Chihuahua, Chih.- In Chihuahua, merchants have resisted the financing provided by banking institutions as interest rates are sky-high, said Omar Armendáriz Jurado, president of the National Chamber of Commerce (Canaco).
The representative of organized commerce explained that different banking institutions have approached Canaco to offer business loans, without success.
He pointed out that although a downward cycle has begun in the reference rate, it remains high at 10.50%, so that interest on loans for companies rises by 20%.
This, since the reference rate is the basis for issuers to determine the interest rates they will charge for granting financing.
Armendáriz Jurado indicated that they advise Canaco partners on this issue and those interested in financing are directed to institutions such as the State Trust for the Promotion of Productive Activities in the State of Chihuahua (Fideapech) and Microenterprise Development AC ( Demic), which handle softer interests than commercial banks.
The president of the National Chamber of the Housing Development and Promotion Industry (Canadevi), Luis Anchondo Cuilty, previously noted that the cost of money rises from 15 to 25% for developers when requesting a loan.
Meanwhile, the president of the Chihuahua Banking Center, Gonzalo Aguilera García, explained that with the cut of 25 basis points in the interest rate by the Bank of Mexico to leave it at 10.50%, they seek to stimulate consumption and projects of companies that are waiting for more adequate margins to be able to carry them out and that have a lot to do with their financing sources.
He indicated that it is expected that with the cut in the interest rate, business financing may have a rebound, since in large investment projects, he explained, a basic point generates returns or savings of millions of pesos.
Meanwhile, the president of Coparmex, Salvador Carrejo Orozco, explained that maintaining the downward trend in the interest rate is a necessary strategy to boost the economy and compensate for the process of economic lethargy in the country.
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