Award Winner Banco Mercantil Santa Cruz: CFI Award for Supporting SMEs in Bolivia

The Bolivian economy is undergoing a period of rapid change and sustainable growth with the country trying to create projects that move it away from commodity dependency. According the Judging Panel, ‘Banco Mercantil Santa Cruz has become one of the key drivers of diversified growth in Bolivia’. The Bank is probably the best in Bolivia and is recognised as such by the major credit rating agencies. The panel, however, decided specifically to recognise the Bank’s support to SMEs in Bolivia. Through an in depth understanding not only of the financial needs of SME customers but also the value of focused advice and education, BMSC is helping to create real opportunities for existing and new business owners. The work the Bank is doing, along government measures, is also helping to formalise the economic activities of Bolivian SMEs.  The long term benefits of this formalisation in terms of sustainable economic growth will be key –  not only to SMEs as they grow but to the Bolivian Economy as a whole. The panel is delighted to declare Banco Mercantil Santa Cruz  as ‘Best SME Bank Bolivia’ for its well thought out approach to ensuring SMEs reach their full potential.