Background on Grupo Financiero Banorte and its Relevance
Grupo Financiero Banorte, a prominent Mexican financial group, has announced reduced interest rates for its “MujerPyME” product targeting women-led micro, small, and medium enterprises (SMEs). This move is part of its financial inclusion strategy under the Plan México initiative.
Details of the “MujerPyME” Program
In a statement, Banorte emphasized its commitment to sustainable development and reducing historical barriers to credit access for SMEs. The “MujerPyME” program now offers lower interest rates, along with additional benefits such as no minimum balance accounts, preferential commissions, credit lines up to 2 million pesos without collateral, integrated solutions like point-of-sale terminals with no affiliation or minimum sales requirements, and cost-free payroll disbursement.
Alignment with National Goals
By implementing these measures, Banorte supports the national goal that by 2030, at least 30% of SMEs should have access to financing. This equates to a steady 3.5% annual growth in credit access for these productive units. Currently, SMEs constitute over 98% of the total businesses in Mexico.
Support from Banorte’s Leadership
Carlos Hank González, President of Banorte’s Board of Directors, expressed his alignment with President Claudia Sheinbaum’s vision for SME growth. He stated, “We are pleased to support women-led businesses and contribute to Mexico’s development.”
Banorte’s History with SMEs
Banorte has maintained a close relationship with SMEs throughout its history, collaborating with development banking and business organizations. The group also offers financial education programs to strengthen business management and encourage responsible credit use.
Recent Achievements
By August 2024, Banorte had granted 234 loans totaling 389 million pesos to female entrepreneurs. The group announced plans to issue an additional 600 loans before the year’s end.
Key Questions and Answers
- What is Grupo Financiero Banorte? It’s a significant Mexican financial group offering various banking and financial services.
- What is the “MujerPyME” program? It’s a product by Banorte targeting women-led micro, small, and medium enterprises with reduced interest rates and additional benefits.
- Why is Banorte implementing these changes? To support sustainable development, reduce historical credit access barriers for SMEs, and align with national goals.
- What are the benefits of the “MujerPyME” program? Lower interest rates, no minimum balance accounts, preferential commissions, credit lines up to 2 million pesos without collateral, integrated solutions, and cost-free payroll disbursement.
- What percentage of SMEs should have access to financing by 2030? At least 30%.
- What percentage of businesses in Mexico are SMEs? Over 98%.
- What is Banorte’s history with SMEs? Banorte has collaborated with development banking, business organizations, and offered financial education programs to support SMEs.
- How many loans has Banorte granted to female entrepreneurs by August 2024? 234 loans totaling 389 million pesos.
- How many additional loans does Banorte aim to issue before the end of 2024? 600 loans.
