FOJAL Migrante Program Introduced in Los Angeles at the Jalisco Week Exhibition

FOJAL Migrante Program Introduced in Los Angeles at the Jalisco Week Exhibition

Within the framework of Jalisco Week held in Los Angeles, the Jalisco Migrante Productivo program was presented to the communities of Jalisco living in that city.

The goal of the program is so that the money the migrant workers send to their families is invested in enterprises or businesses with family or friends, and thus generate productive and sustainable remittances.

“We are in Los Angeles, in the Jalisco Week promoting the FOJAL Migrantes program so that those people who are interested in starting new ventures, growing their businesses, and having support in terms of technical assistance and training can access our program. We are promoting business between both sides of the border, between the countrymen who are here in the United States, and the families who are in Mexico receiving remittances, so that these remittances can make them productive and can start new projects that generate additional income through of the generation of new jobs and new companies,” explained the General Director of the Jalisco Business Development Fund, Héctor Vélez.

During the second quarter of the year, Jalisco was in first national place for attracting remittances, the origin of which mostly coming from the United States. 10% of all remittances from the country reached our state. To a large extent, this remittance is used for the current spending of migrant families, so the Government of the State of Jalisco seeks to transform these remittances into productive investment for them.

The FOJAL program offers loans specially designed for them with preferential rates, in addition to advice, both to Jalisco residents who live in the United States and their relatives in Mexico, to ensure that their investment is much more successful through the development of business skills and support.

The amount ranges from 50 thousand to 15 million pesos, depending on the maturity of the company, with an interest rate of 8% per year and a commission for opening that ranges between 3 and 5%, with payment terms of up to 84 months.

Financing can be directed to working capital, equipment, and infrastructure, where the countryman contributes 20% of the total investment and FOJAL finances the remaining 80%. These loans are available to companies in the sectors of shops, services, industry, or agribusiness. The credit can be used for merchandise, raw materials, inventories, new machinery, remodeling, or adaptation of spaces.

As part of this strategy, the Ministry of Economic Development will also implement actions to detect foreign trade opportunities with the migrant community in the United States, so that companies with export potential in Jalisco can sell their products to Jalisco businessmen that reside there.