Friday, July 11, 2025

IMSS has approved 700,000 loans worth 25,000 pesos to small businesses

The federal government has approved almost 700,000 loans for small and family businesses to support them amid the coronavirus pandemic.

The director of the Mexican Social Security Institute (IMSS) said on Wednesday that 40,255 loans of 25,000 pesos (US $1,040) each have been transferred to small business owners to help them pay the salaries of their employees.

Zoé Robledo said that more than 97,000 loan applications have been approved by IMSS. The institute intends to distribute more than 642,000 loans to small business owners who have committed to maintaining their full workforces and paying their employees their full salaries during the coronavirus pandemic.

Borrowers are required to start making repayments in August and will have a period of three years to complete them. Loans are repayable at the central bank’s benchmark rate, which is currently 6%.

Economy Minister Graciela Márquez announced separately on Wednesday that the department she leads has approved 577,916 loans for family-run businesses forced to close due to the coronavirus crisis.

The loans, also worth 25,000 pesos each, will be transferred to the businesses’ bank accounts starting on May 4, Márquez said.

The Economy Ministry intends to distribute a total of 1 million loans to family businesses in urban areas. To qualify, the businesses’ workforces must primarily be made up of members of the owner’s family. The loans will also be repayable over three years at the Bank of México rate.

President López Obrador has pledged to provide a total of 3 million loans to poor and middle-class Mexicans to help them through the coronavirus-induced economic downturn.

The economy shrank 2.4% in the first quarter of the year compared to the same period last year but the contraction is predicted to be much bigger in the second quarter as many businesses will remain closed at least until the end of May.

Source: El Universal (sp), El Financiero (sp) 

Have something to say? Paid Subscribers get all access to make & read comments.
A small plane flies over the ocean

How the Mexican security minister’s slip of the tongue rankled Salvadoran President Bukele

2
President Bukele took exception after García Harfuch's identified a drug-smuggling plane as coming from El Salvador.
gold bars

Highway robbery near Guadalajara nets 6 million pesos worth of gold and silver

0
Such open-road heists have risen in frequency recently and could pose a threat to potential investors otherwise attracted by nearshoring opportunities.
Security chief Omar García Harfuch, Attorney General Gertz and other Mexian officials sit on a stage in front of a banner reading "National Strategy against Extortion" in spanish

Authorities launch national strategy against extortion to tackle a pernicious and widespread crime

1
The strategy contemplates new laws that would force states to investigate the crime, even when victims are too afraid to make an official report.
BETA Version - Powered by Perplexity