Sofomes Invests US$997.5 Million in Quintana Roo

Multi-purpose financial companies affiliated with the Association of Multi-purpose Financial Companies (Asofom) hold approximately US$997.5 million in Quintana Roo, representing 8.9% of a national portfolio of US$11.29 billion managed by 255 intermediaries.

Quintana Roo is one of the states with the largest share of non-bank credit on the Yucatan Peninsula. Local financing is divided between tourism and productive microloans ranging from $176.50 to $5,882.30 for grocery stores, repair shops, artisanal businesses, and other microenterprises, while the majority of transactions are for smaller amounts, though there are also loan programs available for larger-scale tourism projects.

Sofomes provide agricultural credit and financing to small and medium-sized enterprises, in line with the goals of Plan Mexico. Cruz Torres emphasizes that women’s participation in microfinance has grown, as has the sector’s interest in engaging with the Financial District that the state government is promoting in Chetumal. There are partnerships supporting these initiatives, but a specific business agreement is still lacking in the state.

The region is characterized by a combination of rural activity, tourism, and foreign investment; as a result, demand ranges from microcredit to larger transactions for entrepreneurs and businesses in the sector.

Cruz Torres points out that the region continues to show growth potential, and for this very reason, there is a shortage of formal financing in rural areas, while the urban and tourism markets need working capital, leasing, and credit to expand their operations. Consequently, Sofomes fill the gap that traditional banks do not always address with the same speed.

It was also emphasized that the convention in Cancún helped align products with regional demand and strengthen rules of origin.