Cooperativa Pacífico

In the same year that Pacífico is celebrating its 50 years existence, Incofin cvso supports the cooperative with a USD 3 million loan. It was not planned like this; the disbursement should have happened a year sooner, but new rules of the regulator in Peru prolonged the process. Nevertheless, even with Peru going in lockdown in March, Incofin cvso reaffirms its trust in the bright future of Pacífico.

Rooted in the Japanese immigrant community in Peru, in a spirit of mutual aid, Pacífico started its journey in 1970 with less than 400 members. The mission was to provide financial services to micro and small businesses very often via group lending. Today, with an unchanged spirit Pacífico grew into one of the biggest financial cooperatives in South America and has over 500,000 members. Their main focus are still micro, small and medium enterprises who are responsible for almost 90% of employment in Peru. Their success story is mainly due to their efficiencies in operational expenses and an adequate management of funding cost. Pacífico is a strong player in one of the strongest economies in South America.

“The growth of Pacífico is achieved by keeping the founding values and principles high: to provide the necessary help for economic and social progress of the associates and the community in general. That is why it is a privilege and honor for Incofin to be able to financially support an entity that continues to contribute to its financial inclusion mission.” – David Dewez, Managing Partner and Regional Director Latin America of Incofin IM

It is a coincidence that the loan disbursement is in the same year that Pacífico is celebrating 50 years of existence. The loan was planned for 2019, but Pacífico had to comply with stricter rules and assessments of a new regulator in Peru. Once the subordinated debt transaction got approved, the corona crisis reached Peru and the country went into lockdown. Nevertheless the Investment Committee of Incofin cvso reaffirmed their trust in Pacífico.

Client of Pacíficon selling ‘tamales’, a typical traditional South American dish.

“This news fills us with satisfaction and it is a statement that portrays that our most important strength are our members, who despite the critical context we are enduring, have ratified their trust in Pacífico, which this year accomplished its 50th birthday.” – Armando Ouchida Noda, CEO of Cooperativa Pacífico.

Pacífico offers very diversified financial products and services to a range of industries. Located in Lima, they are predominantly urban focused, but they have also several financial institutions linked to agriculture and they offer for example also social housing loans. 57% of the loans they disburse are lower than USD 10,000. The loan of Incofin cvso will help Pacífico to even broaden their range of products and services so that they can provide their members with tailored solutions.