In support of the productive entrepreneurship of the Yucatecan population that does not have access to traditional bank financing due to their economic conditions, the State government delivered 2,474 Social Credits to small start up businesses and innovative projects.
With a total of 44.5 million pesos, 80% of the loans granted through the Ministry of Social Development (SEDESOL) have been directed to women.
Only last year, 513 loans were given to the same number of beneficiaries, of which 448 corresponded to new loans and 63 to renovations, which resulted in employment for an important number of women (most of them single mothers). To regain access to this type of economic support, applicants had to cover the entire payment of its first loan.
A case of success is that of María Lilian Pat Várguez, originally from the Telchaquillo community in Tecoh, Yucatán, who received a loan for 25 thousand pesos, which she used to carry out her “cocina económica” project and acquire modern equipment to offer a better service to her customers.
“This support is given to people who really needs it. Now I can also hire someone else to help me in my business and I can spend more quality time with my daughters,” María Lilian Pat stated.
Among the most common business lines are grocery stores, beauty salons, sewing workshops, stationeries, , shoe stores, “cocinas económicas”, bakeries and cochinita eateries.
The Social Credits encourage and stimulate the development of microenterprises and productive activities among Yucatecan women, granting them a valuable opportunity to turn a dream into a success story, improve the education of their children and contribute to the economic progress of the state.
This scheme considers three different aspects which have a rate of 6% annual interest, well below the requirements of traditional banks.
Mixed loans can be requested for up to 35 thousand pesos to be covered in 24 months of amortization; for working capital, for up to 20 thousand pesos that can be paid in 18 months; and for the acquisition of equipment, with a stock market of up to 50 thousand, that has to be covered in 36 monthly payments.
Another example of the benefits of this scheme is the taqueria “La cochinita.come“, in western Mérida and owned by Rosario López Parcero, who was granted a loan for the second time.
With more than five years of activities, this business received a first support of 30 thousand pesos in 2014, improved its infrastructure and incorporated five emloyees. In 2017, the same business obtained a loan of 33 thousand pesos, which was used to acquire new equipment and kitchen materials to provide a better service.
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