IFC will provide $55 million to BIND Banco Industrial to increase the bank’s lending to SMEs in Argentina. The funds will allow BIND to offer SMEs longer-term financing options.
According to the article, even though SMEs are essential to job creation and growth, “more than 70 percent of Argentina’s SMEs have difficulties accessing financing.”
“BIND Banco Industrial has a solid track record supporting smaller businesses in Argentina, and with this new funding we want to help the bank extend the tenor of its lending to SMEs,” shared David Tinel, IFC Regional Manager for the Southern Cone.
BIND focuses on supporting SMEs in the: agribusiness, services and manufacturing industries and wholesale trade sectors.