Zapopan Business Refinancing: Amounts and Requirements Explained
The financial landscape in Zapopan poses ongoing liquidity challenges for businesses amid market volatility. A new credit tool has been introduced, targeting debt consolidation for the private sector. Below, we outline the operational details and implications of this initiative for local enterprises.
Understanding Zapopan Business Refinancing: Amounts and Requirements Explained
The financial program, named “Bájale a tu deuda”, is designed to assist entrepreneurs in refinancing their existing debts. This refinancing mechanism allows individuals engaged in business activities to consolidate previous liabilities effectively.
Loan Amounts and Payment Terms
Applicants can access loans ranging from 10,000 pesos to 450,000 pesos. The program offers flexible repayment periods, spanning from 6 to 36 months. Annual interest rates vary based on the borrower’s credit profile and risk assessment, with rates ranging from 8.9% to 38.9%.
- Loan amounts: 10,000 to 450,000 pesos
- Repayment terms: 6 to 36 months
- Interest rates: 8.9% to 38.9%
Cindy Blanco Ochoa, head of the Secretariat of Economic Development (SEDECO), emphasized the initiative’s goal: “We launched this initiative to help business owners restructure their debts with lighter interest rates.”
Eligibility Requirements for Credit in Zapopan
The program boasts a fully digital operation, negating the need for in-person visits. However, applicants must meet specific criteria to validate their requests. Key requirements include:
- Proof of residency or commercial activity in Zapopan
- A minimum credit score of 650 in the Credit Bureau
- Demonstrated capacity to repay the loan
- Loan funds must solely address existing debts with financial institutions
Ian Paul Otero, president of the Technical Committee of PROJAL, noted that this model reflects a modernization strategy, creating efficient, digital processes and new financial products.
Partnerships with Fintech and Guarantee Funds
The program operates through a collaborative model involving three parties: the Promotora del Financiamiento para el Desarrollo de Jalisco (PROJAL), the Zapopan government, and the fintech platform Yo Te Presto. A 10 million pesos Guarantee Fund backs the financing, enhancing credit conditions and reaching a broader range of economic units.
As a regulated entity by the National Banking and Securities Commission (CNBV), Yo Te Presto manages credit evaluations, disbursement, and collections. Its advanced algorithms facilitate rapid assessments, often within five minutes. Meanwhile, the Zapopan government oversees the beneficiary roster.
Juan José Frangie Saade, the mayor of Zapopan, highlighted the program’s significance: “This initiative has a unique reach […] ‘Bájale a tu deuda’ represents a noble and necessary option to regain financial stability.”
The implementation of this new financing framework marks a pivotal moment for businesses in Mexico, aiming to alleviate the financial pressures they face.
