MEF expects to reactivate some 140,000 mypes by the end of 2023

The Ministry of Economy and Finance (MEF) hopes to reactivate, through the delivery of loans with state guarantee of the Myperu Impulse Programto some 140,000 micro and small companies towards the end of 2023. The first results would be seen, precisely, “in the second and third quarters”, with the more than S/1,594 million assignments already auctioned.

Minister Alex Contreras highlighted that, in the program’s fifth auction, rates averaged 12.67%, almost four times less than those offered in the Finance system (38.45% micro business and 23.13% small business).

“These credits can be oriented for working capital —Now July is approaching, an interesting campaign—, such as buying machinery, or assets such as a sewing machine or a refrigerator, or in the event that the mype has some type of debt, being able to consolidate it and have a longer term,” said the head of the MEF.

79.7% of the S/2,000 million guarantees authorized for the program have already been assigned, with twenty-three companies in the financial system and four savings and credit cooperatives not authorized to receive resources from the public (Coopac) that received the assigned resources through auctions.

However, the goal is still long: by June 20, 2023, the Development Finance Corporation (Cofide) has reported just over S/114 million in loans disbursed in favor of 3,765 mypes, 74.5% of them in the Puno region.

As recalled, for loans of up to S/30,000, the guarantee has 98% coverage; while, for those who occupy between S/30,000 and S/90,000, the guarantee has 90% coverage. The loan term is up to five years.

“The program is designed for mypes to obtain financing at lower rates than market rates. We hope that the almost S/1.6 billion will finance the reactivation of the sector in the third and fourth quarters,” Contreras highlighted.

consumption still low

In detail, the municipal savings and credit banks (Coopac) led 42.6% of the five auctions held, with S/678.5 million assigned at an average rate of 12.75%. The other 30.1% was recorded by banks S/480 million at an average rate of 13.16%.

Daniel Hermoza, director of Mypes Unidas, warned that the delivery of credits will not have the desired effect for the sector if domestic demand does not recover beforehand. In this sense, he reiterated the need for a consumption shock through the payment of the social debt, as is the case of Fonavi.

“There are millions that the public sector owes to the mypes in municipalities, regional governments, ministries, etc. Do not wait for the balances at the end of the year to pay the accrued ones,” he pointed out.