Peru to create Business Support Fund for mypes in the tourism sector

Government will provide a guarantee for S/ 500 million to leverage credits for a total of S/ 1,500 million

The Minister of Foreign Trade and Tourism, Edgar Vasquez, announced that his sector approved the creation of the Business Support Fund (FAE), aimed at micro and small enterprises (mypes) in the tourism sector to provide them with resources to start up again.

Photo: Dascal

“This FAE Tourism will have government guarantees of 500 million soles and through the Banco de Desarrollo del Peru (Cofide) we will leverage credits from the financial system. In a moderate estimate, since we consider that these resources can serve to leverage credits for approximately 1,500 million soles in favor of the mypes of the tourism sector,” he commented to the Andean Agency.

Vasquez said that this initiative incorporates some special conditions, taking into account the characteristics of the sector in relation to existing programs such as Reactiva Peru and FAE Mype.

“These programs, for example, have a four-year credit horizon; in the case of FAE Tourism this term is extended to five years. While the grace period of Reactiva Peru and FAE Mype is 12 months, in the case of FAE Tourism this period is 18 months,” he said.

Vasquez said that the tourism sector activities that will benefit from this initiative will be restaurants, lodging, travel agencies, tour guide companies, production and marketing of handicrafts, tourist and interprovincial transport, organizers of events, conventions and fairs, among others.

Entrepreneurial Tourism

The head of Mincetur also highlighted an initiative aimed at injecting greater resources to the Turismo Emprende program, which has had good results since its implementation.

“Turismo Emprende” had annual resources of three or four million soles that were delivered in non-reimbursable competitive funds in favor of the mype. However, Mincetur has approved the increase of these funds for this year to 50 million soles; in other words, we are more than multiplying by 10 the resources for this important program,” he explained.

In this way, added Vasquez, will benefit the development of innovative projects, the implementation of technological and health adjustments required by companies in the sector, the reactivation and conversion of businesses that were affected by the situation.


Author: Victor Lozano,