New Fund a Partnership between the Clinton Giustra Sustainable Growth Initiative and the SLIM Foundation
Both CGSGI and the SLIM Foundation Commit $10 million to the Fund
Bogotá, Colombia – President Bill Clinton, Frank Giustra and Oscar Von Hauske of the SLIM Foundation announced today the launch of Fondo Acceso, a USD $20 million fund for small and medium-sized enterprises (SMEs) in Colombia.
“Colombia and Latin America are home to countless talented entrepreneurs. But, unfortunately, many of them lack access to the tools needed to scale-up their business, employ more people, and ultimately uplift their communities,” said President Clinton. “The fund we are announcing today will address this need, and provide more people with the resources they need to lift themselves and their families into prosperity.”
“In the last decade, NGOs recognized the opportunity to provide micro-credit to enterprising individuals in poor and marginalized communities,” said Frank Giustra. “We believe the SME focus by Fondo Acceso will establish a new paradigm for providing equity capital to this growing market, which we hope will be adopted by the financial community at large,” he added.
“Because of its focus on the creation of jobs, Fondo Acceso will stimulate small and medium sized businesses,” said Carlos Slim.
Fondo Acceso is an innovative investment fund that will provide creative financial solutions to small and medium sized Colombian businesses that are under-served by existing sources of financing, with an emphasis on job creation. The Fund aims to provide growth financing that achieves both financial and social returns. As such, each investment will be considered based on its financial return, its risk profile, and its social relevance as measured in terms of sustainable job creation.
Fondo Acceso will not concentrate on any one sector of the economy or on any specific geographic area within Colombia, but it will give priority to those enterprises that have the greatest potential to create jobs.
Fondo Acesso will work in tandem with other private equity firms and banking institutions in Colombia. It will welcome referrals from these firms and will consider opportunities to provide co-financing to entities that without the Fund’s participation would not have access to these traditional sources of capital.” (Clinton Foundation, 6/09/2010) (Archive)