IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, granted a loan of $5 million to Financiera Desyfin, S.A., the largest financial institution in Costa Rica. This loan will allow Desyfin to increase its portfolio of small and medium-sized enterprises (SMEs) and offer its clients more attractive repayment terms.

The objective of the project is to increase access to financing of SMEs in the country through Desyfin’s factoring products and financial leasing. Both factoring and financial leasing are instruments that help SMEs meet the demand for liquidity and investment financing, with a lower risk and reducing the cost of indebtedness.

In Costa Rica, approximately 93 percent of companies are classified as SMEs. In total, they represent 46 percent of formal employment and contribute to 31.9 percent of gross domestic product.

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 US$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 Financiera Desyfin
Founded in 1991, Financier Desyfin is currently the largest financial company in the Costa Rican market. It is an entity regulated by the Central Bank of Costa Rica (BCCR) through the General Superintendency of Financial Institutions (SUGEF) and the General Securities Superintendency (SUGEVAL). Its target market is small and medium enterprises (SMEs) that require an agile and flexible service to grow and develop. Its growth has been supported by important financial allies. Desyfin is primarily dedicated to financing projects and contracts with the central government, autonomous institutions and AAA companies. Annually it supports SMEs with financing in the order of $250 million. To date, it is a leader in discounting invoices where it holds annual transactions for $150 million.