THE NEWS
MEXICO CITY – The United States announced on Wednesday that it would spend $60 million on supporting small- and medium-sized businesses in Mexico.
The announcement was made by the U.S. embassy in Mexico City, which said that the loans would be made as part of the Path to Prosperity in the Americas scheme — a program aimed at small businesses that have found it difficult to obtain credit.
U.S. Ambassador to Mexico Anthony Wayne said small- and medium-sized businesses are a key part of the Mexican economy, where they are in the majority but are constantly challenged by a lack of financial support. Wayne said that by giving these businesses greater access to loans they can expand and invest and thus serve as a catalyst for employment, growth and prosperity.
The scheme also offers technical support and training to businesses, such as ecological production, the promotion of labor rights, financial management and the entrepreneurial culture among women.
The funds, which will be provided by the United States Agency for International Development (USAID) operating in conjunction with Velifin — a Mexican financial institution — will be welcome news to President Enrique Peña Nieto, who has made smaller business operations the backbone of his strategy for boosting flagging economic growth in Mexico.
Velifin was founded in 2009 as a means of filling a gap in the market for funding for small- and medium-sized businesses. It’s a Multiple Objective Financial Society (SOFOM) offering financial solutions to businesses looking to expand.
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