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Press Releases '03-'04

Ambassador Garza Visits "Monte de Piedad"

Mexico City

“Whether the loan is for a television set, to pay tuition or to start a small business, access to micro-credit loans promotes prosperity and stimulates the economy,” said U.S. Ambassador Tony Garza. “For over two centuries, not only has Monte de Piedad provided economic opportunities for Mexicans, but it has supported Mexican charitable organizations, providing $30 million dollars to worthy causes this year.”

On May 25, U.S. Ambassador Tony Garza toured Monte de Piedad and met with officials over lunch. Ambassador Garza was impressed by the size of the operation, its dedication to the community and its place in Mexican history.

More than just a pawnshop, Monte de Piedad is a Mexican non-profit institution founded in 1775 to assist customers from all over Mexico. Providing short-term micro-loans with collateral ranging from jewelry to cars, the institution also supported 500 different Mexican charitable organizations with over $25 million dollars in 2003.

Monte de Piedad has grown from 35 branches eight years ago to 100 branches throughout Mexico today. Last year, it served 11 million customers, conducting 18 million transactions with 33 million items.

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