Citibanamex and DFC awarded 300 million pesos to support 40,000 SMEs in Mexico

Mexico City /

Citigroup, through Citibanamex and the US Development Finance Corporation (DFC), has announced a A loan equivalent to $15 million (300 million pesos) to CAME, the second largest microfinance institution in Mexico.

the The financing will allow CAME to grant loans to more than 40,000 small businesses, with the aim of expanding financial access and supporting economic stability for disadvantaged and low-income communities in nine states of Mexico, which are particularly vulnerable to the financial effects of the financial crisis caused by the COVID-19 pandemic.

The bank announced that Guerrero, Hidalgo, Michoacán, Morelos, Nayarit, Oaxaca, Puebla, Tlaxcala and Veracruz are beneficiary countries. Funding will also focus on women, as more than 65 percent of CAME borrowers are small, female-owned and female-led businesses.

The World Bank estimates that in approximately Mexico Only a third of people over the age of 15 have a bank account Only one fifth of people with low incomes receive banking services.

in Mexico, There are nearly four million small businesses They account for 47 percent of the country’s private sector employment, but the official fiscal gap is $164 billion (14 percent of national GDP).

AMP

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Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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