### Tijuana Initiative to Offer Credit to SMEs to Combat Informal Economy
Tijuana’s private sector is taking steps to support small and medium-sized enterprises (SMEs) in an effort to reduce the informal economy. The president of the local Chamber of Small Business Commerce has reported that Tijuana is home to over 53,000 micro-entrepreneurs and nearly 6,000 small business owners operating formally. However, many workers in the informal sector face significant challenges, such as the lack of benefits, healthcare services, and access to business loans.
According to data from the National Chamber of the Transformation Industry (Canacintra) in Tijuana, approximately 55% of workers in the country are employed informally, missing out on crucial benefits and having significantly lower income than their counterparts in the formal economy.
In response, Tijuana’s private sector aims to establish a reserve fund to provide credits to micro and small businesses. This initiative, in collaboration with Nacional Financiera, aims to offer preferential rates to budding entrepreneurs who often struggle to secure traditional loans. Carlos Jaramillo Silva, president of the Business Coordinating Council of Tijuana, emphasized this effort as a means to boost formal business operations and enhance local economic stability.
Furthermore, formalizing these businesses will not only benefit entrepreneurs but also contribute to public services through increased tax revenues.
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### Additional Insights: Measures to Support Small Businesses
In other related news, small businesses in Tijuana are optimistic about the upcoming holiday season, anticipating up to a 25% increase in sales. However, these businesses are also facing challenges such as rising rents and the extension of mandatory fees at customs, potentially impacting operations and profitability.
The economic dynamic of Tijuana is also influenced by broader sociopolitical factors. Recently, there have been concerns over the extension of certain costs in customs that could affect port operations and, by extension, local businesses. Industry leaders are keeping a close eye on these developments, as they could have significant implications for the cost of doing business in the region.
Furthermore, the city continues to address the educational sector’s challenges, including a shortage of 2,000 teachers, and is working towards solutions to ensure quality education for all.
Residents and businesses in Tijuana are navigating these complexities as they prepare to make the most of the upcoming festive season and beyond, ever-mindful of the potential opportunities and obstacles that lie ahead.