Prior to 2017, the traditional banking industry in Latin America showed little interest in providing financing to cultural projects, which were considered high-risk and unprofitable. Most cultural organizations lacked access to credit, depending instead on scarce and unstable government subsidies. In the face of these challenges, Banca Ética Latinoamericana (BELAT), a regional ethical banking initiative, introduced a model to ensure the longevity of hundreds of organizations in the creative industry, transforming the way culture is financed in South America. Between 2017 and 2024, BELAT awarded loans to audiovisual production companies, cultural centers, presses, independent media outlets, and arts organizations (especially in Chile and, to a lesser degree, in Argentina, Brazil, and Uruguay) whose cultural projects have reached an estimated 3 million people. 

Fundación Avina is an investor and co-founder of BELAT. By leveraging our social capital, we facilitated collaboration between financial stakeholders, cultural organizations, and leaders from the impact investment ecosystem. Avina also encouraged buy-in to a unifying vision where the banking industry serves the common good and mobilizes capital toward activities with a positive social and environmental impact. In addition, we provided strategic institutional support—especially in communications– to help structure BELAT's legal entity, expand its social value proposition, and encourage the capture of investment. 

With a portfolio that has allocated 27% of its loans to the creative industries sector, out of a total of US$48.77 million in its "Culture and Education" area, BELAT has established itself as a strategic financial ally in the regional cultural ecosystem and generated tangible results in terms of inclusion, access, and sustainability. Its ethical and sustainable approach addresses the absence—or prohibitively high cost—of credit in a segment marginalized by traditional banking and opens up growth opportunities for cultural enterprises that are now active participants in the real economy. 

By redefining the relationship between culture and finance, BELAT has enabled institutions, collectives, and cultural organizations to find a stable and fair path for their development, ensuring their continuity and evolution over time. Emblematic examples, such as financing for the Centro Cultural La Moneda in Santiago, Chile—which receives more than 230,000 visitors per quarter—or for the film production company Fábula, behind internationally award-winning works, illustrate how access to ethical capital translates into cultural expansion and economic sustainability. Beyond the amounts invested, the impact is reflected in communities reclaiming their heritage and in audiences gaining access to more theater, film, literature, and music. 

This achievement was made possible by BELAT's innovative model, comprised of over 8,000 conscious investors, proving that profitability and cultural sustainability are not, in fact, mutually exclusive.