The Federal Government of Mexico, the Bank of Mexico, and the banking association ABM signed an agreement to increase financing for SMEs.

During the opening ceremony of the 88th Banking Convention, the head of Mexico’s Ministry of Finance and Public Credit (SHCP) announced the signing of an agreement between the Federal Government of Mexico, the Bank of Mexico, and the Mexican Banking Association (ABM) with the goal of increasing financing to small and medium-sized businesses by 3.5% annually during the current administration.

In Mexico, there are 5.4 million companies classified as micro, small, and medium-sized enterprises (MSMEs), which generate 71% of national employment, but only 4.4% of these companies access to bank financing, according to data from the 2024 Economic Census of the National Institute of Statistics and Geography (INEGI).