The Association of Multiple Purpose Financial Companies (Asofom) reported a strengthening of its sources of institutional financing and greater access to resources from development banks, as well as national and international funds.
According to Javier Garza, president of Asofom, collaboration with development banks is key to expanding funding capabilities. The organization has consolidated a strategic relationship with FIRA, a trust of the Bank of Mexico that supports the financing and development of the agricultural and rural sector, where Sofomes have become one of the most relevant sectors. Meanwhile, with Nacional Financiera, participation has gone from 37 to 48 institutions that receive funding in just one year.
The union representative stressed that this progress responds not only to a greater willingness of public institutions to support Sofomes, but also to a process of professionalization and institutionalization within the union, which has allowed it to comply with the technical, financial and governance standards required to access these resources.
He highlighted that funding opportunities have expanded beyond the national scope, because the international market maintains a growing interest in financing projects with environmental, social and governance (ESG) criteria.
“In the world, what is left over is money; the difficult thing is how to attract it. There are Sofomes that have up to 20 different international funds. The important thing is to have a solid story to tell, operate with ESG standards and demonstrate professionalism,” Garza pointed out.
Asofom reported that it is leading a financial innovation project in collaboration with FIRA, aimed at expanding the sources of financing available to Sofomes through collective guarantee schemes that facilitate their access to more competitive conditions and with greater institutional support.
The organization explained that the program integrates eight institutions that provide a liquid guarantee equivalent to 10% of the total funding, while FIRA contributes 30 percent. This structure allows achieving a “AAA” credit rating, which increases the confidence of institutional investors and opens the door to more competitive financing conditions. In total, the vehicle already brings together between 800 and 1,000 million pesos in resources.
Simplified emissions
For his part, Jorge Avante, general director of Asofom, explained that Sofomes go through different stages of funding as they advance in their institutional development: they begin with resources from “family and friends”, later they access financing from development banks, international funds, and stock markets, where the expectation persists regarding the simplified issues contemplated in the Securities Market and Investment Funds Law. (LMV), after the 2024 reform.
The manager pointed out that in recent months the secondary rules necessary to implement this new scheme have been released, which will accelerate its implementation within the sector.
