The Development of MSMEs Has Received Over Eight Thousand Credits

The credits are granted through the MSME Development Fund.

by Pamela Contreras

Guatemala City, by Yuliza Muñoz -AGN- The Ministry of Economy -Mineco- has granted 8,661 credits through the Micro, Small, and Medium Enterprise Development Fund.

According to the Ministry of Economy, the amount of credits granted is USD 85.9 million to support the sustainable growth of MSMEs. These have benefited owners of micro, small, and medium-sized enterprises through savings and credit cooperatives as well as NGOs.

Additionally, another 379 credit lines have been granted to MSMEs through the Crédito Hipotecario Nacional -CHN-. These credits of USD 30.6 million are part of the fund for the economic reactivation of MSMEs.

Actions to Support MSMEs

The Government of Guatemala, through the Vice-Ministry for the Development of Micro, Small, and Medium-Sized Enterprises of Mineco, is carrying out actions nationally to improve opportunities for this sector.

The authorities are responsible for implementing programs and strategies to offer services and strengthen business development and competitiveness in the market.

Guatemala has registered at least 170,000 new companies, a significant step forward for the country’s economy, as each new business creates new employment opportunities for more Guatemalans.

The Government of Guatemala’s initiatives to support entrepreneurs include:

  • Sello Blanco
  • Mi Pueblo, Mi Producto (My Village, My Product)
  • Banco de Hilos
  • Canac
  • MSMEs, Government Supplier Program
  • Pro-MSMEs

These programs support different types of entrepreneurs according to their features. Globally, MSMEs account for 90% of enterprises, 60% to 70% of employment, and 50% of the world’s gross domestic product.

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