In 1994, Florecot (Flores del Cotacachi S.A.) decided to embark on a project to produce summer flowers for export, and turned to three local banks for financing. Unlike seasonal flowers, summer flowers are used as fillers and must be produced all year round, which requires permanent and longer term financing. After being turned down by the local banks, Florecot’s young shareholders approached LAAD, and after careful review, LAAD was able to extend a US$200,000 loan to the company designed with a flexible interest and principal repayment schedule fit to fund its start-up project.

Since then, and with LAAD’s continued support, Florecot has grown to become one of Ecuador’s largest summer flower producers. Production area expanded from four hectares of Gypsophila flowers and ten employees in 1994 to over 40 hectares that yield 50 varieties of 12 different types of flowers, 400 field workers, and estimated annual revenue of US$3 million in 2003. Florecot exports its flowers directly to the U.S., Canada, The Netherlands, Italy, France, England, Russia, Chile, Venezuela, the Dominican Republic, and Kuwait.

Florecot has excellent labor relations and permanently invests in its employees’ standard of living by providing good working conditions, constant training, good meals, transportation and health insurance.