To promote the sustainable development of small and medium enterprises (SMEs), Citibanamex announced the delivery of 12 billion pesos to the sector.
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Through various programs such as sustainable business credit which is aimed at small firms dedicated to energy renewable and sustainability that have technical, commercial and financial viability.
Of August 2015 to September 2024, have been awarded thousand 823 credits for a cumulative amount of 3 thousand 621 million pesos.
This was announced by the bank during the ESG Dialogues 2024 (Environmental, Social and Corporate Governance).
Furthermore, it supported credit women with tools and an amount between 2016 and 2024 of 9 thousand 241 million pesos for more than 9 thousand credits.
In addition to this, in alliance with the development bank, it has been possible to promote different initiatives such as Sustainable Eco-Credit (NAFIN) addressed to SMEs who wish to acquire and install high efficiency equipment, renewable technologies, replacement of high energy consumption equipment.
In the case of Nafin Impulse States was directed to reactivate regional economies and preserve jobs. By facilitating access to credit for SMEs, Financing is focused on working capital and acquisition of fixed assets.
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Interview Between Time.news Editor and Sustainability Expert
Time.news Editor: Welcome, and thank you for joining us today. It’s great to have you here to discuss the significant announcement from Citibanamex regarding their commitment to small and medium enterprises (SMEs). They have allocated a noteworthy 12 billion pesos to support sustainable development. What are your initial thoughts on this initiative?
Sustainability Expert: Thank you for having me! This investment by Citibanamex is a powerful step towards encouraging sustainable practices among SMEs. It’s crucial because SMEs represent a substantial portion of the economy but often lack the resources to transition to more sustainable operations.
Time.news Editor: Absolutely! We know that Citibanamex is implementing various programs, including providing sustainable business credit to small firms focused on renewable energy and sustainability. Could you elaborate on how these credits can impact SMEs?
Sustainability Expert: Certainly. The sustainable business credit specifically aims to support SMEs that have both technical and financial viability. By providing financial backing to those willing to invest in sustainable technologies or practices, Citibanamex not only empowers these businesses but also promotes a more environmentally responsible economy. This could lead to innovation, job creation, and ultimately, a healthier planet.
Time.news Editor: That’s an excellent perspective. I noticed in the report that from August 2015 to September 2024, Citibanamex awarded about 823 credits cumulatively worth 3.6 billion pesos. What does this suggest about the current landscape for sustainable financing in Mexico?
Sustainability Expert: The numbers indicate a growing acknowledgment of sustainability among SMEs. While the credit amounts might seem modest when viewed in the context of the total 12 billion pesos allocated, they suggest an evolving market. More businesses are starting to see the value in sustainability, and as more funding becomes available, I’m optimistic we will see an increase in the number of SMEs stepping up to this challenge.
Time.news Editor: It’s encouraging to hear that. What challenges do you think these SMEs will face when trying to access this funding, and what can be done to overcome these barriers?
Sustainability Expert: One of the primary challenges is often the lack of awareness or understanding of the requirements to qualify for such credits. SMEs may also face difficulties in demonstrating their viability or sustainability plans. To overcome these barriers, education and support are vital. Citibanamex and other financial institutions could offer workshops or advisory services to help smaller businesses navigate the application processes and understand how to build a sustainable business model.
Time.news Editor: That sounds like a practical approach. Looking ahead, how do you envision the future for SMEs in Mexico with the right support in terms of sustainable practices and financing options?
Sustainability Expert: If we see continued support from institutions like Citibanamex along with public policy initiatives that facilitate access to financing, I believe we will witness a transformative shift. SMEs could become leaders in innovation within their sectors, offering greener products and services. This shift is not just beneficial for the businesses but will have profound social and environmental impacts, potentially setting a precedent for other regions to follow.
Time.news Editor: Hopeful and forward-thinking vision! Thank you so much for sharing your insights with us today. It’s been a pleasure discussing how sustainability and financial support can converge to bolster the SME sector in Mexico.
Sustainability Expert: Thank you for having me. I’m excited to see how these developments unfold!