Incofin cvso expands in Mexico
Incofin cvso enhances its portfolio in Latin America with a 2 million USD investment in Financiamiento Progresemos in Mexico. In doing so, the fund successfully enhances its portfolio in Mexico which at present is still rather limited due to the difficult market conditions.
Financiamiento Progresemos is one of the smaller players in Mexico, but they have an innovative business model. They invest in rather small, local microfinance institutions which subsequently become part of the Progresemos group. That is how this institution acquires an extended local presence even in the poorest regions of Mexico such as Oaxaca, Veracruz and Chiapas.
Progresemos focuses on the micro, small and medium-sized socio-economic segment of the country. These entrepreneurs only have limited access or no access at all to financial services, and they are highly vulnerable to economic change. A minimum loan with Progresemos starts from 100 USD, and the average loan amounts to 600 USD.
