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Fostering job creation at SMEs in Baja California

Fostering job creation at SMEs in Baja California

PROCAP logo.jpg18 December | 2023

Oikocredit is providing Mexican social enterprise Procap with a loan of
€ 1.07 million so small and medium enterprises can have access to funds

Oikocredit is increasing its support to Mexico’s small and medium enterprises (SMEs) with a term loan of MXN 20 million (€ 1.07 million) to Compañía de Servicios El Ángel SAPI de CV Sofom ENR (Procap) 

Headquartered in Tijuana in the border state of Baja California, Procapwill use the loan to support the local small and medium enterprises, and grow the local economy, said Esteban Soto Healy, Director General of Procap. 

The organisation offers SMEs bridge financing at crucial moments with its factoring product. Factoring can be critical to helping SMEs stay in business. It is a financial transaction where businesses sell their accounts receivable to a third party at a discounted rate in return for immediate liquidity.  

SMEs make a significant contribution to Mexico’s economy and account for 71% of employment, according to the OECD. However, their access to bank credit is lower than in the average OECD country. 

Baja California has a rapidly growing SME sector and is poised for remarkable growth, with numerous multinational manufacturing plants.  

“This new funding represents our aim to grow alongside partners such as Procap as we look to continue supporting the valuable SME sector in Mexico and beyond. This new partnership will enable Oikocredit to continue creating social impact and fulfilling its commitment to the communities we serve,” said Fernando Gonzalez, Investment Officer at Oikocredit.

Read the entire press release here

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