CITI, DFC, IDB INVEST $30M IN CAME FOR SMES, WOMEN IN MEXICO.
Mexico City, Mexico, September 2, 2021 – On August 2021, Consejo de Asistencia al Microemprendedor (CAME), a Mexican microfinance institution, recently agreed to borrow the local-currency equivalent of USD 15 million each from: (1) IDB Invest, a member of the Inter-American Development Bank (IDB) Group; and (2) a partner- ship between the US-based bank Citi and the government-backed US International Development Finance Corporation. The proceeds of the second loan are to be deployed to small and medium-sized enterprises (SMEs) in regions deemed more vulnerable to financial shocks. In support of the first loan, IDB Invest will provide advisory services to help CAME introduce “a social bond with a gender focus.” This initiative is part of the Women Entrepreneurs Finance Initiative (We-Fi), which operates from the offices of the World Bank Group.
CAME is a subsidiary of Te Creemos Holding, a portfolio company of PC Capital and its services include deposits, loans, payments, and insurance for microentrepreneurs as well as SMEs. Its loan products include group and individual loans ranging from USD 150 to USD 50,000, with terms of 24 weeks to three years. CAME, which has 239 branches in 31 states, reports assets of USD 170 million.
About Te Creemos
Founded in 2004, Te Creemos is a Mexican financial institution whose mission is to provide microfinance services and develop long-term relationships with its clients, employees, and partners through its two SOFIPOs: Te Creemos and CAME. Te Creemos mainly offers savings products, loans for working capital and insurance products to the most vulnerable socioeconomic sectors in Mexico.
About PC Capital
Founded in 2008, PC Capital is a private investment banking and private equity firm based in Mexico City that currently manages private equity vehicles focused on high social impact in Latin Amercia. Since its founding 12 years ago, PC Capital has successfully invested in the education, sustainability, food, and financial sectors. PC Capital is a member firm of the Mexican Association of Private Capital (“AMEXCAP”) and the Latin American Venture Capital Association (“LAVCA”).