GROW SAECA

What it is

GROW SAECA raises money from the public — including through ordinary share issuances on the Bolsa de Valores de Asunción — and uses the proceeds specifically to expand its lending capacity to micro, small and medium enterprises led by women. In Paraguay’s financial landscape, that is a niche with real demand: women-owned small and micro enterprises account for nearly 20% of businesses in Paraguay, yet most cannot access formal credit because they lack the documentation or collateral that mainstream banks require.

In Paraguay, a Sociedad Anónima Emisora de Capital Abierto (SAECA) is a commercial company with the distinctive ability to issue shares, bonds and other instruments to the public, allowing any interested investor to participate. GROW uses that structure to tap the capital markets and on-lend the funds — functioning, in plain terms, as a publicly accountable micro-lender.

Who owns it

Not published: the BVA “listado de emisores” page for GROW, the BVA “hechos de relevancia” filings, and the publicly accessible portions of the quarterly balance archives do not disclose the controlling shareholder’s name or ownership percentage. Paraguayan SAECAs are regulated under Ley N.º 1.034/83 de Mercado de Valores and subsequent rules, which require issuers to disclose ownership in their corporate governance filings; however, those documents were not retrievable from the BVA or the Comisión Nacional de Valores (CNV/Superintendencia de Valores) portals at the time of writing.

The company has issued Class E Preferred Shares denominated in guaraníes, totalling Gs. 2,410,000,000 (roughly $398,000 at the current exchange rate of 6,061 PYG per USD — our calculation), carrying a fixed annual dividend of 13.5%.

The ordinary share issuance of Gs. 4,500 million (approximately $742,000 at current rates — our calculation) broadened the shareholder base further, but the split between founders and public float is not disclosed in available BVA filings.

Who runs it

Not published: the names of GROW SAECA’s chief executive, chief financial officer and board chair are not disclosed in the BVA “hechos de relevancia” notices, the BVA issuer listing page, or any other primary source accessible at the time of writing. Paraguayan market law (Ley N.º 1.034/83) requires SAECAs to register with the Comisión Nacional de Valores and file governance information, but the CNV’s public portal did not surface a GROW corporate governance document in the searches conducted.

Investors should request the most recent governance report directly from the company or from the CNV.

The money, in plain words

Not published: GROW SAECA’s revenue, net profit, total assets, net profit margin, and return on equity for any year are not publicly accessible through the BVA filings portal, the Superintendencia de Valores (CNV) public registry, or any audited financial statement PDF retrieved during research. The BVA “listado de emisores” page for GROW shows a long series of quarterly balance file links going back to 2013, but those PDF files were not retrievable through accessible means at the time of writing.

Under Ley N.º 1.034/83 and BVA listing rules, issuers must submit quarterly and annual audited accounts; the filing obligation exists, but the documents were not publicly downloadable. Investors should request the memoria anual and estados financieros directly from GROW or from the BVA’s issuer-relations desk.

What is confirmed: Class E preferred shareholders receive a fixed 13.5% annual dividend in guaraníes, a yield that is attractive by Paraguay’s historic inflation backdrop but comes with the credit risk of a small, thinly-capitalised lender rather than the safety of a bank deposit.

What it is doing now

In January 2025, the BVA announced the lifting of an automatic suspension of GROW S.A.E.C.A. that the Superintendencia de Valores had imposed on 15 November 2024.

The BVA notice does not explain why the suspension was triggered — whether for a late filing, a capital shortfall, or another compliance matter — but the fact that it was lifted suggests the underlying issue was resolved.

On the business side, GROW issued ordinary shares worth Gs. 4,500 million (approximately $742,000 — our calculation) with the stated goal of growing its lending book for women-owned micro, small and medium enterprises.

That capital raise signals an intention to grow, even as the regulatory episode counsels caution.

What to watch

• The suspension story: The Superintendencia de Valores lifted the November 2024 suspension, but the underlying cause has not been publicly explained. Any repeat would be a serious red flag for a company whose whole business model depends on public trust and continued access to capital markets.
• Disclosure quality: A company that issues preferred shares with fixed dividends and ordinary shares to the public should publish audited accounts that are easily accessible. Until it does, neither the return on its loan book nor the safety of its dividend can be independently verified.
• The market it serves: Women-owned micro enterprises make up nearly 20% of Paraguayan businesses yet are systematically underserved by formal finance, particularly in rural areas where collateral is scarce. That structural gap is GROW’s opportunity — if it can build scale and manage credit risk.
• Paraguay’s capital-market growth: Paraguay’s capital market has grown substantially in the past decade, with a surge beginning around 2010 when an electronic trading system was introduced. That expanding market benefits small issuers like GROW seeking to raise funds from retail and institutional investors.

This is news, not investment advice.