Los Heroes CL

completed

The proposed project (the “Project”) consists of an up to US$50 million facility to be committed in two tranches, in unidades de fomento (“UF”, Chilean inflation-indexed currency) or Chilean Pesos equivalent to Caja de Compensacion de Asignacion Familiar Los Heroes (“Caja Los Heroes”, “Los Heroes” or the “Company”), to support the Company's social credit lending program focused on low-income individuals underserved by the traditional financial system in Chile. Founded in 1955, Caja Los Heroes is a non-profit organization. It is the third largest Caja de Compensacion in Chile with 15% market share and serving nearly 1 million members. Headquartered in Santiago, Los Heroes has the largest branch network in the Cajas industry across the 15 Chilean regions. Leveraging on this structure, Caja Los Heroes has 3 main pillars: (i) transactional business: distributing several social security benefits for the Chilean government and as required by law; (ii) social financial products: fostering financial inclusion in Chile by offering affordable financial products to mainly underserved segments of the population (low income workers and retirees); and (iii) additional social benefits: providing social benefits to their members with a focus on health and wellbeing but also education, entertainment and social initiatives.