Mexico's development banks for trade

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Mexico's state development banks fund a large share of the credit that reaches exporters, importers and their suppliers. This guide explains which bank does what, how the money reaches a company, and what a company needs before it applies.

Published October 23, 2026 · Facts as of October 23, 2026 · 9 min read · Sources listed at the end · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

MXN 288.5bnBancomext's on-balance loan portfolio at the end of June 2026 ²

51%Share of Bancomext's first-half 2026 foreign trade credit lent directly to firms ²

MXN 539.2bnNafin's direct and induced credit balance to the private sector, first half of 2026 ¹

60% to 70%Guarantee cover that lets commercial banks lend to small firms on better terms ³

What is it?

Bancomext funds foreign trade and Nafin funds small firms and supply chains. Both are state-owned and lend directly (first tier) and through commercial banks and other lenders (second tier) ⁸. FIRA does the same for farm and food businesses ⁶.

Why does it matter?

About 95% of Mexican private firms are small and medium-sized, most with limited access to credit, and Mexican lending rates are higher than US rates ⁸. Development bank funds and guarantees reach firms that commercial banks would not lend to on their own.

How does it work?

A company applies at a Nafin or Bancomext state office or through an accredited bank ⁷. Suppliers to large buyers can sell approved invoices through Nafin's platform, Cadenas Productivas ¹⁰.

In this guide

1. Which development banks matter for trade?
2. How does the money reach a company?
3. How much do Bancomext and Nafin lend?
4. Which programs fit an exporter or a supplier?
5. What does a company need before it applies?
6. What should traders watch next?

01Which development banks matter for trade?

Three state banks matter most for traders. Bancomext is the foreign trade bank. It lends to exporters, importers and firms in global value chains for working capital and projects ^2,8. Nafin serves small and medium-sized firms and supply chains, with credit, guarantees and a supplier finance program ^1,5. FIRA lends and guarantees for farm and food businesses through other lenders ⁶.

Banobras funds infrastructure and public works. It can contribute up to MXN 80 billion to a federal plan for energy and road projects, according to El Financiero and Bloomberg ⁹.

Since June 16, 2026, one director general heads both Nafin and Bancomext ¹³. The two banks still publish separate results.

Compare

Who does what among Mexico's development banks

Main role and latest size figure for each bank. Sources: Nafin, El Financiero, FIRA, US Commercial Service ^1,2,6,8,9.

Bank	Main role	Who it serves	Latest size figure
Bancomext	Foreign trade: working capital and project lending 8	Exporters, importers and firms in global value chains	Assets over MXN 590bn, June 2026 2
Nafin	Small firms, supplier finance, guarantees 1	Small and medium-sized firms and suppliers of large buyers	Assets over MXN 729bn, first half of 2026 1
FIRA	Farm and food credit and guarantees through other lenders 6	Producers and agri-food firms	Credit balance MXN 269.8bn, June 2026, preliminary 6
Banobras	Infrastructure and public works 9	Public and private projects	Up to MXN 80bn for an energy and roads plan 9

02How does the money reach a company?

The banks use three channels. In the first tier, the development bank lends directly to a firm, mostly larger ones. In the second tier, it funds a commercial bank or a non-bank lender, which lends to the firm. Through guarantees, it covers part of a private lender's loan; the loan that results is called induced credit ^1,2.

Bancomext guarantees of 60% to 70% let commercial banks lend to small firms on better terms. As of February 2026, Bancomext worked with more than 10 commercial banks and was extending this to SOFOMs and SOFIPOs, two kinds of non-bank lender ³.

For most small firms, the second tier is the usual route. The company deals with its own bank. The bank decides on the loan and uses development bank funds or a guarantee behind it.

1. Development bankBancomext, Nafin or FIRA provides funds or a guarantee.
2. IntermediaryA commercial bank, SOFOM or SOFIPO takes the funds or the guarantee and assesses the firm ³.
3. GuaranteeWhere a guarantee is used, the development bank covers 60% to 70% of the private loan ³.
4. CompanyThe exporter, importer or supplier receives the loan from its own bank, or directly from the development bank if it is large.
5. RepaymentThe company repays the intermediary, which repays the development bank.

Most small firms reach development bank funds through their own bank. Second-tier lending was 59% of Nafin's credit flow in the first half of 2026.

03How much do Bancomext and Nafin lend?

Bancomext had total assets of more than MXN 590 billion at the end of June 2026. Its on-balance loan portfolio was MXN 288.5 billion, and its direct and induced credit balance to the private sector was MXN 336.8 billion ². In the first half of 2026 it channeled MXN 150.1 billion to firms linked to foreign trade ².

Most of that went to large firms: MXN 108.0 billion, or 72.0%. Small firms received MXN 21.0 billion, medium firms MXN 11.6 billion and micro firms MXN 9.5 billion ². Bancomext reported a non-performing loan ratio of 1.57% and a capital ratio of 21.90% ².

Nafin had total assets of more than MXN 729 billion and on-balance loans of MXN 280 billion in the first half of 2026. Its direct and induced balance to the private sector was MXN 539.2 billion, and it reached about 294,000 firms, 89% of them micro firms ¹. Nafin relies more on second-tier lending and guarantees than Bancomext does.

FIRA's credit balance was MXN 269.8 billion in June 2026, a preliminary figure, against MXN 276.4 billion at the end of 2025 ⁶.

Compare

How Bancomext and Nafin lend, first half of 2026

MXN billion and share of each bank's credit flow. Bancomext: credit to firms linked to foreign trade, MXN 150.1bn. Nafin: total credit flow of about MXN 230bn. Sources: El Financiero, Nafin ^1,2.

Channel	Bancomext	Nafin
First tier, direct loans	76.3 (51%) 2	Not stated separately
Second tier, through banks and other lenders	54.3 (36%) 2	135.4 (59%) 1
Guarantees and induced credit	19.5 (13%) 2	82.7 (36%) 1

04Which programs fit an exporter or a supplier?

Suppliers to large buyers can use Nafin's Cadenas Productivas. The large buyer, called the anchor, joins the platform and publishes its approved invoices. The supplier then sells them to an intermediary bank under a factoring contract and is paid before the due date ¹⁰. Our guide to factoring in Mexico covers the terms and the law.

Nafin also offers factoring for invoices owed by buyers outside a chain. An undated Nafin product page describes advances in pesos of up to 90% of the invoice value for up to 180 days, priced on the supplier's risk ¹¹. Under Plan Mexico, Nafin cuts its factoring rate by 100 basis points in pesos and 30 basis points in foreign currency ¹².

For equipment, Nafin's Credicadenas loan goes up to MXN 10 million, at a fixed rate of up to 15%, for up to 60 months, under its September 2026 agreement with the Nuevo León auto cluster ¹². Our guide to finance for tier 1 and tier 2 suppliers covers auto suppliers.

Nafin's Plan Mexico guarantee strategy backed 3,814 loans for MXN 13.2 billion, according to its preliminary 2025-2026 progress report ⁵. Farm exporters work through FIRA's lines at their bank; see our farm and food brief.

Where the cash goes

Where development bank programs fit in a trade cycle

1. Investment
   Equipment and plantTerm loans such as Credicadenas fund machinery for suppliers ¹².
2. Before shipment
   Materials and wagesWorking capital lines from Bancomext, or from a bank backed by a development bank guarantee ^2,3.
3. After invoice
   Waiting for the buyerSuppliers sell approved invoices through Cadenas Productivas or Nafin factoring ^10,11.
4. Payment
   Cash returnsThe buyer pays the bank that bought the invoice, and the supplier's line is free again.

The order of cash needs is typical. Which program applies depends on the firm's size, sector and bank.

Before shipmentPre-shipment finance

Funds materials and production for an export order.

After invoiceFactoring or invoice discounting

The supplier sells or borrows against unpaid invoices.

Large buyer runs a programPayables finance

The buyer approves the invoice and a finance provider pays the supplier early.

Farm and food tradeAgricultural commodity finance

How crops and food shipments are financed from harvest to sale.

05What does a company need before it applies?

A Nafin and Bancomext representative in Tijuana set out the basic conditions in April 2026. A firm needs at least two years registered with the tax authority, SAT, and in operation, with one year accepted for first-time borrowers. It also needs a good credit bureau history. Pre-approved schemes run from MXN 1 million to MXN 50 million; larger amounts get a custom analysis ⁷.

The firm can start at a Nafin or Bancomext state office or at an accredited bank ⁷. For Cadenas Productivas, the buyer signs an adhesion letter with Nafin. The supplier completes Nafin's checklist and agreement, receives access keys and signs a factoring contract with an intermediary bank ¹⁰.

Lenders check the same records whatever the source of funds. Our guide to what lenders ask Mexican companies for lists them, and our guide to electronic invoices (CFDI) explains why invoices are checked against tax records.

Checklist

Before you apply for development bank credit

• Two years of operationAt least two years registered with SAT and operating; one year for first-time borrowers ⁷.
• Clean credit historyA good record at the credit bureau ⁷.
• Amount in rangePre-approved schemes run from MXN 1 million to MXN 50 million; larger amounts get a custom analysis ⁷.
• An entry pointA Nafin or Bancomext state office, or an accredited intermediary bank ⁷.
• For Cadenas ProductivasYour buyer has joined the chain, and you have signed Nafin's agreement and a factoring contract with a bank ¹⁰.

Conditions as stated publicly in April 2026. Each program and intermediary sets its own terms.

06What should traders watch next?

Plan Mexico is the main source of new programs. On February 5, 2026, Nafin and Bancomext announced MXN 120 billion of funding for small firms through credit, guarantees, co-investment and lower factoring rates, according to a Global Trade Alert record ⁴. The government's own announcement was not retrieved for this guide. For US credit support for buyers in Mexico, see US export credit. Tariffs and rules that affect the goods being financed are on our corridor watch page.

• By Jul 2027Banobras expects to provide most of its financing for energy and road projects within 12 months of July 2026 ⁹.
• 2027FIRA plans to activate its export office, FIRA Exporta. In the first half of 2026 it had identified 57 firms and 28 products ⁶.
• Dec 31, 2026End of Bancomext's 2026 plan of up to MXN 190 billion of new credit, after MXN 187.3 billion in 2025 ³.
• Jun 16, 2026One director general now heads both Nafin and Bancomext ¹³.
• Feb 5, 2026Nafin and Bancomext announced MXN 120 billion of Plan Mexico funding for small firms, according to Global Trade Alert ⁴.

Questions traders ask

What is the difference between Bancomext and Nafin?

Bancomext is Mexico's state development bank for foreign trade. It lends to exporters, importers and firms in global value chains, mostly to larger firms. Nafin focuses on small and medium-sized firms and supply chains, with guarantees, second-tier credit and the Cadenas Productivas supplier platform. Since June 2026 one director general heads both.

What is second-tier lending?

The development bank funds a commercial bank or a non-bank lender, and that lender makes the loan to the company. The company deals only with its own lender. In the first half of 2026, second-tier lending was 36% of Bancomext's foreign trade credit and 59% of Nafin's credit flow.

Who can apply for Nafin or Bancomext credit?

A Nafin and Bancomext representative said in April 2026 that a firm needs at least two years registered with the tax authority and in operation, one year for first-time borrowers, and a good credit bureau history. Pre-approved schemes run from MXN 1 million to MXN 50 million.

How does Cadenas Productivas help suppliers?

A large buyer joins Nafin's platform and publishes the invoices it has approved. Its suppliers can sell those invoices to an intermediary bank and receive cash before the due date. Under Plan Mexico, Nafin cuts its factoring rate by 100 basis points in pesos.

Does FIRA finance farm exporters?

FIRA lends and guarantees through banks and other lenders for farm and food businesses. Its credit balance was MXN 269.8 billion in June 2026, a preliminary figure. Its dedicated export office, FIRA Exporta, is planned for 2027.

Read next

• Corridor guideFactoring in Mexico: how exporters sell invoices for cash
• Corridor guideSupplying vehicle makers: finance for tier 1 and tier 2 suppliers
• Corridor guideUS export credit for buyers in Mexico
• Corridor guideWhat lenders ask Mexican companies for
• Corridor guideNearshoring: financing a new plant's supply chain
• Product briefBeer, fruit and tomatoes: Mexico's farm and food exports to the US
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Financing trade between Mexico and the US with development bank support? Ossiano Capital works on trade finance in this corridor.

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Sources and notes

1. Nafin, Resultados del primer semestre 2026, press release, July 28, 2026. https://www.nafin.com/portalnf/files/secciones/sala-prensa/comunicados-pdf/2026/17-Comunicado_Resultados_1er_semestre_2026.pdf
2. El Financiero, Bancomext canaliza más de 150 mil mdp al comercio exterior, August 5, 2026. https://www.elfinanciero.com.mx/empresas/2026/08/05/bancomext-canaliza-mas-de-150-mil-mdp-al-comercio-exterior-y-gana-mas-de-3-mdp-en-primer-semestre/
3. Expansión, Bancomext prevé colocar 190,000 mdp en nuevos créditos en 2026, February 2, 2026. https://expansion.mx/economia/2026/02/02/bancomext-preve-colocar-190-000-mdp-en-nuevos-creditos-en-2026
4. Global Trade Alert, Mexico: Nafin and Bancomext provided MXN 120 billion in funding for SMEs under Plan Mexico, February 5, 2026. Primary government source not retrieved. https://globaltradealert.org/state-act/96601-mexico-nafin-and-bancomext-provided-mxn-120-billion-in-funding-for-smes-under-plan-mexico
5. Nafin, Avances y resultados 2025-2026 (2026 figures preliminary). https://www.nafin.com/portalnf/files/secciones/sobre-nafin/archivos/avances_y_resultados/avances_y_resultados_2025-2026.pdf
6. FIRA, Avance y resultados 2025-2026 (June 2026 figures preliminary). https://fira.gob.mx/Files/AvancesyResultados2026.pdf
7. El Imparcial, Créditos de desarrollo exigen antigüedad y buen historial a empresas, Tijuana, April 28, 2026. https://www.elimparcial.com/tij/tijuana/2026/04/28/creditos-de-desarrollo-exigen-antiguedad-y-buen-historial-a-empresas/
8. US Commercial Service, Mexico Country Commercial Guide: Trade Financing, February 17, 2026. https://www.trade.gov/country-commercial-guides/mexico-trade-financing
9. El Financiero (Bloomberg), Alista Banobras plan por 4 mil millones de dólares para proyectos de energía, July 13, 2026. https://www.elfinanciero.com.mx/economia/2026/07/13/alista-banobras-plan-por-4-mil-millones-de-dolares-para-proyectos-de-energia/
10. BBVA México, Cadenas Productivas Nafin (undated). https://www.bbva.mx/empresas/productos/financiamiento/factoraje/Cadenas-productivas-nafin.html
11. Nafin, Factoraje a clientes (undated). https://www.nafin.com/portalnf/files/secciones/modulo-de-atencion-virtual/pdf/factoraje/factoraje_a_clientes.pdf
12. Cluster Industrial, CLAUT and Nafin support finance for auto SMEs in Nuevo León, September 2026. https://clusterindustrial.com.mx/claut-y-nafin-impulsan-financiamiento-para-fortalecer-a-las-pymes-automotrices-de-nuevo-leon/
13. Expansión, new director general of Nafin and Bancomext, June 16, 2026; Nafin press release no. 14 of 2026. https://expansion.mx/economia/2026/06/16/carlos-torres-rosas-llega-a-direccion-de-nafin-y-bancomext

All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

About this guide. Prepared for Ossiano Capital. People planned, researched, wrote and checked this guide, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.