Introduction to Legislative Decree No. 1399
Legislative Decree No. 1399 aims to strengthen the country’s business sector through its relationship with the CRECER Fund. This decree aims to broaden the MSMEs’ scope and benefits, facilitating access to financing and guarantees for them and exporting companies. D.L. No. 1399 establishes detailed stability criteria for the final beneficiaries, specifying the financial instruments available and the applicable coverage percentages.
Updates for MSMEs
The Ministry of Economy and Finance (MEF) has updated the regulations of Legislative Decree No. 1399, strengthening micro, small, and medium-sized enterprises (MSMEs) through the Crecer Fund. These amendments became official with Supreme Decree No. 116-2024-EF.
New Requirements for Beneficiaries
MSMEs interested in accessing the Crecer Fund must meet specific requirements:
- Previous coverage eligibility: Beneficiaries must not have received coverage financed by the Crecer Fund previously. It guarantees a more equitable distribution of resources and allows new companies to benefit from the fund.
- Transparency and evaluation: Companies must file verifiable information on their financial and operating situation. It includes audited financial statements and other documents supporting the need and ability to use the funding effectively.
- Regulatory compliance: MSMEs must be updated with their tax and legal obligations. This requirement ensures that only companies operating within the legal framework can access the benefits of the fund.
- Risk Assessment: The Crecer fund will assess risks for each applicant. This assessment will consider financial stability, credit history, and growth capacity. Companies that demonstrate manageable risk and sustainable growth potential will be prioritized.
- Counterpart contributions: Depending on the type of financing requested, MSMEs may need to provide a counterpart contribution, which may be in the form of equity or additional guarantees. It encourages commitment and responsibility on behalf of the beneficiary companies.
Guarantees and Coverage
The maximum value of the guarantees granted by the Crecer fund increases to 10 million soles per beneficiary or its equivalent in foreign currency. These guarantees will cover financing operations and ensure more economic support to MSMEs. In addition, the trustee will be able to contract technical assistance, advisory, or specialized consulting services financed with up to 1% of the audited financial income of the previous year.
Conclusion
The amendments to the CRECER Fund regulations represent a significant step forward for the support of Peruvian MSMEs. Due to the provision of more equitable and broader access to financial and technical resources, the MEF is fostering a more dynamic and sustainable business environment. These measures benefit individual companies and contribute to the country’s overall economic growth. Implementing these amendments proves the MEF’s commitment to inclusive development and the continuous improvement of the business environment in Peru.
Source: Decreto Supremo