Social Impact Investor and Worldwide Cooperative Oikocredit to Empower MSMEs
adminFive-year € 4.5 million Oikocredit term loan will support women-led micro, small and medium enterprises in Paraguay
Social impact investor and worldwide cooperative Oikocredit is providing a € 4.5 million five-year term loan to Financiera Ueno to boost their efforts in supporting women entrepreneurs.
Financiera Ueno is a regulated financial institution that operates with a digital model specifically designed to serve individuals and small businesses. The organization is committed to the sustainable development of its clients and aims to contribute to Paraguay’s economy by creating value through a simple and transparent approach.
With financial support from Oikocredit, Ueno will be able to provide assistance to women-led micro, small and medium-sized enterprises (MSMEs), empowering them to seize opportunities, realize their ambitions and drive enduring positive change in women’s lives.
Carolina de Bastard, Director of Ueno, said: “Ueno and Oikocredit share similar philosophies of financial inclusion and seek to generate investments that have a positive impact on society. Ueno arrived with the purpose of breaching the gap between a dream and reality, proposing a profound transformation of traditional banking services with a new digital banking model; reaffirming its commitment to the development of the national economy and supporting the growth of SMEs.”
Cynthia Gómez, Senior Investment Officer at Oikocredit, said: “With a longstanding investment history in Paraguay spanning over 15 years, Oikocredit has been dedicated to partnering with organisations that champion financial inclusion and foster the growth of micro-entrepreneurs and SMEs, ultimately creating sustainable employment opportunities. We are delighted to provide this new loan to Ueno, which not only supports Paraguayan women’s entrepreneurship but also contributes to achieving a greater social impact for the communities Oikocredit serves.”
About Financiera Ueno
Financiera Ueno had its public launch in February 2022, following the Central Bank of Paraguay’s approval of the purchase of Financiera El Comercio by Grupo Vázquez, which became Ueno’s majority and controlling shareholder. Grupo Vázquez has itself existed for more than 76 years as a family-founded financial institution with commercial, financial, agribusiness, and other interests. Ueno has received the Seal of Integrity from Paraguay’s National Anti-Corruption Secretariat and the Ministry of Industry and Commerce.
For more information: https://www.ueno.com.py/
About Oikocredit
Social impact investor and worldwide cooperative Oikocredit has almost five decades of experience funding organizations active in financial inclusion, agriculture, and renewable energy.
Oikocredit’s loans, equity investments, and capacity building aim to enable people on low incomes in Africa, Asia, and Latin America & the Caribbean to improve their living standards sustainably.
Oikocredit finances more than 500 partners, with total outstanding capital of € 1,010.6 million as of March 2023).
SOURCE: www.oikocredit.coop.
