Quintana Roo Offers 40,000 Peso Credit for Small Businesses

Quintana Roo, Mexico — Small and medium-sized businesses in Quintana Roo can receive financing of up to 40,000 pesos to boost their businesses. The interest rate is 12 percent fixed annually and can be paid over a period of 6 to 24 months.

With the goal of strengthening the local business fabric, the Directorate of Financing through FOFINQROO has launched an economic support program aimed at micro, small, and medium-sized enterprises. This strategy seeks to generate a value chain for people trying to start businesses in the state.

The funds can be used to pay for various services or materials including working capital, trademark registration, distinctive signs, barcodes, and signage.

Eligibility Requirements

Individuals who have at least three months of registration with the Tax Administration Service, are over 18 years old but under 65, can acquire the credit. No collateral is required if proof of roots in the area is demonstrated through payment of the property tax receipt.

A guarantor will only be necessary if the entrepreneur does not have valid proof of roots, in which case the government can collect in case of default by the applicant.

Required Documentation

• Tax status certificate not older than 3 months
• Proof of Roots: updated property tax payment in the applicant’s name or Letter of Residence signed by local authority
• Credit History: updated special report from the Credit Bureau
• Voter ID card
• Birth certificate and marriage certificate (if applicable)
• Proof of personal and business address less than 3 months old
• FOFINQROO forms: credit application, patrimonial relationship forms, and income/expense forms
• Project information: quotation of what will be acquired, business location sketch with photograph, and lease or loan agreement
• Bank details for deposit

Contact Information

To request information about the process or the bases of this program, people need to contact the following:

• Telephone: (983) 833 4354 extension 229
• Email: sedefinanciamientos@gmail.com