Regulatory Alerts2020-08-19 | Circular 31/2020Added · Updated
Circular 31/2020 — Modifications to Rules for Bank of Mexico Financing Guaranteed by Qualified Credit Assets for Micro, Small and Medium Enterprises
The Bank of Mexico modifies the rules for financing guaranteed by qualified credit assets to channel resources to micro, small, and medium-sized enterprises (MiPyME) affected by the COVID-19 pandemic. The definition of MiPyME is updated to include entities with up to 250 employees and total outstanding principal amounts not exceeding 50 million pesos. Eligible currencies are expanded to include the Australian, Canadian, New Zealand, and Japanese dollars, the euro, the British pound, and the Japanese yen. Financing terms are set at 12, 24, or 36 months, with a maximum duration of 1,080 days, and institutions must dispose of assigned resources within 90 natural days.
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