FAE-Texco: Produce would include a good payer bonus to reduce credit interest rates

During his participation in the Foreign Trade Commission of the Congress of the Republic, the Vice Minister of Mype and Industry, Javier Dávila Quevedo, announced that the Ministry of Production (Produce) will seek to include a good payer bonus to the Business Support Fund for mypes in the Textile and Clothing sector (FAE-Texco) with the intention that the interest rates of this credit program can be lower.

According to the official, currently, the effective annual cost rate (TCEA) offered to small businesses benefiting from FAE-Texco range between 13% and 17%, however, with this mechanism that they seek to implement to the program, the interest rates would be lower, which would also help the placement of these credits speed up.

“Rates range from 13.5% to 17%, with coverage up to 95%. We are promoting and the good payer bonus should be coming out soon, which can precisely help lower this interest rate to the mypes that have complied (with their payments)Davila Quevedo said.

The Vice Minister of Mype and Industry recalled that the validity of the FAE-Texco until June of this year; however, a new extension is being evaluated. It is worth remembering that this program has a fund of S/200 million guarantees, which allows credit coverage of up to S/800 million.

Along these lines, he explained that to date credits have been granted to 579 mypes for the sum of S/12 million 200,000. “We are looking at how to speed up this process because the need for credit, especially for working capital, for example, close to the school campaignIt’s important,” he concluded.