| | |  Business News | March 2009 
Puerto Vallarta's Sluggish Economy
 Vallarta Opina
Due to the closing of at least 150 local small and medium size businesses since last December, the National Chamber of Commerce and Tourism Services (Canaco Servytur) sent a letter to State Authorities asking them to provide the local business owners with credit lines as soon as possible in order to rescue the decaying economy.
The President of the Canaco, Maximiliano Lomeli Cisneros, said that "at least 150 companies have decided to close their doors for the low season way before their usual time and this brings as a consequence the loss of jobs available in the city."
This is the reason why Lomeli Cisneros sent a letter to the Economical Promotion Secretary (Seproe) asking to unlock the awaiting credit requests from local business owners in order to try to rescue the companies with the biggest problems.
"Our biggest concern is the bureaucracy that continues in the department where all applicants for credits must go for assistance. We were told that there would be less red tape for this but things are still the same," said Lomeli.
Actually there are over one hundred requirements in order for a business to apply for credit in Mexico when there are no more than 10 in other countries. "If a law must be modified in order to avoid all of these requirements, then let it be modified. This has to be a priority for the Government because if businesses close down, there will not be any taxes to collect," said Lomeli.
Among the most affected businesses that must close their doors, even if just temporarily, we find jewelry shops, restaurants and handcraft shops, as well as grocery stores and food companies.
Trying to resolve some of these problems, the National Confederation of Commerce Chambers (CONCANACO) and the Federal Government Economy Secretary will provide scholarship certifications to small and medium business owners in the area in order to support them in this crisis period, but they must promise not to unfairly fire any of their workers for the next four months.
Translated by Salvador Murguía for PVNN |
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