Access to formal credit: an opportunity for Peruvian entrepreneurs in 2024.

Access to credit for micro and small enterprises (mypes) in Peru remains a crucial issue in 2024, especially following the economic challenges the country has faced in recent years. The situation becomes even more complex for entrepreneurs who lack a credit history or who have been negatively reported in Infocorp. According to a study conducted by the Peruvian Institute of Economy (IPE), by mid-2023, 8% of urban households nationwide reported having received informal credit in the past year. This phenomenon is particularly alarming in the eastern region of the country, where one in five households has turned to lenders or pawn shops during the same period. Informal loans are often used to address debts, finance business investments, or cover basic needs. This trend has become a common practice among merchants and entrepreneurs who, for various reasons, are unable to access formal credit. However, the need for financial resources remains pressing for most of these entrepreneurs, who see credit as an essential tool for the growth and sustainability of their businesses. In light of this situation, financial institutions are beginning to offer more accessible alternatives for those without a credit history. Juan Diego Cañamero, manager of Prestaclub, states that "we believe in the power of entrepreneurship to drive economic growth and innovation." This statement reflects a shift in the perception of access to financing, recognizing the importance of supporting entrepreneurs who have traditionally been overlooked by conventional financial institutions. Among the most convenient options presented for accessing loans without a credit history are loans backed by mortgage guarantees. Entrepreneurs can opt for loans ranging from S/ 10,000 to S/ 1 million, allowing them to finance their businesses or have working capital. What is most significant is that the guarantee can be a house, apartment, land, or commercial property located in Lima or Callao, as long as it is properly registered in the Public Registries. This alternative presents a straightforward and immediate way to access credit. To do so, only a valid DNI is required, and in some cases, gold jewelry of 18K, 21K, and 24K, which further facilitates the possibility of financing. Through this scheme, entrepreneurs can find a viable path to obtain the necessary capital without relying on informal methods that often carry high financial risks. However, beyond the mere availability of credit, it is essential that entrepreneurs receive adequate support. Juan Diego emphasizes that this type of credit should always be accompanied by legal and financial advice, ensuring that entrepreneurs have the necessary support and guidance to make informed decisions. Financial education is a key component in this process, as it allows entrepreneurs to better understand the implications of taking on debt and how to manage their resources effectively. Financial inclusion is on the rise in Peru, and more institutions are seeking to provide solutions to the needs of entrepreneurs. This not only contributes to the economic stability of mypes but also fosters an ecosystem where innovation and entrepreneurial creativity can flourish. In this sense, access to credit becomes an engine of economic development that benefits both entrepreneurs and the economy as a whole. It is crucial for entrepreneurs to be informed about the available options and to dare to explore these financing alternatives. Overcoming obstacles such as the lack of a credit history is possible, and with the right support, new opportunities for growth can open up. In a country where informality has been the norm, it is time for entrepreneurs to find formal options as allies on their path to success. Therefore, the call to action is clear: entrepreneurs, do not be discouraged by the lack of a credit history. There are alternatives that can help propel your dreams and projects. With the right advice, the use of guarantees, and an open mindset towards opportunities, it is possible to build a solid and sustainable financial future.