The total value of credit granted by Municipal Savings and Loans Banks (CMAC) to Peruvian small and medium sized enterprises (SMEs) reached a record high of 7.82 billion soles (US$ 2.77 billion) in the first half of 2014.
The Peruvian Federation of Savings and Loan Associations (Fepcmac) noted the reported amount represents an increse of 7 percent over the same period last year and it was driven by Peru's economic performance during the January-June stretch.
In that sense, Fepcmac reported the line of credit approved by microfinancing entities to SMEs nationwide amounted to US$ 6.96 billion in period ended June with the aim of supporting their financing and competitiveness.
“The market of the small banking business across all the country’s regions hit a 40 percent’s stake of the above-mentioned amount,” the institution said in its latest report which was put out Tuesday.
Fepcmac’s new data found that US$ 1.23 billion of the reported amount was granted by the Lima-based financial entity Mibanco with a 18 percent’s share, while a line of credit worth US$ 2.29 billion was granted by small financial institutions, thus accounting for 33 percent’s stake.
Likewise, the study revealed that the share of total credit granted by other credit providers such as developmental lenders and micro-lenders totaled US$ 361.2 million, while institutions for development of small and micro-enterprises (Edpymes) granted US$ 224.9 million.
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Published: 8/20/2014