On January 23 of the current year, the Peruvian Government published Emergency Decree No. 013-2020 (“DU”) that grants measures that promote new forms of financing for entrepreneurship, startups and MSMEs.
Among the new measures proposed to grant greater financing possibilities are the following:
I. Financing through commercial invoice and receipt for fees
Bearing in mind that said electronic payment receipts must record, without admitting evidence to the contrary and on the same date of their issuance, the agreed payment term and the net amount pending payment.
Then, taxpayers who issue this payment voucher, can write down such payment vouchers at a Securities Clearing and Settlement Institution (ICLV) and perform the operations that are required for their transfer to third parties, collection and execution in case of default, this even without the conformity or presumption of conformity on the part of the purchaser of the good or of the service user.
II. Financing through purchase and / or service orders issued by State entities
Such purchase orders have the quality of title value and may be financed by supervised financial institutions and / or registered with the SBS. These can be transferred by the MSME to a third party, before which, the public entity must make the payment to the third party, once the conformity has been issued for the correct receipt of the good or service.
III. Financial leasing
With the aim of expanding the number of companies that can grant assets in financial leasing, they have created the registry of financial leasing companies not included in the scope of Law No. 26702 (Law of the Financial System and Insurance System) that will be managed by the SBS. To make such registration, the SBS may request the information it deems necessary to verify compliance with the minimum criteria regarding the volume of operations and the risk that these companies may represent for the stability of the financial system.
IV. Participatory financing - Crowdfunding
They establish the applicable legal framework to regulate and supervise the activity of participatory financing, which involves the companies authorized to administer the crowdfunding platforms, the “Management Companies of Participatory Financial Financing Platforms”. They obtain their authorization from the SMV.
Among the most relevant conditions for the crowdfunding project are: (i) that the recipient of the financing does it in their own name, that their project is of a personal or business type developed in Peruvian territory, (ii) that the crowdfunding is aimed at a plurality of natural persons, legal entities or collective entities, (iii) have a financing objective and a maximum collection period, (iv) not be able to publish the same project on several platforms simultaneously; among others.
What crowdfunding modalities does it support? (i) through securities representing capital and / or debt (where the recipient of the funds is the issuer of such securities), (ii) through loans (where the recipient of the funds is the borrower).
It is also important to mention that the DU includes the figure of the sandbox (sandbox) or «novel models» which is a special environment with a low regulatory load or a special temporary regulation applicable to new business models so that they can be offered without major regulatory obstacles. Applications must be evaluated by the SMV or SBS, depending on each case.
Undoubtedly, this Emergency Decree is loaded with many provisions to encourage financing opportunities for enterprises, startups, and MSMEs. In this scenario it is important to analyze in depth this new regulatory framework and observe the behavior that the market will take.