Do you want a loan to start a business? The Fund for Social Development of Mexico City (Fondeso) announced that starting this week it will offer economic support of between 25,000 and 200,000 pesos through the “Financing for the Entrepreneur”.
As reported by the agency, these credits will be granted to “those who want to create a company or make the transition from a business project to a business.” The interest rate of this loan will be 6% fixed per year on unpaid balances and 9% per year.
How much is the credit to start a business?
To obtain the loan, Fondeso requires that both the business owner and the venture live in Mexico City. The amount of the loan will be allocated according to the line of business.
The amount granted changes according to the type of activity in which the business is engaged.
For example:
- Entrepreneurs in sectors of traditional economic activities – Between 25,000 and 100,000 pesos, with 24 months to pay.
- People with businesses in sectors of innovation and technological development – Between 100 thousand and 200 thousand pesos, with 36 to pay.
The ordinary interest rate is 6% fixed per year on unpaid balances, and 9% per year. In case of receiving between 50,000 and 200,000 pesos, the Fondeso will request a pledge guarantee. When asking for at least 50 thousand pesos, you only have to leave a promissory note.
Requirements to request the loan for entrepreneurs in CDMX
- Be a resident of Mexico City and present proof of address
- Having a business located in the Mexican capital
- Take a business course from del Fondeso
- Have official identification, CURP, RFC and proof of fiscal situation
- Submit a special credit report issued by the Credit Bureau
- Show the bank account statements of the company requesting the credit
- Have a joint obligor who assumes the commitment of the borrower’s payment obligation
- Moral persons must present the constitutive act, business plan of the company located in Mexico City and a power of attorney from the person who holds the legal representation.
Are you interested in taking out any of these credits?
If you want to access this Fondeso financing, you must pre-register through their website.
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