Banco Industrial received a commercial social trade loan from Citi to finance small and medium-sized businesses and contribute to economic development in Guatemala
Guatemala – Citibank, N.A. granted a social commercial loan to Banco Industrial to promote the sustainable and financial growth of small and medium-sized businesses in Guatemala, a country where Citi has had an uninterrupted presence for 50 years.
This is the first transaction Citi executes with a bank in Central America and the country, through its Trade and Working Capital Solution platform in its Services business. Banco Industrial will use the funds to refinance working capital needs of small and medium-sized businesses (SMEs) in Guatemala, and thus continue promoting inclusive economic growth and progress in the country.
The amount disbursed was $22 million US dollars with the option for the facility to be expanded, to continue to strengthen the local economy and support growth of small and medium sized companies in the country.
“For Citi, economic and social development are a priority, which is why we are proud to be able to provide financial solutions that promote the sustainable growth of small and medium-sized businesses in our country and continue to be catalysts for sustainable development,” said Julio Álvarez, Executive Director of Citi Guatemala.
This transaction is aligned with Citi's Social Finance goal to enable access to basic services and economic opportunities for 15 million low-income households, including 10 million women, in emerging markets. It supports economic inclusion and contributes to Citi’s goal to finance and facilitate $1 trillion in sustainable finance by 2030.
“Since its founding, Banco Industrial has shown a solid commitment to its purpose: to promote the socioeconomic development of Guatemala and the Central American region. Motivated by this objective, our institution has played a fundamental role in promoting the sustainable growth of the country. Through this strategic alliance with Citi, through the foreign trade program, Banco Industrial reaffirms its support for small and medium-sized Guatemalan companies, expanding financial resources, offering them various solutions adapted to their needs and business models. This initiative contributes to the generation of prosperity and well-being for the Guatemalan community, transcending borders, positively impacting the Central American region,” commented Luis Prado, Corporate and International Banking Division Manager at Banco Industrial.
“This loan consolidates the strategy of Citi Trade and Working Capital Loan business to support financial institutions and corporations in Latin America and the Caribbean in their social objectives. It demonstrates Citi's ability to adapt to the needs of our clients providing unique solutions for them,” said Andre Carvalho, Global Head Working Capital Loans and Trade Head for LATAM at Citi.
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