Sofomes Seek a Seat at Plan México: The Nonbank Link Already Powering SME Lending
The sofom sector is pushing for recognition under Plan México, arguing it already channels a meaningful share of financing to SMEs and works alongside development banks.
Sociedades Financieras de Objeto Múltiple (sofomes) have stepped up their lobbying to be explicitly included in Plan México, the federal government strategy led by Claudia Sheinbaum that, among other goals, aims to expand access to formal financing for small and medium-sized enterprises (SMEs) by 2030. The industry’s core argument is that, even though they are not listed as a formal “actor” in the program, they already represent a key channel for placing credit where traditional banks often have lower risk appetite or less on-the-ground reach.
According to the Asociación de Sociedades Financieras de Objeto Múltiple en México (Asofom), these entities already account for about 12% of the country’s total financing and allocate between 50% and 60% of their portfolios to the SME segment. The sector argues that a significant share of SMEs get their first financing through a sofom, positioning them as an entry point into the formal credit system for microbusinesses and young companies with limited track records.
The push comes in a context where the credit gap for small businesses remains structural. In Mexico, financial depth continues to lag behind peer economies: credit to the private sector as a share of GDP is moderate and concentrated among large borrowers, while SME financing faces obstacles such as informality, limited financial documentation, low business banking penetration, and high origination costs. For the government, meeting the goal of expanding access to financing requires widening channels, products, and guarantee mechanisms—and that is where sofomes are trying to present themselves as an already-operational piece of infrastructure.
Because sofomes are not banks, they often operate with more specialized models: they originate smaller loans, with risk analysis tailored to niches (transportation, factoring, leasing, working capital, supply chains) and with processes that are less standardized than those of commercial banks. That flexibility, however, often comes with a higher funding cost, which is passed on through rates and fees—a sensitive point when the public objective is to lower the cost of productive credit.
Development Banking and Funding: The Piece That Can Speed Up—or Constrain—Plan México
One of the main points the sector is putting on the table is its day-to-day relationship with Mexico’s development banks. Asofom says institutions such as Nacional Financiera, Bancomext, FIRA, and Banobras have been important funding sources and partners in guarantee schemes or sector-based programs. In practice, this mechanism allows development resources to reach companies that may not qualify for a direct bank loan but can be served by specialized intermediaries with local or sector expertise and origination capacity.
This is no small discussion: if Plan México aims to accelerate investment in manufacturing, logistics, exports, services, and supply chains tied to new industrial parks, then bridge financing and working capital become critical for smaller suppliers. Development banks can “leverage” funding, but disbursing and overseeing credit requires intermediaries with coverage and robust methodologies. On this point, sofomes argue that formal participation would make it possible to design clearer rules, information standards, and measurable targets for SME financing.
The challenge is balancing financial inclusion with stability: a rapid expansion of credit, without consistent standards for origination and collections, can translate into portfolio deterioration. That is why the sector has promoted frameworks such as “High-Quality Sofom” certification, aimed at demonstrating corporate governance, risk controls, and transparency. Even so, access to cheaper funding depends on market recognition of portfolio performance and on having data and reporting infrastructure comparable to what banks provide.
At the same time, sofomes are accelerating their push to become more institutional in order to access long-term capital. In the local market, some have explored securitizations and streamlined bond offerings to reduce their funding costs and attract institutional investors. The thesis is that, with scale and diversification, the risk premium can compress, thereby lowering the end cost of credit for businesses.
Interest is also growing in international funding for projects tied to industrial infrastructure, transportation, and sustainability, particularly in border regions. This aligns with the narrative around production-chain relocation (nearshoring), which has boosted investment in industrial corridors and increased demand for financing for equipment, fleets, inventories, and plant upgrades. Still, whether that momentum translates into real lending growth depends on factors such as the availability of energy and water, regulatory certainty, and logistics capacity—variables that can speed up or slow down credit demand.
As for sector momentum, sofomes report strong activity in light manufacturing, services, consumer-related segments, and areas such as restaurants, hotels, and last-mile logistics, where credit is used to expand or finance working capital. By contrast, construction shows signs of weakness and caution, although demand for financing persists among materials suppliers and small contractors working on larger projects. This contrast matters for Plan México because part of industrial investment requires civil works and suppliers that, without access to credit, can become bottlenecks.
Negotiating a formal place for sofomes within Plan México points to a broader public-policy debate: if the goal is to expand SME financing, the institutional design must recognize nonbank intermediaries while also requiring performance metrics, transparency, and prudential standards that match the risk of serving more vulnerable segments. The outcome could redefine the competitive landscape for business lending and how public development support is channeled into the real economy.
In perspective, the weight of sofomes in SME financing suggests that ignoring them would limit Plan México’s reach; bringing them in under clear rules could accelerate credit inclusion, although success will depend on sustainable funding, portfolio quality, and effective coordination with development banks.
