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Mypes: they declare an emergency in the textile sector and will give credits of up to S / 100,000

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Yesterday the Government declared an emergency in the textile and clothing sector at the national level until July 2022, due to the effects generated by the COVID-19 and the increase in the prices of raw materials.

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In this way, the Ministry of Production must approve the Emergency Plan for the Reactivation of the Textile and Clothing Sector within a period of 10 business days. The purpose of this document is to generate the necessary conditions for the reactivation of the sector, promoting its productivity and competitiveness.

Along these lines, the creation of the Business Support Fund for the textile and clothing sector (FAE-Texco), which has an equity of S/200 million, which will guarantee credits for a total of S/800 million.

They will be able to access credits between S/ 10,000 to S/ 100,000, micro and small companies with RUC 10 and 20 that have sales of up to 1,700 UIT. The terms of the loan to finance capital will be for up to 36 months, and for fixed assets and purchase of debt for up to 60 months, with a one-year grace period. It is estimated that 63,846 mypes and economic units will benefit (see infographic).

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Mypes in the textile sector also called for measures to increase their sales. Photo: diffusion

It should be noted that beneficiaries will be able to access the fund until December 31, 2022, through municipal savings banks, cooperatives and other entities of the financial system.

Affordable interest rate

Gamarra’s businessmen expressed themselves in favor of the measure, but expect more specifications to be made in the coming days.

“This fund is very good, but it should be the Banco de la Nación that grants the credit so that the interest rate is not very high, they must be viable, because the other banks charge up to 35% and the micro-enterprises could not reach cover those amounts”, explains José Luis Muñoz, director of the Union of Textile Entrepreneurs of Gamarra (Unete).

For his part, Hernán Nieva, president of the Association of Exporting Garment Manufacturers of Gamarra (Confex), said that the Government has taken the measure “very quickly, because there was already a leverage program for micro and small companies that was not well regulated. In 2019, financial institutions were asking for very high interest. The interest rate should be at least one digit per year, that would help somewhat, ”he specified.

Other pending measures for the sector

The businessmen expressed that they still hope that the safeguards for imports will be implemented, since they cannot compete with such low prices of garments that come from China, for example.

In addition, they request that the Government promote the access of micro-enterprises to public purchases. “If uniforms are required for the Army, instead of importing it, it is better to do it in Gamarra, we are trained for that job,” Muñoz said.

Overview of the new credit fund for mypes

Infographic – The Republic

Infographic – The Republic

Infographic – The Republic

Source: Larepublica

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