Fondeso has deployed 141,909 credits and has tripled financing from the previous administration

From December 2018 to May this year, the Social Development Fund (Fondeso) of Mexico City has deployed 141,909 credits, a figure that triples the number of financing given in the entire previous state administration.

At a press conference, the head of the Ministry of Economic Development (Sedeco) of the country’s capital, Fadlala Akabani Hneide, announced that as part of a strategy to boost entrepreneurs and the economy of the city, the Fondeso trust has been made a priority.

Precisely, it revealed that as part of this project, it sought to exceed the number of financing given in the previous local administration, which, between 2013 and 2018, amounted to 64,740.

Akabani Hneide highlighted that the administration of Claudia Sheinbaum Pardo has invested a total of 1,408 million pesos in three years in Fondeso, while from 2013 to 2018 612.8 million were granted.

In addition to this, he pointed out that as a result of a credit reconfiguration, Sedeco managed to reduce the interest rate of microcredits.

The owner explained that in the previous administration between 16 and 24% was charged for interest on loans, with Sheinbaum the charge was 6 percent.

“However, after the Covid-19 pandemic and currently, by instruction of the head of government, the interest is 0%, to support micro-enterprises in Mexico City,” he added.

He explained that of the 141,909 credits that have been granted, 64% are for women; all these financings have generated 235,863 jobs.

In terms of training, 167,363 people have benefited, while from 2013 to 2018, 91,404 subjects were trained.

They present a new package of credits

The head of Sedeco indicated that due to the current conditions of the pandemic, as Sedeco they have chosen to generate a new package of 50,000 credits, with which they seek to restore job creation.

In this regard, Sheinbaum Pardo stressed that the credits represent an investment of 500 million pesos.

“It is for the support of the family economy through the Fund credits: 500 million pesos that are fundamentally to support self-employment and micro-businesses”, he added.

Fadlala Akabani pointed out that each credit has an amount of 10,000 pesos, zero interest rate, to be paid over 18 months and with a fortnightly payment method.

The condition to apply for a loan from Fondeso is to register on the page and take a course or workshop to improve business skills.

“All this generates an important business spirit in Mexico City, which we provide for free and all they have to do is register online,” he added.

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