Post by account_disabled on Mar 7, 2024 3:19:25 GMT -5
In Mexico, of the more than one million two hundred small and medium-sized businesses, 340,000 are in the hands of women.
This means that they are an attractive business Chile Mobile Number List opportunity for banks: according to a study presented by the International Finance Corporation (IFC), called “Why is it a good business to finance Mexican women entrepreneurs?” ? The opportunity amounts to 6,502 million dollars.
The study also states that the main obstacle that women face in starting a business is not financial resources, but rather the lack of information about the financial products and procedures required to start a business.
This report also reveals that female entrepreneurs approach banks to find out about a venture, however, they affirm that they do not fully understand the language used by banks.
80% of Mexican entrepreneurs say that banks should have differentiated products that adapt to their needs and use more inclusive language focused on providing them with security and confidence.
These are some findings that Forbes highlights about the study mentioned above:
70% of Mexican entrepreneurs are heads of household, and 67% consider their business as a family business. The data reveals that for entrepreneurs, the business is an extension of their personal life: 42.2% provide financial support to a family member, and 76.8% support one to three people.
Of the Mexican entrepreneurs who have financed themselves with banks to expand their company, 55% have done so through personal credit, and not through a business loan.
40% of Mexican entrepreneurs have the habit of saving. Of that percentage, 64% save their savings in commercial banks, while 30% do so in popular savings banks or at home, and the remaining 6% do so in their Afores or insurance. Only 22% of the entrepreneurs have insurance, and 64% lack a retirement savings system.
Mexican entrepreneurs show a preference for a bank due to qualitative issues: 45% responded that the choice is due to custom, 18% to the deal with the bank, and 10% to the relationship with the bank agent.
Financing an entrepreneur
Due to the commitment that Mexican entrepreneurs have with their companies, they need financial services that give them security. And financing an entrepreneur, they say, is a good business because it is an underserved sector that values banks, pays well and complies: of every 100 who request a loan, 99 pay off their entire debt.
This means that they are an attractive business Chile Mobile Number List opportunity for banks: according to a study presented by the International Finance Corporation (IFC), called “Why is it a good business to finance Mexican women entrepreneurs?” ? The opportunity amounts to 6,502 million dollars.
The study also states that the main obstacle that women face in starting a business is not financial resources, but rather the lack of information about the financial products and procedures required to start a business.
This report also reveals that female entrepreneurs approach banks to find out about a venture, however, they affirm that they do not fully understand the language used by banks.
80% of Mexican entrepreneurs say that banks should have differentiated products that adapt to their needs and use more inclusive language focused on providing them with security and confidence.
These are some findings that Forbes highlights about the study mentioned above:
70% of Mexican entrepreneurs are heads of household, and 67% consider their business as a family business. The data reveals that for entrepreneurs, the business is an extension of their personal life: 42.2% provide financial support to a family member, and 76.8% support one to three people.
Of the Mexican entrepreneurs who have financed themselves with banks to expand their company, 55% have done so through personal credit, and not through a business loan.
40% of Mexican entrepreneurs have the habit of saving. Of that percentage, 64% save their savings in commercial banks, while 30% do so in popular savings banks or at home, and the remaining 6% do so in their Afores or insurance. Only 22% of the entrepreneurs have insurance, and 64% lack a retirement savings system.
Mexican entrepreneurs show a preference for a bank due to qualitative issues: 45% responded that the choice is due to custom, 18% to the deal with the bank, and 10% to the relationship with the bank agent.
Financing an entrepreneur
Due to the commitment that Mexican entrepreneurs have with their companies, they need financial services that give them security. And financing an entrepreneur, they say, is a good business because it is an underserved sector that values banks, pays well and complies: of every 100 who request a loan, 99 pay off their entire debt.