Santander and Coparmex join forces to reactivate SMEs in CDMX with preferential loans

May
19, 2021

4 min read

In order to reactivate the economy of SMEs , the Employers’ Confederation of the Mexican Republic (Coparmex) made an alliance with Santander bank to offer loans with preferential conditions to its associates in Mexico City.

This Tuesday, at a press conference, a plan was announced for the nearly 5,000 associates of Coparmex CDMX to access Santander loans . Credit lines can range from less than 500 thousand pesos to 15 million pesos .

Armando Zúñiga , president of Coparmex CDMX , stressed that this alliance arises as a response to the crisis, so that no more formal jobs are lost. He reported that during the pandemic they registered the closure of some 70,000 micro, small and medium businesses in the capital of the country and 20% of members.

“It has been a difficult year for many sectors that strongly boost employment in Mexico City. I’m talking about restaurants, party halls and schools, which were closed for more than a year, of which we have just over 70 thousand economic units lost , which made us start requests for financing and tax benefits to the government and also private financing “ Zúñiga pointed out.

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For his part, Luis Ricardo Álvarez , executive director of the SME Segment in Santander Mexico , explained that these loans will have better conditions . For example, there will be benefits in the commissions for opening the credits, terms of 36 to 60 months to pay and an interest rate up to 300 points lower than those currently offered.

“The average amounts we are looking for could be between 4 and 5 million pesos, but we have a very wide range for all needs,” added the bank manager.

In addition, there will be a specific offer for businesswomen, who represent 20% of the businesses in CDMX, as well as for new entrepreneurs.

Requirements to obtain a Santander-Coparmex loan

Álvarez explained that business owners who meet the following conditions will be able to access the loans:

• Be a formal MSME affiliated to Coparmex
• Be registered with the Treasury within a tax regime
• Have two years of experience in the business

Business owners will be able to request the loans online , and the bank’s response would arrive in about 15 minutes. However, the bank noted that an application can be rejected if the credit will be used to pay other debts.

This plan is in addition to Coparmex’s Conecta platform, which functions as a business incubator to create a job bank in coordination with the Secretariat for Economic Development of the Government of Mexico City.

“We want to help people to progress and we trust that the alliances that we present are necessary and will give impetus to the recovery that we all long for today ,” said the Santander executive.