IDB Invest, a private arm of the IDB group, granted a loan of up to 30 million Mexican pesos (approximately US$1.7 million) to the Mexican micro-finance company Equípate. The operation will support the expansion of the loan portfolio to low-income families to make improvements in their homes. The loan is also aimed at increasing the microcredit portfolio for women entrepreneurs.
Equípate recently launched a specific financial product to improve housing. With the support of IDB Invest, it intends to increase this product through alliances with construction companies focused on the social housing market. Over the next three years, the Mexican institution expects its home improvement loans to reach approximately 8,000 more families.
IDB Invest financing will also strengthen Equípate's operations aimed at promoting the growth of microenterprises with individual and group loans. The goal of the microcredit group loans is to reach approximately 25,000 additional female entrepreneurs.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.6 billion under management and 330 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
About Sociedad Financiera Equípate
Sociedad Financiera Equípate is a Mexican microfinance institution specializing in credit services, both for the promotion of productive activities developed by individuals, in rural or semi-urban areas, and for the improvement of housing. Since its foundation, Equípate has a clear focus on niche markets that have not been served by the Mexican financial system, especially in middle and high marginalization population strata. Its infrastructure and product offering is available in 15 states and, today, its focus is mainly on supporting women entrepreneurs.
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