Introduction to Jalisco’s Financing Transformation
Jalisco, Mexico is set to close 2025 with a significant boost in financing for micro, small, and medium-sized enterprises (SMEs). The state will triple the amount of credit disbursed compared to the previous year, thanks to a shift from a trust model (FOJAL) to incorporating non-bank financial intermediaries capable of multiplying resource distribution.
New Financial Architecture
Ian Paul Otero, President of the Technical Committee of the Jalisco Development Financing Promoter (PROJAL), explained to El Economista that 2025 will see three times more credit granted than the previous year, impacting nearly 2,000 businesses directly or indirectly. PROJAL is undergoing a transformation from FOJAL, with adjustments to its legal, financial, and administrative structure.
Currently, PROJAL holds approximately 430 million pesos in circulating assets. For the first time in at least two decades, there is a direct contribution from the Jalisco state government. In 2025, the Secretariat of Public Finance allocated an additional 100 million pesos, with another 100 million pesos planned for 2026. This will bring the fideicomiso’s available resources to 530 million pesos, enhancing its capacity to stimulate productive financing.
Adding Financial Intermediaries
A key aspect of the strategy is utilizing non-bank financial intermediaries, offered preferential funding conditions such as TIIE + 2% rates. The goal is to multiply these resources for the benefit of businesses.
“We aim to make the financing cost for intermediaries competitive so that they, in turn, have at least a three-to-one impact. This means that in these programs, which have so far approved 80 million pesos, there will be a disbursement of at least three times that amount, totaling 240 million pesos,” Otero stated.
Currently, four financial intermediaries participate, but the target for 2026 is ambitious: launching a new call to add between 15 and 20 intermediaries, expanding the territorial and sectoral coverage of SME financing in the state.
Portfolio Management
The model’s redirection also responds to a clear directive from the state executive: to do more with fewer resources, prioritizing proper credit file structuring and, especially, collection management.
“The top priority is how to better control overdue accounts than ever before, as well as ensuring that credit file structuring and collection are handled by those with the capacity, infrastructure, and expertise to do so,” Otero emphasized.
Currently, overdue accounts represent 40%, equivalent to between 280 and 300 million pesos, a figure still under dictation.
Key Questions and Answers
- What is the main change in Jalisco’s financing model? The shift from FOJAL to PROJAL, incorporating non-bank financial intermediaries to multiply resource distribution.
- How much more credit will Jalisco disburse in 2025 compared to the previous year? Jalisco will triple the credit amount disbursed in 2025 compared to the previous year.
- What is the target number of financial intermediaries by 2026? Jalisco aims to have between 15 and 20 financial intermediaries by 2026.
- What is the total amount of available resources for PROJAL in 2026? PROJAL will have approximately 530 million pesos in available resources by 2026.
- What is the current percentage of overdue accounts in Jalisco? Overdue accounts represent around 40% in Jalisco.
