There are roughly 2,900 multi-purpose financial entities, known as Sofomes, in Mexico, which work as an important financing resource to most of SMEs. And the Association of Sofomes (Asofom) is a non-bank financial institution. Since its inception in 2006, it has been committed to promoting the development of SMEs and influencing the economic development of Mexico. At present, Sofomes grants 60% of its credits to small and medium-sized enterprises.

In Mexico, this is a field that traditional banks do not cover. According to statistics from the Mexican SME sector, 100% of large companies can get financing, but less than 40% of medium-sized companies, 30% of small businesses and less than 10% of micro-enterprises can get financing through the traditional ways.

Sofomes have become the first choice for SME financing, because: 

• The economic strength of enterprises will not be considered as the standard of credits in the process. 

• Sofomes can solve the financial problems of SMEs within two weeks, which greatly improves the flexibility of business funds, while the application process of traditional institutions will take 6 months or 8 months.

• Sofomes will provide financial advice to SMEs’owners to solve their general lack in financial knowledge. 

According to relevant data, 60% of Mexican SMEs obtained the first loan from Sofomes.