On a separate note, LAAD was pleasantly surprised to receive a special recognition from Los Fraijanes, a leather leaf producing client in Costa Rica. Mr. Jim Shank, the owner of Los Fraijanes wanted to show LAAD his appreciation for a loan granted to him in October 2013. During that moment, obtaining financial support for a leather leaf operation was practically unthinkable because of poor market conditions. Although LAAD had a reserved outlook for the activity, we approved the Los Fraijanes loan because the company had a unique marketing strategy that mitigated the problems suffered by others in the industry. As in the past, LAAD’s knowledge of the industries we finance enables us to continue to support projects despite apparent issues in the industry.
That is the news for this semester!