IDB Invest and Bladex Support Access to Financing for Chilean Small and Midsized Companies, through Tanner
IDB Invest and Bladex closed a $168 million mobilization deal as part of a financing package for Tanner Servicios Financieros S.A. (Tanner) to support access to financing for Chilean small and medium-sized enterprises (SMEs). The 5-year tenor deal is comprised of $20 million from IDB Invest, $20 million from Bladex, and a record $128 million to be mobilized from 10 European, Asian and Latin American commercial banks and institutional investors.
The deal will support Tanner’s growth strategy of its factoring portfolio in Chile. The project is expected to make a positive contribution to the Chilean economy, contributing to the financial inclusion of SMEs in Chile and increasing access to credit for that sector.
The large mobilization from this deal will allow Tanner to expand its long-term financing sources and alternatives, facilitating a more stable and predictable management of its funding. The resources obtained will be oriented to the growth of Tanner's SME portfolio.
Over the years, IDB Invest has had a good working relationship with Tanner and provided technical cooperation to support environmental and social risk management, while improving products and services for SMEs and corporate governance.
For Bladex, this deal is the result of a working relationship spanning more than a decade, supporting Tanner with short- and medium-term financial and trade operations.
This deal is expected to contribute to three United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9), and Partnerships for the Goals (SDG 17).
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 $15.3 billion in asset management and 375 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.
Bladex is a multinational bank originally established by the central banks of Latin America and the Caribbean countries, which began operations in 1979 with the purpose of promoting the financing of trade and economic integration in the region. Headquartered in Panama, Bladex also has offices in Argentina, Brazil, Colombia, Mexico, and an agency in the United States, to promote regional development and serve its client base, which includes financial institutions and corporations. Bladex has been listed on the New York Stock Exchange in the United States (BLX) since 1992 and its shareholders include central banks, state banks and entities of 23 Latin American countries, commercial banks and financial institutions, as well as institutional and private investors, through its listing on the stock market.
Tanner Servicios Financieros is the leading non-bank financial institution in Chile, which for more than 29 years has accompanied the development of small and medium-sized enterprises (SMEs) through innovative products and services that it offers through an extensive customer service network in the country. Its main lines of business are national and international factoring, which allows companies to transform their accounts receivable into liquid resources; and automotive credit, for people or companies that want to acquire or renew their vehicles, through financing adjusted to their needs. In addition, customers can access corporate loans, leasing and different types of insurance. The offer is complemented by Tanner Investments, which provides tailored investment alternatives through brokerage of financial products and investment management, with a focus on local and international fixed income.