On June 6, the Ministry of Economy and Finance (MEF) updated the operating regulations of the Reactiva Peru program so that companies, especially mypes, can request a new rescheduling of their credit, which includes a new grace period of up to 36 months in the case of companies in the tourism sector and up to 24 months for businesses in other areas.
This is the second rescheduling authorized by the Executive, however, the latter has undergone an important modification, since now it will be the same entities of the financial system that will assume these operations with their own resources. Previously, the Government supported this benefit through the Central Reserve Bank of Peru (BCRP).
This change has generated that the entities of the financial system can vary the interest rate with the request of a new rescheduling.
Thus, the maximum annual rate that any entity can apply for this refinancing will be up to 17%, as published by Cofide, which is based on the maximum TCEA reached in the auctions of the programs with a state guarantee (FAE-tourism, FAE- Agro, FAE-Mype, PAE-Mype and Reactiva).
Despite the fact that the maximum rate exceeds by more than 10 percentage points that offered in Reactiva (5.25%), the MEF and Cofide indicated that said level is less than half of the current rates offered to mypes in the system, which were between 35% and 45% per year before the pandemic.
For its part, Banco del Crédito (BCP) announced that its SME clients with Reactiva loans who wish to reschedule will have two unique rates that will differ depending on the amount of the loan.
Those with a credit of up to S/ 90,000 will be charged an annual rate of 9.90%, while loans greater than S/ 90,000 will be charged 8.70%.
According to the bank, these rates are “the minimum possible to cover the costs involved in granting this new phase of rescheduling today.”
Jorge Carrillo Acosta, professor at the Pacífico Business School, points out that this higher rate is also sustained because “money is more expensive because the reference rate has risen.”
Carrillo also specified that if the company accepts a rescheduling, it only pays interest during the grace period.
As an example, if the loan was for S/ 100,000 and it is rescheduled at an annual rate of 17%, interest must be paid S/ 1,317 per month for the duration of the grace period. If the rate is 8%, S/ 643 per month should be paid. In the first rescheduling with a rate of 2%, only S/ 165 of interest was paid.
Likewise, the professor mentioned that the new interest rate would affect all credit. In other words, the installments to be paid once the grace period has ended would also be higher than those previously agreed upon.
“The fee is going to increase, it is as if it were a new loan, only it is covered by the State,” he explained.
Reschedule only if necessary
Finance expert Jorge Carrillo Acosta points out that rescheduling is not mandatory, so each company should carefully assess whether it will avail itself of this benefit, considering that interest rates will be higher.
“Each bank will decide what interest rate it offers. The rescheduling is not mandatory, there was already an obligation to pay and it is an option that the bank gives you and that facility has a higher cost in this case”, notes the professor.
Carrillo Acosta recommends that rescheduling be requested only if the company truly needs it and has not yet fully recovered.
Julio Velarde, president of the BCRP
“They cannot raise (the interest rate) indefinitely, because the norm set a ceiling and it is the one that previous auctions have had, including those of the FAE, which have been higher interest rates.”
Rise. On June 9, the BCRP Board agreed to raise the reference interest rate to 5.50%.
Dear. Credicorp expects the BCRP to raise its rate this year to 6.25% or 6.50%.