Financing SMEs and Entrepreneurs 2026: Mexico
Table of contents
Mexico has 5.4 million micro, small, and medium enterprises (MSMEs), of which 95.5% are micro, 3.8% are small, and 0.7% are medium-sized. In 2023, only 10.7% of MSMEs had access to financing from any source, according to the 2024 Economic Censuses conducted by the National Institute of Statistics and Geography (INEGI).
In 2024, the average interest rate for MSME loans was 15.59%, representing a decrease of 0.1 percentage point compared to the previous year, in line with the Bank of Mexico’s monetary policy of reducing basis points in the interbank interest rate, which translated into improved credit conditions for MSMEs. Among firms, the interest rate varied depending on the loan amounts and the size of the borrowing company. For large enterprises, the average interest rate was 10.71%, meaning that the interest rate differential for MSME loans was 4.88 percentage points.
By the end of 2024, the banking loan portfolio for MSMEs reached 565,407 million Mexican pesos, equivalent to 13.04% of outstanding commercial loans. This portfolio increased by 40,660 million pesos between 2023 and 2024. Likewise, the new business lending volume for MSMEs reached 1,169,740 million Mexican pesos, equivalent to 6.03% of the total amount extended to businesses. This amount increased by 174,201 million pesos between 2023 and 2024.
On the demand side, 10.7% of MSMEs obtained financing in 2023. Among the main barriers to accessing commercial bank credit, 27% of MSMEs that did not secure a loan reported the high cost of credit as the primary obstacle, according to the 2024 Economic Census.
Regarding MSME non-performing loans, the rate stood at 3.4% in both 2023 and 2024, the lowest level since data collection began, indicating an improvement in the financial stability of MSMEs.
With the change of government in October 2024, the Mexican Government began implementing various strategies to boost financing, including the “Plan México,” a strategy that sets a goal of providing financing to 30% of SMEs by 2030. To achieve this goal, the plan proposes agreements between the Government of Mexico, the Bank of Mexico, and the Mexican Banking Association (ABM) to increase SME financing through preferential interest rates.
Also, the institutional framework on the domestic financial market has allowed the entrance of several Fintech institutions1, not only as payment aggregators but as non-banking lenders. This phenomenon has contributed to increasing competition and generating a market environment that eases access to funding, particularly in areas where private banking has no coverage. However, there is still room for these entities to improve the credit conditions for MSMEs in particular in the offer of longer loan maturities and lower interest spreads.
In 2024, Mexico’s economic activity continued to expand, with real GDP growing at an annual rate of 1.4%, following a 3.1% increase in 2023. Final private consumption recorded an annual growth rate of 2.8%, while gross capital formation grew at an annual rate of 3.4%, driven by an increase in private investment.
At the end of 2024, Mexico reached its lowest unemployment rate in the past 19 years, at 2.4%, and 2.2% in the case of women. Likewise, public debt in 2024 maintained a stable and sustainable trajectory, equivalent to 51.4% of GDP. Annual headline inflation stood at 4.21%, 0.25 percentage points lower than in 2023.
Mexican MSMEs play a fundamental role in ensuring Mexico’s inclusive economic development, as they generate more than 70% of the country’s jobs. Statistical information on MSMEs is produced mainly by the National Institute of Statistics and Geography (INEGI), the institution responsible for conducting the Economic Censuses. According to the latest 2024 Census (with 2023 data), there are 5.4 million MSMEs in Mexico, representing 99.8% of private enterprises. Approximately 95.5% of all MSMEs are micro-enterprises.
Trade and services are the main economic activities of the Mexican MSMEs, since 9 out of 10 of these businesses belong to these economic sectors, while only one-tenth is in the manufacturing industry.
According to INEGI data, in 2024, 82% of Mexico’s total exports were carried out by export-oriented manufacturing firms, of which MSMEs accounted for only 4%. Among all manufacturing SMEs, less than 5% engage in exporting activity. The participation of MSMEs in international trade has been constrained by: (1) limited knowledge and specialised entrepreneurial skills; (2) a lack of awareness regarding international trade and foreign markets; (3) non-tariff barriers, regulations, and cross-border trade procedures; and (4) limited access to financing, particularly trade finance. The smaller the firm, the harder it is for it to participate in international trade.
In Mexico, the credit market for MSMEs is made up of loans provided by commercial banks, development banks, and other non-bank financial institutions, such as Multiple Purpose Financial Companies (SOFOMs). These loans are granted to businesses and individuals engaged in commercial or professional activities to help them meet their specific financing needs. The Ministry of Economy is responsible for defining the thresholds that determine whether a company qualifies as an MSME. The main credit products available for MSMEs in Mexico are direct loans and corporate credit cards.
By the end of 2024, the banking loan portfolio for MSMEs reached 565,407 million Mexican pesos, equivalent to 13.04% of outstanding commercial loans (see Table 1). This portfolio increased by 40,660 million pesos between 2023 and 2024.
On the demand side, 10.7% of MSMEs obtained financing in 2023. Among the main barriers to accessing commercial bank credit, 27% of MSMEs that did not secure a loan reported the high cost of credit as the primary obstacle, according to the 2024 Economic Census.
During 2024, interest rates for MSMEs remained high as a result of a restrictive monetary policy aimed at containing inflationary pressures. Despite this, the commercial banks’ loan portfolio expanded compared to the previous year. This was not the case for development banks, whose loan portfolio decreased by 264 million Mexican pesos (see Table 1).
Average interest rates on business loans in Mexico largely depend on the size of the borrowing firm. For MSMEs, the average rate at the end of 2024 was 15.59%, while for large firms it stood at 10.71%. Compared with 2023, these rates declined by 0.1 and 1.01 percentage points, respectively. However, the spread between them remains at 4.8 percentage points, higher than the lowest level recorded since 2015 (3.39 percentage points).
Regarding MSME non-performing loans, the rate stood at 3.4% in both 2023 and 2024, the lowest level since data collection began, indicating an improvement in the financial stability of MSMEs.
Finally, the lending market for MSMEs in Mexico is still in expansion as new technological financial institutions (Fintech) have been joining in, thus improving competition and product diversification. Nonetheless, there is room for enhancements in the credit conditions these institutions offer to MSMEs in order to reduce their debt burden and broaden their access to finance.
The Ministry of Economy has several actions aimed at improving the situation of SMEs through two axes: a) access to financing under more favourable conditions than the market; and b) training and integrating actions on financial education and digital transformation.
With the change of government in October 2024, the Plan México was launched, an initiative developed in co-ordination with the private sector to strengthen the national economy, increase investment, create jobs, and improve social well-being. Among its objectives, the strategy aims for 30% of SMEs to have access to financing by 2030. To achieve this goal, the plan envisions agreements between the Government of Mexico, the Bank of Mexico, and the Mexican Banking Association (ABM).
On the other hand, the Ministry of Economy has MIPYMES MX, the platform, which aims to provide micro, small and medium-sized companies with business tools and content on financial education, digital transformation and information on opportunities to link to global and regional value chains, in order to strengthen MSMEs’ economic activities and allow them to improve participation in their markets.
Source: See Table 2.
References
National Institute of Statistics and Geography, INEGI (2024) Economic Census 2024. https://www.inegi.org.mx/programas/ce/2024/
National Banking and Securities Commission (2024). Investment Portfolio. https://portafolioinfo.cnbv.gob.mx/Paginas/Inicio.aspx
Government of Mexico (2024). Plan México. https://www.planmexico.gob.mx/
National Institute of Statistics and Geography, INEGI (2024). Economy and Productive Sectors – GDP and National Accounts. https://www.inegi.org.mx/temas/pibo/
National Institute of Statistics and Geography, INEGI (2024). Economy and Productive Sectors – Trade Balance. https://www.inegi.org.mx/temas/empresasman/
National Institute of Statistics and Geography, INEGI (2024). Economy and Productive Sectors – Private Consumption. https://www.inegi.org.mx/temas/imcp/
National Institute of Statistics and Geography, INEGI (2024). Economy and Productive Sectors – Monthly Indicator of Gross Fixed Capital Formation. https://www.inegi.org.mx/temas/imcp/
Ministry of Finance and Public Credit (2024). Reports on the Economic Situation, Public Finances, and Public Debt, Fourth Quarter of 2024. https://www.gob.mx/shcp/prensa/comunicado-no-4-informes-sobre-la-situacion-economica-las-finanzas-publicas-y-la-deuda-publica-al-cuarto-trimestre-de-2024?idiom=es
National Institute of Statistics and Geography, INEGI (2024). National Consumer Price Index. https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2025/inpc/inpc_2q2025_01.pdf
Nacional Financiera (2024). Financing. https://www.nafin.com/portalnf/content/financiamiento/
Ministry of Economy (2024). MIPYMESMX. https://mipymes.economia.gob.mx/
Finnovista (2025). Fintech Radar Mexico 2025, https://www.finnosummit.com/radar/fintechmexico2025/
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← 1. According to Finnovista (2025), by the end of 2024 there were 803 Fintech companies operating in the Mexican ecosystem, a 4% increase compared to 2023 (773 institutions). Additionally, 174 of these institutions in 2024 were engaged in the lending segment, representing a 5% increase compared to 2023 (166 institutions).
← 2. The content of this section is based on the following sources: Ministry of Finance and Public Credit (2024), and National Institute of Statistics and Geography, INEGI (2024).