Monterey, NL. The Association of Multiple Purpose Financial Institutions in Mexico (Asofom) participates in a program together with the state government, with support from the Support Fund Trust for the Creation and Consolidation of Productive Employment (grows), where for every peso that the state government lends, the Sofomes will lend 10 pesos.
This was commented by Javier Garza, North regional president of Asofom, during the meeting “Sofomes Boosting the Economy of Mexico”, held in Monterrey last Friday, April 29.
He deepened that the government of Nuevo León contributed 1 million pesos and the Sofomes placed 10 million pesos to grant credits to SMEs.
“At the national level, the Sofom ENR (Non-Regulated Entities) sector has 940,000 million pesos in its portfolio as of June 2021, in the northern region we represent 16,300 million, that is, 14% of all the credit that the Sofomes put , and there is a lot of business opportunity, a lot to support entrepreneurs, however, there is a lack of knowledge about what we do”, detailed Javier Garza.
For his part, Jorge Avante, general director of the Asofomcommented to The Economist that the northern region is made up of the states of Coahuila, Durango, Nuevo León, San Luis Potosí and Tamaulipas, where there are 47 Sofomes out of a total of 200 in the country.
“The pandemic affected the restructuring of credits, but we are the only ones who continue to lend, as long as they were productive projects.”
“Unlike banking institutions, Sophomes We give credits of all kinds, SMEs, Factoring, Agriculture, Payroll, Fintech and the northern region is one of the most important”, he asserted.
At the end of 2021, the partners in the northern region already had close to 18,000 million pesos of credit portfolio, it was the only sector that grew during the pandemic and that continued to grant credit to entrepreneurs and people who needed to continue operating.
On the other hand, he explained that the meeting will be analyzing three aspects: Funding: Sofomes lend with their own resources, therefore more institutional funders are required to continue lending. They also analyze risk management, where there are rating agencies, suppliers and trusts, to adjust the criteria of legitimacy and risk, which allows determining who they can lend to.
“The other aspect is to reinforce the risks, the Secretary of the Economy of Nuevo León, Iván Rivas Rodríguez and Nafin will accompany us to strengthen ties and continue growing, giving credit to all those who need it in the region,” stressed Jorge Avante.
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