In a landmark initiative to stimulate entrepreneurship and increase financial support for SMEs, the Bank of Chile signed a strategic alliance with Endeavor. Learn more about the program here.
Under the agreement, the bank’s SME division earmarked a US$42 million credit fund to alleviate the financial needs of select high-growth entrepreneurs (including Endeavor Entrepreneurs) who will be screened by Endeavor as part of the alliance.
The president of the Bank of Chile’s SME division, Rodrigo Tonda, remarked, “considering that SMEs account for almost 80% of the country’s welfare and are driving the national company, the Bank of Chile viewed this partnership as a vital tool to promote the development and scale of Chilean SMEs.”
Alan Farcas, Managing Director of Endeavor Chile, contributed that “the initiative is revolutionary and unprecedented as it opens up a significant amount of resources to SMEs who have always wanted to take the next step but traditionally had limited finance options.”
The program is in many ways similar to Endeavor Turkey’s partnership with Akbank, announced last May.