. The corporation’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing and advisory services to private enterprises in Latin America and the Caribbean.