How to access this new credit line for MiPymes?

Bloomberg line — The Chilean government together with BancoEstado has launched a new Fogape Chile Apoya credit line, which will seek Provide liquidity to micro, small and medium enterprises looking for resources for working capital, investments or debt refinancing.

This line, as explained by the officials, will have no prepaid commission, nor will it pay stamp duty and stamp duty, has no commission cost for the guarantee and has a preferential rate associated with it.

“What one would like is for credit to be more stable over time and to help companies that have capital limits, make small investments and have different financing that becomes more challenging later in the credit cycle“said Chilean Finance Minister Mario Marcel.

Among the benefits of the credit line, which is optional, there is also the fact that the debtor will be able to pay the first installment of the credit up to 12 months after disbursement.

“Let no one be left behind in the second half. For this reason, this program is very important and at least two other initiatives will be added during this period: one is the credit program for micro-enterprises and the second is a guarantee program for the credits of construction companies”.specified Marcello.

Who can contact Fogape Chile Apoya?

The Chilean government has indicated that these credits and guarantees natural and legal persons can apply, who can carry out their credit process in any financial institutionso that the guarantees are then made available to the client, as explained by the president of Banco Estado, Jéssica López.

For this line there are three sections of expected customers who can apply for financing:

• Companies with an annual turnover of up to 2,400 FI, which are micro-enterprises, i.e. sales up to CLP $84,131,232.
• Companies or businesses with an annual turnover of up to 24,000 FI, which are small businesses (CLP $841,312,320).
• Companies with annual sales up to 100,000 UF, which are the largest focus group (CLP $3,505,468,000).

Along with these established ranges, companies must meet at least one of the following conditions:

• They belong to the economic sectors most affected by the pandemic and the economic crisis, such as tourism, construction or cultural activities.
• Not having received Fogape Reactiva or Fogape Covid.
• Having been affected by social outburst or rural violence.

The interest rate that these credits would have will be calculated with the current monetary policy interest rate plus a maximum of five percentage points, according to regulations. Currently, this would be 11.25% plus an additional 5% under the regulation.

How much money can be accessed in Fogape Chile Apoya?

The new credit line will be available until December 31, 2023, according to the president of BancoEstado. Just as there are billing ranges for companies that apply, there are also maximum amounts you can lend them:

• Micro-enterprises: Financing up to UF 4,000 (CLP $140,218,720) and guarantee coverage rate up to 95%.
• Small business: Financing up to UF 6,250 (CLP $219,091,750) and guarantee coverage rate up to 90%.
• Medium enterprises: Financing up to UF 25,000 (CLP $87,636,700) and guarantee coverage rate up to 85%.

Aid for the fire in Viña del Mar

In the midst of the presentation and implementation of the Fogape Chile Apoya credit program, Minister Marcel referred to the aid that the government is implementing to help the communities affected after the fire registered in Viña del Mar at the end of last week.

“An amount of CLP $1,500,000 has been set so that people can recover some of what has been lost. The funding will come from this year’s resources, even though we were about to close the budget execution, there are resources.” Marcel specified the resources planned to help families.

However, he points out that there is not yet a precise figure for the funds to be used, as the land register of the people or families affected is being completed. Furthermore, there would also be a housing budget for those who have been most affected, even if the mechanism is still being defined. the official explained.