Washington, DC, June 1st, 2016 —
IFC, a member of the World Bank Group, is providing a $84 million financing
to Tanner Servicios Financieros to support the expansion of access to finance
for small and medium enterprises (SMEs), helping to foster the development
of a key sector for the Chilean economy.
IFC’s financing consists of a five-year
$50 million loan from IFC and a three-year $34 million syndicated loan,
for which lenders are Responsability Investments AG, State Bank of India,
and Bancaribe Curacao Bank, NV.
Tanner is one of the leading Chilean non-banking
financial institutions, offering a diversified product portfolio focused
on secured lending and asset building to more than 50,000 clients throughout
Chile, most of them SMEs. IFC’s financing will allow Tanner to expand
its lending program to SMEs, offering them access to both short- and long-term
financing through factoring and leasing, respectively. These financial
instruments are important alternatives for providing working capital and
equipment finance to enterprises that may not have tangible assets available
to be used as collateral, which are usually a requirement by financial
institutions to grant loans.
According to the Servicio de Impuestos Internos
(Chilean tax authority), there are over 880 thousand micro, small, and
medium enterprises (MSMEs) in Chile, representing 84% of the total enterprises
and employing 42% of the private labor in the country. Despite the relative
high penetration of the banking system in Chile, MSMEs still face an estimated
$40 billion credit gap, as per data from the SME Finance Forum.
IFC’s investment in Tanner will contribute
to the closing of that financing gap. A higher level of financial sector
development and higher access to finance for SMEs will contribute to employment
creation and sustainable growth in Chile, thus helping to combat poverty
and increase shared prosperity, which are IFC’s main goals.
Oscar Cerda, Tanner CEO, emphasized
that "we are proud that global institutions such as IFC believe in
our institution. This investment, in addition to helping Tanner continue
to be one of the strongest financial companies in the country, allows us
to further enhance our liquidity rates. We will be able to reinforce our
strong commitment to the SMEs, which are the main employment generators
in Chile, through products such as factoring, leasing and auto loans".
“We are pleased to once again partner with
Tanner to stimulate the growth of SMEs in Chile” said Salem Rohana,
IFC Country Manager for Argentina, Chile, Paraguay and Uruguay. “Supporting
the expansion of this sector is a critical part of IFC’s strategy to promote
increasing opportunities and financial inclusion in Chile, and foster its
sustainable social and economic development.”
This financing to Tanner is part of IFC’s
strategic focus on supporting local financial markets to achieve development
impact. IFC aims to achieve these goals through the use of innovative financial
products and mobilization, fostering micro, small and medium enterprises,
encouraging corporate social responsibility, protecting natural resources
through environmentally-sustainable business practices, and promoting business
expansion into other emerging markets. For more information about IFC in
Latin America and the Caribbean, visit www.ifc.org/lac.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org
Founded in 1993, Tanner Servicios Financieros,
is one of the leading Chilean NBFIs, operating in four lines of business:
domestic and international factoring, auto finance, leasing and commercial
loans. In addition, it offers commodities, stock and insurance brokerage
services through different subsidiaries. Tanner, headquartered in Santiago,
Chile, has 985 employees and a network of 34 branches through the country,
which allows it to serve more than 51,000 clients in diverse sectors. The
Company, rated “A+” locally by both Fitch Ratings and Humphreys, and
“BBB-“ internationally by both S&P and Fitch, is the largest non-banking
factoring player in the Chilean market with a market share of 8 percent
as of December 2015.