Opic is to create a new department focusing on small and medium-size businesses.

“As part of our efforts to refocus OPIC on its core mission,” chairman of Opic, Peter Watson says, “we made a commitment to be more responsive to the needs of small and medium-sized businesses.  The creation of the Small Business Centre was an important step in achieving this goal and I am pleased that the SBC has succeeded beyond our most optimistic expectations.

“But I believe that it was important to ensure that the structure of our finance activities also reflected this new reality,” Watson notes. “The Small and Medium Enterprise Department responds to this need and will allow Opic to better fulfil its important role in helping small businesses invest overseas.”

The Small and Medium Enterprise Department will be responsible for Opic’s Direct Loan programme which provides financing to small and medium-sized US businesses with annual revenues under US$250mn.  The Small Business Centre, a special initiative for small businesses with annual revenues under US$35mn, will also be part of the new department.

Other finance activities will be housed in a new Structured Finance Department, which will be responsible for the current Investment Guarantee programme as well as special initiatives.