Nafin to finance electric vehicles for MSMEs

Nacional Financiera (Nafin) has launched the ElectroPyme financing program, designed to facilitate the integration of electric vehicles into the operations of small and medium-sized businesses, with an initial funding pool of US$248 million and an estimated capacity to finance approximately 300 units.

The program is designed to specifically address the needs of urban and last-mile transportation, sectors that involve operations with daily routes of up to 150 km. The first phase will cover the metropolitan areas of the Mexico Valley, Guadalajara, and Monterrey, before expanding nationwide.

ElectroPyme offers loans of up to US$17 million at a preferential interest rate, with terms of up to 60 months and a six-month grace period for principal payments. The program will also include an additional benefit for women-led businesses.

The program includes a guarantee scheme through which the institution seeks to reduce part of the risk assumed by financial intermediaries and simplify credit terms for the purchase of electric cargo vehicles.

Carlos Torres Rosas, CEO of Nacional Financiera and Bancomext, emphasized that this mechanism is intended to enable companies to make investments that will help transform their operations, given that the transition to electric vehicles can lead to lower operating costs, greater efficiency, and reduced emissions.

Through ElectroPyme, Nafin hopes to channel development bank financing mechanisms toward the renewal of business fleets, primarily in urban and last-mile operations, where route characteristics can facilitate the adoption of zero-emission vehicles.