Triodos Fair Share Fund and Triodos Microfinance Fund have provided a loan to Promerica Financial Corporation (Promerica Group) to solidify the funds' SME strategy in emerging markets.
The National Bank of Production (BANPRO) was founded in 1991 in Nicaragua and became the largest bank in Nicaragua, with a strong presence in the country’s commercial and agricultural sectors, serving over 350,000 customers with a full range of financial services. Over the years, BANPRO expanded and created a holding company, Promerica Group, which holds equity stakes in nin financial institutions in Central America and in the Caribbean, and Ecuador. In 2015, the holding company employs over 10,000 people and serves over 1.3 million clients.
Promerica Group operates on the notion that local context and local people have the greatest impact and that SME (small and medium-sized enterprises) lending is necessary to stimulating small business and the local economy. Promerica Group and the Triodos funds share the same vision for stimulating the real economy. The loan provided by the Triodos funds will be used to grow the smaller institutions in the portfolio to broaden their scope in the important SME segment.