“Good vibes” among SMEs to apply for credit in the country: Asofom

Tulum, QR. A “good vibe” is weighing on small and medium-sized businesses to apply for credit, a sign that the country’s economy is resilient to the political and economic shocks that the country is facing, said Emanuel González, president of the Mexican Association of Multiple Purpose Financial Companies of Mexico (Asofom).

Executives from the sector representing all the regions where the Multiple Purpose Financial Companies (Sofomes) distribute financing, assure that the environment for making investments is safe, and this is noticeable in the north and south poles; in the first, the relocation of companies does not stop arriving, and in the second, development is evident with the projects undertaken by the government of President Andrés Manuel López Obrador.

On the second day of activities of the 18th National Convention of Asofom, González did not rule out that various small and medium-scale entrepreneurs are in “low spirits” after the approval of the reform to the judicial power by Congress, but he expressed that this non-banking financial sector has always been characterized by growing when the business environment is not in the best spirits.

“Of course there are risks because today, for example, in electoral votes people do not know the candidates, let’s imagine with the judges, those are risks, and of course, there has to be a reform to the judicial power, the rule of law was broken or half broken, and we have to evolve, perhaps this is not the best channel. But we have to wait for the secondary laws to come, hopefully we will have something that we do not know,” said the national president of Asofom in a press conference.

However, she said, there is a “good vibe” among small and medium-sized businesses in the demand for credit, which makes them think that during the next year, the first full year of Claudia Sheinbaum’s government, financing could amount to 20 billion pesos.

Gabriel González, regional president of the northern part of the country for Asofom, said that the desire to invest in Mexico has not changed after the approval of the reform in the Chamber of Deputies and Senators, and this has not stopped the flow of capital that arrives derived from the phenomenon of relocation of companies, better known as nearshoring.

Oscar Cruz, regional president of the southern part of the country, clarified that in recent months there has been a good demand for financing, largely driven by the completion of the flagship projects of the current administration, and for the moment there are no “signs” that this will stop.

“We see an approach and demand for credit from SMEs, and much of it is in sectors such as tourism or agriculture, even in microcredits, and many communities continue to subsist due to the Sofomes,” added the president of the southern zone of Asofom.

And José Ignacio Díaz, president of the central region of Asofom, emphasized that currently a “connection” has been established between all the regions of the country, something that “we needed, what we see is a lot of enthusiasm at a time when, perhaps, the banks will close the credit tap.”

Jorge Avante, general director of Asofom, added that despite the current environment, various international investors remain interested in bringing capital to our country, and to a large extent, this is because “Mexico has a lot of liquidity.”