AMLO promises loans for SMEs for 25,000 pesos in early May

The million loans for SMEs will be delivered through Banorte, Santander and Banco Azteca, who would have the list of beneficiaries on April 20.

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The federal government will give 1 million loans of 25,000 pesos to small urban businesses, both in the formal and informal sectors, to lessen the economic impact of the coronavirus epidemic, announced President Andrés Manuel López Obrador.

AMLO promises loans for SMEs for 25,000 pesos in early May
AMLO promises loans for SMEs for 25,000 pesos in early May

The support will be delivered from May and there is already a registry of five million interested parties, from which one million beneficiaries will be selected, the president said.

He indicated that it is planned that no later than April 20 and that the pattern will already be in place, which will be delivered to the three banking institutions that will distribute the resources (Banorte, Santander and Banco Azteca), which in no case will charge commissions.

“The selection of who will be the first to receive these credits is already being made. It is a simple mechanism. It is selected from a register that has 5 million loan applicants. This register was raised when he went house to house. to talk to people to collect their demands for welfare supports, “he said.

In his morning press conference, the president indicated that the credits will go to where there is more damage to the economy from the Covid-19 epidemic.

“They are going to receive those 25,000 pesos, they are only going to sign a very simple document because it is going to be a credit to the word, there is no guarantee, the guarantee is the word,” explained López Obrador.

He specified that it will be a loan at an interest rate of 6.5%, which is the Banco de México rate, with a term of 36 months, with an initial grace period of three months.

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