Microfinance companies seek 795 million pesos from banks

The public funding situation has become complicated for non-bank financial intermediaries, especially for microfinance institutions that serve the countryside, so, in order to anticipate a further contraction of this type of sources, these entities established a group trust, for which they will obtain 795 million pesos from commercial banks.

Those involved are 15 non-bank financial intermediaries (IFNB) grouped into the ProDesarrollo microfinance network, which will operate this vehicle, which will have the support of Trusts Established in Relation to Agriculture (FIRA) in terms of guarantees.

“The objectives of the trust are: to obtain lines of credit from financial institutions and with these resources, in turn, grant lines of credit to IFNBs, create a structure of mutual liquid guarantees, a liquidity fund and an expense fund,” reported HR Ratings by granting the “AAA” rating, with a stable outlook, to the newly incorporated vehicle.

In said group trust, entities such as the popular financial companies (sofipos) CAME and Solución Asea participate, in addition to the multiple purpose financial companies (sofomes) Sofipa, Avanza Sólido, Crediplata, Asefimex, Lafin, Con Ser, CIA, Braxel, Su Firma , Let’s Get Better, Rentamigo, Lunma, Midemi.

These entities have coverage in 1,214 municipalities, many of them where there are few formal financial services, and in total they have a portfolio of 4,377 million pesos for the care of 421.67 people, of whom 75% are women.

As described by HR Ratings, the trust structure will have two layers of mutual liquid guarantees equivalent to 10% of the accumulated amount of the credit lines granted, while one more will be provided by FIRA and will be 30% of the line. of the financing contracted for this vehicle.

Likewise, it will have a liquidity fund to guarantee at least three months of interest payment to the creditor, as well as the annual premium of the FIRA guarantee and an expense fund, which will be used for administration and collection.

This vehicle comes at a time when the Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero (FND) paused the granting of credits, which adds to a contraction of public financing to financial institutions, especially those dedicated to the field. Of the 15 firms involved in this trust, 12 have FND funding.

fernando.gutierrez@eleconomista.mx