Guanajuato governor announces extra $125 million to support companies
Mexico’s main leather-manufacturing state, Guanajuato, has announced a new set of financial assistance measures for businesses of all sizes.
State governor, Diego Sinhue, said on April 27 that Guanajuato would take funds earmarked for public works and make it available instead to help companies stay in business during and after the covid-19 crisis.
Mr Sinhue said this change would make almost $125 million available to help employers in Guanajuato make it through the crisis.
He explained that each company will be able to apply for an affordable loan of up to $80,000 to pay suppliers or acquire raw material to keep producing. Companies will have three years to pay the loans back and, if they pay on time, they will receive a rebate on interest payments.
There will also be support for paying employees’ salaries for up to three months.
Mr Sinhue said this new funding would come on top of support plans for a total amount of $57 million that the state government had already announced.
