With two years of operations, Tu Casa Migrante increases the range of products available for Mexican migrants with financing to acquire grounds, build up in them and for remodeling.
In an interview, Paola Loranca, general director of the startup, explained that expanding its product offer was due to the demand of the migrants by lines of credit focused on the acquisition of residential land, but with legal certainty, as well as to remodel the houses they already have.
“We are innovating on residential land. The same migrants They asked us to offer them land, with the possibility that they could buy it safely,” explained Loranca.
“In addition, we are granting financing for the construction or equipping of their houses, it is an initial financing of 7,000 dollars, it is a revolving credit line.”
For Your Migrant Houseone of the issues left by people who go to work outside of Mexico is not having their homes in the best conditions, so they seek to send resources to finish building and improve them.
Thus, they foresee that the new line of credit will have greater dynamism in cities such as
- Merida.
- Zacatecas.
- Queretaro.
- Puebla.
- San Miguel de Allende.
Relevant but not addressed
For the director of Tu Casa Migrante, despite the fact that one in seven households in Mexico receives resources through remittances, there are no financial products focused on serving this segment of the population.
In this context, Loranca highlighted the urgency of creating credit schemes focused on migrants who seek to consolidate assets in Mexico, but also to formally integrate them into the financial system.
“We are the only company in Mexico that, through money transfer receipts, remittances, we grant financing lines,” said the director.
“Today, as of August 2022, there is 5,263 million dollars of income from remittances; an average income in each household that receives remittances is 387 dollars. migrants they are a clearly neglected segment”.
The company currently offers three areas of support:
- Legal alignment: support to regularize documents that prove Mexican nationality.
- Financial support: credit alternatives to acquire housing, land or remodeling.
- Equity acquisition: advice and inventory available to buy directly.
an official alternative
Israel Mendoza, legal partner of the company, explained that many times, despite sending money to their families, migrants They are unable to consolidate assets through their homes, so Tu Casa Migrante seeks to be a safe and direct alternative to purchase a home.
With credits that can reach up to 20 million pesos, Loranca explained that the financing has insurance for unemployment, death and even damages.
Interest rates range from 1.5 to 9% per month and are mainly focused on meeting migrants with nearly 30 years in the United States, who have the resources to invest.
Loranca explained that in two years they register some 3,000 operations, with a goal of adding 4,000 more shares in the following 12 months.
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