Cooperativa Pacífico

Press release

June 16, 2021

FinDev Canada expands financing to SMEs in Peru through USD 10 million loan to Cooperativa Pacifico

Press Release

FinDev Canada announced a USD 10 million loan to Cooperativa de Ahorro y Crédito Pacífico (Cooperativa Pacifico,)...

Summary of Anticipated Development Impacts

MARKET DEVELOPMENT

Supporting Peru’s local economy by financing SMEs: access to financing remains a struggle to SMEs in Peru, a challenge which was further exacerbated by the COVID-19 pandemic. As the largest credit and savings cooperative in the country and with SMEs representing 88% of its total loan portfolio, COOPAC is well-placed to channel FinDev Canada’s funds to an estimated 140 or more SMEs, thus promoting access to finance for local economic recovery and growth.
Supporting local jobs: SMEs play a major role in the Peruvian economy, particularly as they employ 89% of the country’s private sector workforce. Through this transaction, FinDev Canada’s funds will support COOPAC’s capacity to finance SMEs, which will in turn support an estimated 4,200 jobs in Peru.

Women's economic empowerment

The development impact of this transaction is to provide financing to Peruvian small and medium-sized enterprises (SMEs), of which at least 30% will be women owned/led SMEs (WSMEs).

WOMEN’S ECONOMIC EMPOWERMENT

Supporting women entrepreneurs: given that approximately 10% of COOPAC’s SME loans are provided to women-led/owned enterprises (WSMEs), the commitment to channel 30% of FinDev Canada’s loan to WSMEs reflects the cooperative’s strategic intention to grow the WSME segment in its portfolio.
Supporting quality employment for women in financial services: in addition to having a significant representation of women in senior management (29%) and employment (53%), COOPAC provides quality employment as it supports employees through the provision of health insurance, parental leave, training opportunities and education loans and bonuses, which contribute to employees’ retention and career advancement. The cooperative is also working on developing a gender equality strategy to enhance its impact on gender equality in its workforce and its portfolio.
2X Challenge qualifying: this is a 2X transaction due to COOPAC’s commitment to channel at least 30% of FinDev Canada’s loan proceeds to WSMEs (indirect criteria) and the fact that COOPAC meets the criteria for women in leadership (commitment to reach 30% threshold) and in quality employment (53%, vs 40% threshold, combined with evidence of quality employment). In line with the interpretation of the 2X Criteria for financial intermediaries adopted by 2X members in 2021, FinDev Canada will report 100% of the transaction value to the 2X Challenge.