Press Releases

IFC provides $84 million to Tanner Servicios Financieros to support the expansion of access to finance for small and medium enterprises in Chile

In São Paulo, Brazil:
Patricia Carvalho, IFC
Phone: +5511 5185 6873

In Santiago, Chile:
Angelica Eguiguren, Tanner
Phone: +56 9 85058467

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

About IFC
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

About Tanner
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.

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