Feds Lend Hand to Acapulco Businesses The News
go to original July 20, 2012

Federal Economy Secretary Bruno Ferrari announced this week that the federal government will invest a total of 400 million pesos to support local business in the port city of Acapulco.

Of that amount, 112 million pesos will be invested in the National Finance bank, also known as Nafinsa, to support small- and medium-sized businesses in the city. Nafinsa is a government-owned bank created to support local economic development.

“As part of the economic recovery plan, through the Economy Secretariat’s business program, the government agreed to invest 112 million pesos in National Finance … which will benefit 450 businesses in the port, which have been affected by security issues,” Ferrari said.

Hector Rangel Domeneq, the director of Nafinsa, said the bank’s three-year loans range from 100,000 to 2 million pesos with no down payment and an interest rate of 10.5 percent. The bank has already received 118 applications, Rangel Domeneq said.

The federal government also deposited 56 million pesos in a local commercial bank to extend credit to local tourism businesses, and is launching a special program to provide insurance to business owners in the Renacimiento, Progreso and Zapata neighborhoods, as well as historic areas in the city.

Ferrari said the credit lines will help business owners weather rough economic times brought on by recent security issues.

Governor Angel Aguirre Rivero said that the state government will install 670 surveillance cameras in Acapulco, purchase 20 new vans for the Mexican Army and allow the Army to patrol high-crime neighborhoods in the city. The secretary announced that the federal government will also financially back the reconstruction of 200 stores that caught fire in Acapulco’s Central Market on Monday morning.

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