Sociedad Anónima Molinos Arroceros Nacionales

repaid

SAMAN was founded in 1942 as a small rice mill for the local market. SAMAN is now one of the top three exporters in the country and one of the biggest rice processors in Latin America. The company receives the harvest of approximately 260 independent rice growers, and processes and markets it, mostly in the export market. SAMAN also provides advisory services for the growers, finances agricultural supplies, fuel, and working capital, and sells irrigation services.SAMAN has eight plants in Uruguay’s major rice-producing areas where it receives, dries and stores rice for subsequent processing and shipping. The harvested area in the 2003-2004 season amounted to 77,000 hectares.The proposed loan shall be used to finance the company's working capital. Demand for funds in the company peaks at two points during its annual business cycle: in June, when SAMAN makes advance payments to growers based on an estimated price, and in February, when the final price of the rice purchases is paid.With this project the Corporation will help provide funding to approximately 260 independent rice growers. The proposed loan is part of the Supply Chain Financial Support Program. The specific purpose of this program is to increase the flow of financing for SMEs in Latin America and the Caribbean and identify potential clients that are part of a supply chain or suppliers of larger corporations, companies, or economic groups operating in the region.