LatAm: HSBC Mexico to offer preferential rates for SME financing

HSBC Mexico has launched three new SME programs, offering preferential rates for female business owners, young entrepreneurs, and restaurant owners. The offering is supported by the SME program from Mexico’s development bank, Nafin.

The new program, Mujer Pyme, Tu Crédito Pyme Joven and Ven a Comer, will provide these segments with more competitive interest rates, with no opening fees or penalties for early repayment.

Depending on the program, SME owners can benefit from interest rates of around 13.5 – 14.5 %, and HSBC will lend between 100,000 to 10 million pesos.

The loans are primarily intended for the purchase of working capital and fixed assets, without using a mortgage as collateral.

With its preferential rates, HSBC is likely to stir up considerable interest amongst SMEs; RFi Group data shows that interest rates are the most important consideration when choosing a lender for 52% of borrowing product holders.

Similarly, competitive interest rates are often a key factor driving use of alternative lenders. As part of HSBC’s SME programs, the bank will also provide specialized advice and tailor products to meet each segment’s needs.

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