The Secretary of Economy will provide loans to footwear companies.

The Secretary of Economy has decided to reopen the loan program for micro, small, and medium-sized footwear companies, an industry that has recently been affected by low import prices, as well as a lack of financing and job losses.

The program will begin with an initial fund of US$5 million, from which companies can apply for amounts ranging from US$54,000 to US$500,000, which can be used to purchase machinery and equipment, pay rent, or cover working capital.

As highlighted by Economy Secretary Marcelo Ebrand, the financing aims to offer a preferential interest rate of 8% below market rates. Similarly, the secretary affirms that access to credit is of vital importance, as it helps companies produce more, purchase supplies at better prices, and compete with international firms. He also points out that without this financing, Mexican companies would be at risk of facing higher costs and having fewer opportunities to increase production.

The program, developed by the Rural Sector Capitalization and Investment Fund (FOCIR), aims to provide special terms to companies led by women or those with social impact projects.

The Undersecretary of Industry and Commerce, Ximena Escobedo, explained that footwear was included in the program due to the job losses the sector has faced, in addition to being one of the primary activities of the so-called Plan México.

This conflict arose given that INMEX had previously suspended the program on a temporary basis after detecting irregularities in footwear imports.

Ebrand noted that approximately 61,000 families typically depend on the footwear manufacturing industry, and that the sector also generates jobs in tanning, design, marketing, transportation, machinery, and the production of raw materials.

Therefore, the program requires that interested companies be incorporated in Mexico, operate within the country, comply with their tax obligations, and submit viable and sustainable projects. It is emphasized that it is important for Mexican brands to remain in the domestic market, increase their production, and develop the capacity to trade interna