Micro, small and medium-sized enterprises (MSMEs) are essential for inclusive economic development. Proof of this is the inclusion of this business segment in the Sustainable Development Goals (SDGs) of the United Nations, as part of its 2030 Agenda for the eradication of poverty in the world.
Among the 17 goals listed, number 8, referring to “Decent Work and Economic Growth”, designates as its main objective to promote development-oriented policies that support productive activities, as well as to promote the formalization and growth of micro, small and medium-sized enterprises, especially through access to financial services.
In Guatemala, according to data provided by the Ministry of Economy, up to 90% of active companies are MSMEs, a figure that represents a very significant percentage of the country’s productive sector. These types of companies are, therefore, responsible for most of the economic activity in urban centers.
Thus, promoting their development is not only necessary, but essential.
The MSME segment is considered by governments and development agencies as a fundamental pillar for the double objective of economic growth and generation of economic capital. MSMEs are very important to ensure the income of millions of families in the region.
It is under this logic that Corporación Multi Inversiones (CMI), through Financiera Consolidada, S.A. (COFINSA), and in alliance with the Central American Bank for Economic Integration (CABEI) have formalized a revolving credit line to serve this sector for an amount of USD 7 million.
COFINSA is the Finance Unit of CMI, which in turn is part of the CMI Capital Business Group, currently headed by Chairman and President Juan Luis Bosch. Juan José Gutiérrez is Chairman and President of the CMI Foods Business Group, both part of Corporación Multi Inversiones.
For Enrique Crespo, CEO of CMI Capital, “this project will allow MSMEs that are suppliers of CMI to have access to working capital, so they can make payments on obligations, implement biosecurity measures, consolidate or readjust their debts, and other key actions to contribute to the economic growth of these companies in the country”.
CMI, a multi-Latin family corporation with more than 100 years generating economic, social and environmental value in diverse communities, has been characterized by its commitment to stimulate the economy and generate incomes and employment.
With credit lines accessible to these companies, the corporation supports and invests in economic activities in Guatemala, offering its support for the growth and development of individual micro-entrepreneurs for small and medium enterprises.
The financing line formalized by CMI and CABEI aims to support 61 MSMEs and 10 self-employed workers, thus benefiting more than 3,600 people throughout the country, which in turn promotes steady, inclusive, and sustainable economic growth.
Today, CMI celebrates this project of great benefit to many of these Guatemalan entrepreneurs, as the alternative financing that this line of credit represents has enabled them to continue their business development.