Did you know 39% of businesses in Mexico are founded by women? In recent years, this figure has been increasing thanks to the different types of support for women entrepreneurs that can be found in our country.
Among the main challenges women entrepreneurs face When starting your own business, according to the are:
- Lack of knowledge of the market.
- Poor business management.
- Problems with partners.
- Time availability.
That is why in this article I am going to tell you about various types of support for women entrepreneurs that you can go to if you are thinking of starting a business, from financing and credits for women, even training courses to make your business idea a reality.
Let us begin! ♀️
What is it to be a female entrepreneur?
An enterprising woman is one who starts a project from an idea, with the aim of turning it into a profitable business and become financially self-sufficient. Like any entrepreneur, regardless of her gender, a woman entrepreneur takes risks and develops sales and leadership skills.
📅 Did you know that November 19 marks the day of the entrepreneurial woman?
What support for women entrepreneurs is there in Mexico?
Regardless of the type of business that a woman entrepreneur is planning to launch, there are different types of supports that can help them get needed resourcesfrom economic and material to intellectual.
We could classify support for women entrepreneurs into five broad categories:
- government loans
- business incubators
- crowdfunding
- credits for women
- Education and other support for women entrepreneurs
Now I am going to tell you a little more about each one and I will share some examples. Then you can determine which is the best option to boost your business idea (or that of that brilliant woman entrepreneur in your life ✨).
1. Government loans for women
The Mexican government has some support programs specially designed for women entrepreneurs (although you will always have the option of going to any of them, to which any Mexican or Mexican can apply).
Next we present you eight government grants for women entrepreneurs in Mexico:
1. RIF Women – Grow Together (National)
is a program of Nacional Financiera (NAFIN) that seeks to boost the existing businesses of Mexican women who pay taxes under the Tax Incorporation Regime (RIF). The requirement to apply for this support is that the business has been in operation for at least one year.
What does Mujeres RIF – Crezcamos Juntas offer?
- Financing of up to 300 thousand pesos.
- Fixed annual rate of 12%.
- Term of up to 36 months for working capital and up to 60 months for fixed assets.
- It does not require a mortgage guarantee or joint guarantee.
- National coverage.
- No commission for opening or prepayment.
What do I need to request support for Mujeres RIF – Crezcamos Juntas?
- Being a woman and over 18 years of age.
- Be a natural person and be in the Tax Incorporation Regime (RIF) for at least one year.
- That your legal and financial information is up to date
How to process the RIF Women – Crezcamos Juntas support?
- Call 800 2000 215.
- Gather the .
- Go to Afirme, Citibanamex, BanRegio, Santander, BanBajío, Multiva or HSBC to complete the process.
2. Financing for Women Entrepreneurs and Businesswomen (CDMX)
The Fund for Social Development of Mexico City has various microcredit programs, including the . This program aims promoting the economic autonomy of women and reduce the gender gap in economic development.
What does Financing for Women Entrepreneurs and Businesswomen offer?
- Fortnightly loans ranging from $5,000 to $25,000 Mexican pesos.
- Ordinary interest rate of 0.25% fortnightly fixed on the total balance of the credit.
- A financing for women entrepreneurs from $100,000 to $500,000 Mexican pesos per month with a payment term of 60 months.
What do I need to apply for Financing for Women Entrepreneurs and Businesswomen?
- Unique Population Registry Code (CURP).
- Valid official identification.
- Proof of address from Mexico City.
- Proof of training.
- Telephone and email contact.
If you are already registered in the SAT, here you can see the requirements.
How to process the Financing for Women Entrepreneurs and Businesswomen?
To sign up for this program, you must pay attention to the portal of or write to fondesocovid19@cdmx.gob.mx.
3. Growing Entrepreneurial Woman (Hidalgo)
The Instituto Hidalguense de las Mujeres has a program called , with which it provides credits for strengthen female entrepreneurshipgiving priority to heads of families, women with some physical disability and women who live (or lived) a situation of violence.
What does the Crece Mujer Emprendedora program offer?
There are two types of loans: individual, for businesses managed by a single woman; and group, for businesses led by women in which more people participate.
The individual credit offers:
- Credit of $5,000 up to $10,000 Mexican pesos in a single payment.
- Recovery period of one year in bimonthly payments.
Meanwhile he group credit can provide:
- Credit of $20,000 to $50,000 Mexican pesos in a single installment.
- Recovery period of up to two years in bimonthly payments.
What do I need to apply for the Crece Mujer Emprendedoras credit?
- Be a woman from Hidalgo or have lived in Hidalgo for at least one year.
- Be developing an economic activity, either individually or in a group.
- Have no overdue portfolio in this program or with other sources of funds.
How to process the support Crece Mujer Emprendedora?
If you want to know the complete requirements to be part of this program, you can access the . There you will also find the address and opening hours of the offices to request your credit.
Learn more…
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4. Women Entrepreneurs Fund (Aguascalientes)
It is a financing program of the municipality of Aguascalientes that grants incentives for investment and training in entrepreneurial projects.
What does the Women Entrepreneurs Fund offer?
The specific benefits of the program are not published but, in general, this program is directed to women between 18 and 59 years old who live in Aguascalientes and what they are looking for grow or improve your business through financing and training.
What do I need to apply for support from the Women Entrepreneurs Fund?
- Being a woman and between 18 and 59 years old.
- Being an inhabitant of Aguascalientes.
- Formal quotation of the goods that you plan to acquire with the support.
- You must not have been a beneficiary of any other support provided by the municipal government of Aguascalientes in the last year.
- Not have debts with other financing funds of the municipality.
- Attend an informative talk.
- Not be a public servant of the municipality.
- Submit the requested documentation.
How to start the process for the Women Entrepreneurs Fund?
You must go to the Municipal Attention Center (CAM) to request reports, submit the necessary documentation, fill out a support application and a socioeconomic study. Know the location of the CAM and the rest of the requirements.
It may interest you…
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5. MICRO YUC Women (Yucatan)
The Ministry of Economic Development and Labor of Yucatan (SEFOET) offers various financing programs for entrepreneurs, including , which supports businesses run wholly or mostly by women.
What does MICRO YUC Women offer?
This program provides credits between $5,000 and $50,000 pesos in one, two or three of the following modalities:
- Enabling or avio. To acquire raw materials and materials, payment of rent, payroll, suppliers, operating expenses and training.
- Spare parts for machinery and equipment. For the purchase of machinery and equipment (new or used)
- Spare part for physical installation. For the remodeling, adaptation or construction of a business or establishment.
What do I need to apply for MICRO YUC Mujeres?
- Being a woman or having a business made up mostly of women.
- Live in one of the municipalities of Yucatan.
- Be registered in the Federal Taxpayer Registry (RFC).
- Have a Mexican endorsement.
- Complete an application.
- Gather the requested documentation.
How to process MICRO YUC Women?
6. Program Made by Women (Jalisco)
The government of Guadalajara seeks to contribute to development by providing support for women’s groups to open their own businesses and improve their quality of life.
What does the Made by Women Program offer?
- Monthly support of $2,000 for up to 12 months for each of the women who make up the group.
- From $20,000 to $100,000 Mexican pesos as economic support and capital to start a business.
- Training in business administration, tax payment, legal aspects, empowerment, among others.
What do I need to participate in the Made by Women Program?
- Form a group of at least ten women over 20 years of age who, preferably, live in the same neighborhood.
- Have a business idea or a business.
- Live in the municipality of Guadalajara.
How to request the support of the Made by Women Program?
- Fill the .
- Fill the .
- Present your documents at the Reform Administrative Unit, you will be able to find out the address and more details about the program.
2. Business incubators
A business incubator is a kind of program that provides support and training to entrepreneurs to develop their business ideas. In addition to helping to promote and develop business projects, incubators also aim to reduce the risk of failure and collaborate with the growth of companies.
In Mexico there are no exclusive incubators for women’s projects, but there are private or public business incubators for entrepreneurs in general, for example:
Learn more…
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3. Crowdfunding
The crowdfunding o Collective funding is a financing model in which companies share their projects and financial needs through digital platforms, for funders and donors.
The Association of Collective Funding Platforms in Mexico (AFICO) brings together a series of platforms of crowdfunding that conform to good international crowdfunding practicesamong which are:
4. Credits for women
A credit is a economic loan that a financial institution provides to a micro, small or medium-sized company to cover your expenses and boost your business. Now, there are credits specially created for women’s businesses, but there are also others for entrepreneurs in general. Here I share some.
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