The Eco Sustainable Credit programme by Nacional Financiera in Mexico supports SMEs in reducing their carbon footprint through energy efficiency and renewable energy investments. The programme combines financial and technical assistance, offering concessional loans through participating banks alongside grant-funded energy audits to guide investment decisions. SMEs receive tailored recommendations from certified project developers. A government-backed loan guarantee reduces bank risk, encouraging lending under attractive terms, while the integrated approach aligns repayments with projected energy savings. The initiative targets medium to upper-medium enterprises capable of implementing larger-scale energy-saving measures.
Nacional Financiera – Eco Sustainable Credit programme in Mexico
Abstract
Mexico’s development bank, Nacional Financiera (NAFIN), in coordination with the Ministry of Finance and Public Credit (SHCP, acronyms in Spanish) and the Ministry of Environment and Natural Resources (SEMARNAT), established the Eco Sustainable Credit programme (Eco Crédito Sustentable). This initiative, created in partnership with the Mexican Agency for International Cooperation for Development (AMEXCID) and the German Technical Cooperation Agency (Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH) in Mexico, aims to assist businesses in reducing their carbon footprints. It provides financial resources to conduct energy audits, identify potential savings, and invest in energy-efficient solutions.
The programme benefits from both technical and financial assistance provided by international organisations, such as the Mitigation Action Facility (MAF), the Kreditanstalt für Wiederaufbau (KfW) on behalf of Germany’s Federal Ministry of Economic Affairs and Climate Action (BMWK), the United Kingdom’s Department of Energy Security and Net Zero (DESNZ), Denmark’s Ministry of Climate, Energy, and Utilities (KEFM), and the Ministry of Foreign Affairs.12
The programme offers funding of up to MXN 15 million (EUR 630,000) to adopt energy-efficient technologies, including renewable energy solutions and upgrades to reduce high energy consumption3. Selected companies can obtain credit through a network of participating financial actors, including Banco del Bajío and Mifel4, and there are plans to further expand the number of collaborating banks. By supporting more than a thousand projects, the initiative seeks to mobilise at least MXN 1.5 billion in private investment and achieve an estimated reduction of 100,000 tons of CO2 equivalents.
Participating banks benefit from a guarantee of up to 80%, covering the costs in case of non-repayment. This incentivises participating banks to take part in the scheme and offer loans to SMEs at attractive conditions that would otherwise likely not take place. At the same time, by setting the guarantee below 100%, banks still have ‘skin in the game’ and are careful in assessing the quality of the loan and conducting due diligence.
SMEs across Mexico can apply for financing. The programme offers fixed-rate loans of up to 16% annually, with repayment terms extending to eight years. Interested SMEs can apply through NAFIN’s website, where their proposals undergo technical and financial assessments based on the information compiled in the application form. Approved applicants are then matched with a project developer to conduct an energy audit. As the final step in the eligibility validation process, the audit undergoes a secondary review by an external agent to ensure feasibility and profitability. Based on the audit, businesses receive a project proposal outlining optimal energy-saving strategies, which they can use to secure financing and implement efficiency improvements5. Most eligible SMEs in this programme are medium and upper-medium sized enterprises, as the primary objective is to observe the impact of large-scale energy-saving projects—an effect that would be less noticeable in smaller SMEs.
SMEs applying for NAFIN’s Eco Sustainable Credit Programme must first complete a questionnaire assessing eligibility, covering company details, energy consumption, technology use, and interest in an energy diagnosis. Required documents include an electricity bill, incorporation papers, tax and financial records, and identification of the legal representative. Additionally, applicants must submit a validation form with project indicators and a technical assessment from the programme’s Technical Validator. This report, essential for the credit application, outlines energy efficiency and renewable energy measures, investment costs, and key financial metrics such as internal rate of return (IRR), net present value (NPV), and short interest ratio (SIR).
If the company passes the eligibility criteria, a NAFIN representative will collect information about the business and assign a participating project developer (DP). The DP will conduct a complimentary energy audit to analyse energy consumption and recommend suitable energy-saving measures. Following the audit, high-efficiency equipment can be selected based on the identified needs. Applications must then be submitted to a participating bank. Once the credit is approved, payment will be made to the DP or participating supplier, who will oversee the installation of the selected technologies6.
Requirements to apply for NAFIN’s Eco Sustainable Credit Programme are the following7:
Be a legally registered company and officially enrolled with the SHCP
Hold an energy supply contract with the Federal Electricity Commission (CFE) under the company or individual’s name, specifically in the PDBT, GDBT, GDMTO, or GDMTH tariff categories;
Have at least one year of operation and history with CFE;
Possess an Energy Diagnostic report conducted by a certified Project Developer and/or participating supplier;
Submit a financing application through a participating financial institution to acquire energy-efficient equipment, which must be installed exclusively at the business location listed on the electricity bill;
Provide a guarantor (joint obligor).
Balancing technical rigor with accessibility and speed: One of the most innovative features of the programme has been the integration of a free energy consumption assessment for SMEs, funded by the Mitigation Action Facility. This support helps businesses identify energy-saving opportunities and guides them in selecting upgrades. However, the multi-step validation process - requiring an initial assessment by an approved company and independent validation to avoid conflicts of interest - has introduced delays. SMEs have reported waiting up to 2.5 months before even reaching the financing stage. Additionally, the limited availability of assessment providers has led to a prioritisation of SMEs with the highest energy-saving potential, often excluding smaller enterprises that could still benefit from support but lack the scale or capacity to navigate the process. The scheme’s preference for applicants conducting ESG reporting further limits accessibility. NAFIN is now exploring ways to streamline the assessment process to reduce bottlenecks and broaden participation.
Addressing financing gaps between assessments and loans: A critical lesson involves the misalignment between the financing proposed in the energy assessments and the loans ultimately granted by banks. In many cases, banks only provide partial funding, forcing SMEs to either scale back their investment plans, reducing the effectiveness of the energy-saving measures, or to seek additional funding sources, which are often unavailable. This situation undermines both the programme’s objectives and SME confidence. In response, NAFIN is reassessing its partnership model with intermediary banks to better align financing offers with assessed investment needs and ensure more effective implementation.
Strengthening communication and visibility through direct and consistent outreach: Marketing and visibility emerged as a key challenge. As a second-tier development bank, NAFIN does not engage directly with SMEs and instead relies on commercial banks to deliver and promote the programme. This indirect delivery model, combined with the flexibility given to commercial banks in branding and communications, has led to inconsistencies in messaging and a lack of awareness among target SMEs. To improve uptake, it is essential to strengthen marketing efforts, especially through regional offices, local partnerships, and sector-specific networks.
Attractive and aligned financing terms to drive uptake: The programme’s favourable financing terms are a major driver of success. Offering fixed interest rates between 14% and 16%, with an eight-year repayment period and a six-month grace period, the scheme makes energy efficiency upgrades more financially viable for SMEs. Compared to typical commercial lending conditions in Mexico, often characterised by shorter tenors and higher rates, these terms are notably more attractive. The longer repayment horizon is particularly important, as it aligns better with the payback period of green investments, giving SMEs the time needed to realise returns and manage cash flow effectively. The presence of a government guarantee further supports these advantageous conditions.
Integration of financial and technical support for enhanced decision-making: A defining strength of the programme is its integrated support model, combining concessional finance with grant-funded energy assessments. This technical assistance enables SMEs to make informed investment decisions, boosting their confidence in projected energy and cost savings. It also provides assurance to both intermediary banks and government stakeholders that the financed upgrades will lead to measurable energy benefits. This dual approach enhances the credibility and effectiveness of the programme, ensuring that resources are directed toward high-impact projects.
Risk-sharing mechanisms to unlock lending and cultural change: The inclusion of an 80% loan guarantee plays a pivotal role in reducing the perceived risk for participating banks, thereby encouraging greater SME lending. This is especially significant in a context where many SMEs may lack the collateral or credit history to qualify for commercial loans. Beyond improved access to finance, the programme is also contributing to systemic change in the SME financing landscape. By demonstrating tangible savings and business benefits, it helps shift both SME and bank mindsets toward sustainability. As banks grow more accustomed to lending for energy efficiency, they may become more willing to offer favourable terms independently, further embedding green practices within the broader financing ecosystem.
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← 2. https://mitigation-action.org/news/mexican-smes-to-have-access-to-financing-of-up-to-15-million-pesos-for-energy-efficiency-projects/?utm_
← 3. Eligible equipment includes: industrial and commercial refrigeration, air conditioning, efficient lighting, electric motors, electrical substations, capacitor banks (including harmonic filters), boilers and furnaces, dryers, refrigeration chambers, solar water heaters, thermal insulation, and photovoltaic solar systems
