Beer company, financial firm offer loan program to tienditas

The brewer of the popular Mexican beers Corona, Victoria and Pacífico has formed an alliance with a financial firm to provide loans to its small business customers that are struggling due to the coronavirus pandemic.

Grupo Modelo said in a statement that it had reached an agreement with the Mexico City-based financial company Konfio, which will process the loan applications and collect the repayments.

The beer company said that the alliance was forged via Z-Tech, an innovation group that is part of Anheuser-Busch InBev, Grupo Modelo’s parent company.

“Since April 18, the alliance has contacted thousands of shopkeepers so that they can apply for a loan through this initiative,” Modelo said. “Those interested can complete the application … on the Konfio website with their Modelo customer number.”

The company said that Konfio will process loan applications within 48 hours and will set credit amounts, interest rates and repayment periods.

“Grupo Modelo is seeking to be an ally for the thousands of tienditas [small stores] and grocery stores that are today experiencing difficult circumstances,” Modelo said.

CEO Cassiano De Stefano described the current situation as “unprecedented,” adding that Modelo wants to support businesses that have suffered most from the coronavirus crisis.

“Shopkeepers are a fundamental part of our business and at Grupo Modelo we take the commitment we have with them and their families very seriously,” he said.

Z-Tech México CEO Rodrigo Pio said that the launch of the alliance with Konfio was planned for later in the year but was brought forward due to “the current situation and the impact on the economy.”

Everyone participating in the project is making a big effort to support the tienditas in their hour of need, he said.

Describing Grupo Modelo as a “strategic partner,“ Konfio CEO David Arana said that the “important alliance” allows the financial company to support more small and medium-sized Mexican businesses.

The federal government deemed beer production a nonessential activity when it declared a health emergency late last month, forcing breweries to cease operations, although their product is still available for purchase in most states albeit with restrictions in some cases.

The National Alliance of Small Business Owners (Anpec) in early April issued a plea to the federal government to declare beer an essential product in order to allow sales without any restrictions. It warned that beer’s status as a nonessential product could push thousands of small businesses to the brink of collapse and cause employers to lay off employees by the thousands.

Anpec also said that beer is essential for enduring the long weeks cooped up at home to avoid the spread of Covid-19, asserting that it can help relax people who are anxious as a result of the crisis and isolation.

Mexico News Daily 

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