The Government published this Tuesday the operating regulations of the Business Support Fund for MSEs of the Tourism Sector (FAE-Tourism) with which it will be possible to allocate credits guaranteed by the State to companies that require working capital in the face of the impact of the pandemic of the COVID-19.
According Ministerial Resolution No. 228-2020-EF / 15, published this Tuesday in the Official Gazette El Peruano, the regulation aims to comprehensively regulate the terms, conditions and operation of the support fund.
FAE-Tourism It has resources of S / 500 million, which are intended to provide coverage to the loans granted to the mypes of the sector. Mincetur estimates that more than 20,000 companies will benefit.
“The FAE-Tourism is operational as of today and seeks to exclusively cover the working capital needs of the MYPE of the Tourism Sector. We ask companies in the financial sector to offer the best facilities to micro and small companies to access credit lines. Only in this way can we safeguard more jobs”, Said the Minister of Foreign Trade and Tourism, Rocío Barrios.
The fund will be administered by the Development Finance Corporation (Cofide) and will be valid for 6 years.
Credits from the financial system of up to 5 years will be guaranteed with up to 18 months of grace for the mypes. In addition, companies in the sector that belong to the New Simplified Single Regime (New RUS) can request credits from FAE-Tourism.
The FAE-Tourism is aimed at the mypes that offer lodging services, interprovincial land transport of passengers, tourist transport, travel and tourism agencies, restaurants, leisure activities, organization of congresses, conventions and events, tourist guidance, and production and marketing of handicrafts.
Companies that meet any of the following criteria are eligible as beneficiaries:
- The mypes that obtain credits for working capital, according to the parameters established by the Superintendency of Banking, Insurance and Private Administrators of Pension Funds (SBS) for credits to micro and small companies
- The mypes that are classified in the Financial System, as of February 29, 2020 in the SBS Risk Center, in the category of “Normal” or with Potential Problems “(CPP). In the event of not having a classification as of that date, not having been in a category other than the “Normal” category during the 12 months prior to granting the loan. If it does not have a risk classification in the 12 months prior to February 29, 2020, it is considered a “Normal” category. In case the MYPE does not have a credit history therefore it does not have a classification, the Financial System Company (ESF) and / or the Savings and Credit Cooperative (COOPAC) performs a risk assessment of the Tourism Sector MYPE whose internal classification must be equivalent to the Normal and / or CPP categories established by the SBS, to be considered eligible.
In the case of financial entities that seek to channel resources, the criteria are as follows:
- Not being involved, as appropriate, in any intervention, dissolution and liquidation regime or financial reorganization plan required by the SBS or any other regulatory, control and supervision body according to applicable laws.
- Not being a counterpart of Cofide or the Ministry of Economy and Finance (MEF) in a judicial process or administrative procedure, not having filed a lawsuit or complaint against the trustee (Cofide), or having any administrative or arbitration action pending against the trustee.
- Have a risk rating equal to or better than C, effective as of February 29, 2020.
- In the event that the financial system company has a risk rating equal to or higher than C-, it can access the FAE-TURISMO facilities to the extent that it constitutes a guarantee trust in favor of Cofide, made up of a credit portfolio that, as of February 29, 2020, has a “Normal” or “With Potential Problems” (CPP) risk classification, in a proportion not less than 15% of the loan portfolio originated with the FAE-TURISMO guarantee, or another guarantee to satisfaction of Cofide.
- In the case of COOPACs and other ESFs that do not have a risk classification, Cofide performs the credit evaluation and grants an equivalent credit classification, as defined in the trust agreement that Mincetur and Cofide will sign.
The maximum value of coverage per mype of the FAE-Tourism will be the following:
- The amount equivalent to three times the monthly average of working capital debt registered by the MYPE, in 2019, in companies of the financial system or COOPAC. For this limit, consumer loans or home mortgages are not considered. For the purposes of determining the working capital debt, the total debt of the MYPE in 2019 is taken into account in the ESF or COOPAC, according to the parameters established by the SBS.
- Alternatively, the amount equivalent to four months can also be considered the monthly average sale level for the year 2019, according to SUNAT records. In order to determine the level of sale, the amount equivalent to four months of your income and / or average monthly purchases for the year 2019 is taken into account, in accordance with the taxpayer’s tax regime. The limit of the individual guarantee granted by FAETURISMO is for credits destined only for working capital of the MYPE. This guarantee granted through COFIDE to the ESF and COOPAC, is applied in accordance with the following coverage percentages of the portfolio by debtor:
|Amount of credits (in soles)||Warranty (%)|
|Up to S / 90,000||98|
|The S / 90,001 to S / 750,000||95|