Two young Mexico City entrepreneurs are aiming to provide a long needed fix for the small-business credit crunch in the Yucatan Peninsula and the rest of Mexico.
Today, millions of individuals and countless small companies in Yucatan and Mexico rely on high interest bank loans, often with hidden fees and unfair terms, when in need of credit. The founders of Credijusto want to change that and are lending to small enterprises operating in the Yucatan and elsewhere.
“While we have not yet financed any companies incorporated out of Yucatan, Quintana Roo or Campeche, several of our clients have requested loans to finance their business needs out of these states,” said Credijusto co-founder Allan Apoj.
“For example, Urban Bloom, a client of ours in the business of building vertical gardens for the hotel industry, used their Credijusto.com loan for investment capital to set-up their business in Quintana Roo and provide their gardening services to the local hotel industry.”
Another Credijusto client, REMISA, which repairs industrial engines, many of them used in the oil industry, used part of their loan to fulfill a contract with PEMEX out of Campeche.
According to Credijusto, Mexican banks reject 88% of all loan applications from
small-to-mid-sized businesses, which make up 99% of all companies in the country. Those few that are successful wait an average of three months to get an answer, experience little transparency, and encounter notoriously poor customer service.
Credijusto, a small Mexican startup, is out to disrupt and change small business lending and make it easier for small and medium sized businesses to raise money and thrive.
Credijusto is the brainchild of David Poritz and Allan Apoj, two entrepreneurs and Brown University graduates. Following the expansion and success of many online lending platforms in the US, Credijusto is working to disrupt Mexican lending by easing the difficulty and speeding the process for small businesses to gain access to financing.
Through its online platform, https://www.credijusto.com and propriety credit algorithm – developed by MIT data scientists – the system evaluates unique data from each business offering immediate approval to 90% of all loan applicants. The company also puts a major emphasis on customer service and transparency, two themes missing from the Mexican financial system.
Credijusto has garnered support from important US based financial services and financial technology investors, including Victory Park Capital one of the preeminent financial technology credit funds, City Hall Capital, Flatiron Investors and the M4Fund. Additionally, FIMUBAC Financial services, a leading Mexican credit fund focused on small business and consumer credit lending, is also backing Credijusto.
Apoj says Mexico is just the start as Credijusto eventually plans to expand across Latin America and into other emerging markets, where gaining credit and funding for small and medium sized businesses is difficult.
more recommended stories
Cancun, an example of tourism promotion for Japan
A Quintana Roo delegation of FONATUR.
Homicides in Mexico increase 17% so far in 2018
Intentional homicides in Mexico has increased.
Expats Feel at Home in Mexico; InterNations Survey
InterNations.org recently released the results of.
Through the implementation of AMLO’s austerity plan, the government could save 132 billion pesos in 2019
As wages for high government officials.
Japanese delegation comes to Mérida to strengthen bilateral relationship
The project of the Chicxulub crater.
First house entirely made of Sargassum built by Mexican inventor in Quintana Roo
PUERTO MORELOS, Q. Roo, September 20,.
Protests in Homun, Yucatan against the opening of mega pig farm
On Friday September 21, the conflict.
Day of the Dead Parade Mexico City, three years stunning the world
For the third year in a.
Viva Aerobus announces new direct flights between Cancun and the U.S.
Viva Aerobus, the ultra low cost.
Vessel control centers urgently needed in Quintana Roo
“A control center like the one.