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Reactiva Peru credits will be paid in up to 7 years

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Starting today, companies that benefited from Reactiva Peru loans will be able to request a new rescheduling of their loans, after yesterday the Ministry of Economy and Finance (MEF) updated the program’s operating regulations, in compliance with the Emergency Decree 011-2022 approved in May.

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In this way, financial entities are authorized to establish a new grace period of up to 36 additional months for companies in the tourism sector, while those of other sectors will be able to access up to 24 more months. That is, at that time they will not pay the debt, just the interests.

“From tomorrow (today) rescheduling may be requested, the same ones that will have to be evaluated by the Business of the financial system as part of the established procedures,” the Ministry of Economy and Finance told this newspaper.

Added to the previous grace periods and the initial term of the payment of the debt, the companies will have a total of up to 7 years (84 months) to pay the credits granted through this program that was created in order to reactivate them from the losses caused by the pandemic in 2020.

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From the MEF they indicated that in this way the tourism companies would complete the payment of their total debt until May 2027, while the rest of the sectors would do so until May 2026 at the latest.

What are the requirements to reschedule?

Companies that have a valid guarantee and that are presented by the financial entities, provided they have loans of up to S/ 90,000 in total.

While for the case of loans from S/ 90,001 to S/ 10 million in total, the company must demonstrate a drop in the level of sales greater than or equal to 30% in the year 2021 compared to the year 2019.

The rule specifies that it is the responsibility of the financial entities to evaluate and approve the rescheduling carried out within the framework of DU No. 011-2022, as well as to verify that the debtor company that avails itself of the rescheduling of Reactiva Peru’s credits complies with the mentioned requirements.

It also emphasizes that the mechanisms or means of verification of the falls in the previous sales levels must be carried out by the financial entities through the records of the Sunat, keeping a copy of these records in the file of the debtor company.

Interest rates

The interest rates They cannot be higher than the maximum rates given in the auctions of the credit programs with a state guarantee on the date of the regulation, which will be published by Cofide, indicated the ESAN Finance teacher Arturo García.

“It will not necessarily be the original rate of the credit, because the market rates have risen since August of last year due to the increases made by the central bank at reference rates,” he explained.

The rule specifies that financial entities are prevented from charging additional commissions and expenses or increasing the value of said charges with respect to those to which the debtor company was subject before taking advantage of the rescheduling.

Reactiva only reached 16.6% of mypes

More than 2.5 million micro and small businesses (mypes) were unable to access the Reactiva Peru program, which allocated close to S/ 60,000 million during the pandemic. To date, only 16.6% of these companies (500,000) have benefited, that is, a sixth of the mypes, according to the Lima Chamber of Commerce (CCL).

The president of the Small Business Guild (COPE) of the CCL, Rodolfo Ojeda, He stated that half of what was designated (S/ 30,000 million) was granted to large companies, which represent only 1.3% of the total productive units.

The data

Previous procedure. For financial institutions to reschedule credits of their clients that were financed through the program Reactivate Peru, they must first sign an addendum with Cofide.

Source: Larepublica

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