IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has led the mobilization of resources for a new loan of $23 million to Tanner Servicios Financieros to support the financing needs of small and medium-sized enterprises (SME) in Chile.

The objective of this loan is to increase access to financing for Chilean SMEs with more adequate repayment terms. It complements a previous $30 million loan disbursed by IDB Invest to Tanner in July 2018.

Tanner's main business consists of factoring operations for Chilean SMEs and its portfolio is made up of some 4,000 small and medium enterprises. Factoring is a financial instrument that provides SMEs with liquidity and financing for investment.

For this new loan, IDB Invest mobilized the participation of new investors interested in contributing capital to the country's private sector. Four international investors, with whom Tanner had no prior business relationship, were incorporated in this deal, giving rise to new financial relationships. The loan has a tenor of 4.5 years.

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 Latin America and the Caribbean businesses. 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 $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.

About Tanner
Tanner is one of the main non-banking financial institutions in Chile, with more than 25 years of presence in the market and an equity that exceeds $420 million. Its controlling shareholder, Grupo Massu, has more than 60 percent of ownership and a long history in local financial activity. Tanner was one of the first companies to develop the factoring business in Chile and today maintains a leading position in the SME segment, offering a comprehensive portfolio of financial services.