Macro to make small business loans with IDB funding

Argentine bank Banco Macro Bansud signed an agreement to use funding provided by the Inter-American Development Bank ( IDB) for loans to small and mediums-sized enterprises, local press reported. Under the first phase of the agreement, loans will be extended to export orientated companies with sales below US$3.5mn. The loans will be used for export financing, working capital or the acquisition of fixed assets. Banco Macro Bansud was founded in 1985 and is active in commercial and retail banking. Earlier this year Bansud acquired provincial bank Banco Suquía for US$180mn.