Sinaloa will provide US$146.9 million in funding to businesses
Sinaloa has increased the maximum amount of financing available under the Impulso Nafin + Estados Sinaloa program from US$88 million to US$146.9 million for businesses in the commerce, industry, and services sectors, the state government has reported.
The adjustment was agreed upon during a working meeting between the State Secretary of Economy and banking institutions to review the processes for the accreditation and allocation of funds through this mechanism, which operates within the Fosin Network via commercial banks.
The project has a budget of US$24.5 million for the remainder of the period, offering unsecured loans of up to US$17,627 at an interest rate of 14.75% with a term of up to 60 months, plus a 6-month grace period, aimed at individuals engaged in business activities and legal entities that have been in operation for at least two years.
The Ministry of Economy also offers microloans of up to US$1,469, which are administered by Red Fosin and are available to small businesses that need funds to strengthen or restart their operations.
