The project is to extend a Mexican Peso (MXN) line of credit to continue supporting the loan portfolio growth in Financiamiento Progresemos, S.A. de C.V., SOFOM, ENR (“Progresemos” or the “Company). Through the intermediary, the project expects to reach women microentrepreneurs in Mexican frontier regions and continue to: (i) enhance microlending competitiveness of the private sector; (ii) help deepen the financial sector since a high portion of the clients served, are outside the formal financial sector; and (iii) encourage sustainable social and environmental development.

Progresemos is a non-bank multi-purpose financial institution (“SOFOM”) specializing in microfinance lending, with experience in payroll lending and starting to diversify its product base to SME lending.  Through its business model based on co-financing, the Company channels it product offering through: (i) strategic partners (“SP”); (ii) branches; and (iii) payroll agents; enabling the Company to reach a higher number of clients.

Progresemos’ ownership is compromised by institutional and individual shareholders with experience in the Mexican financial sector. The largest shareholders, which collectively own 42.92% of the Company are two private equity funds managed by Kandeo. After the Kandeo funds, the next largest shareholder is Mr. Rafael Moreno Valle, with 29.01% through his wholly owned holding company, Tegasa S.A. de C.V. Progresemos’ COO, Mr. Roberto Flores Athie, holds a 6.22% stake. Mr. Moreno Valle and Mr. Flores are the Company’s founding shareholders and sponsors and together hold 35.23% of the Company.

This is IFC's fourth investment in the firm.