COFIDES, as fund manager for FONPYME (Fund for SME Foreign Investment Operations), has extended a 350,000 euro loan to the Mexican company OPERADORA CHAVAL S.A. de C.V.

Controlled by the Spanish company NECK CHILD S.A. (NECK), OPERADORA CHAVAL manages the network of own NECK shops in Mexico, which sell products exclusively under the brand “NECK & NECK”.

NECK has been operating in Mexico since 2001. COFIDES and FONPYME support the new investment project of the company, which consists in opening new own shops in Mexico D.F. These shops will be set up in commercial stores rented in malls. The investment will fund the leasehold assignment, the interior design and the stores and furniture refurbishing.

The project involves a total investment of 500,000 euros: 150,000 will be funded by NECK and 350,000 by COFIDES (50% through COFIDES resources and 50% through FONPYME resources). Furthermore, the project is expected to employ 10 workers.

Founded in 1998, NECK is a Spanish company that operates in the children’s fashion retail market under the brand NECK & NECK. NECK business model includes their own design of children’s clothing and distribution through a network of own company shops and franchises. NECK network is made up of more than 200 shops (own shops and franchises) in 10 countries - Spain, Mexico, Portugal, Andorra, France, United Kingdom, Italy, Austria, Switzerland and Kuwait.