FACULTY OF BUSINESS

ACCOUNTING SCHOOL

Las alternativas de financiamiento para las

pequeñas y medianas empresas.

COURSE:

Finanzas Corporativas

AUTHOR:

Rubina Aponte, Marlitt Midory

TEACHER:

Dueñas Lujan, Raul Elias

Lima Norte - Perú

(2024)
CARÁTULA
ÍNDICE
I. INTRODUCCIÓN
II. DESARROLLO
III. REFERENCIAS BIBLIOGRÁFICAS
ANEXOS (De corresponder)
 I. INTRODUCTION

Given the large number of jobs they create, small and medium-sized enterprises
(SMEs) are essential for creating value and economic development in Peru.
However, one of their main limitations is the difficulty in accessing medium and
long-term financing for investments, as most available options are expensive or
designed to cover short-term liquidity needs. This situation imposes significant
financial pressure, slowing down their growth rate.

In response to this situation, in June 2012, the Lima Stock Exchange created the
Alternative Market for Securities (MAV), primarily designed as a platform to help
Peruvian SMEs access new sources of financing. However, until May 2014, these
efforts had not significantly impacted this sector, as only three companies—
Chavín de Huántar, Jaime Rojas, and Tritón—had issued securities through
MAV. Although these companies managed to enter this new market, they only
issued short-term financial assets instead of long-term securities necessary for
sustainable growth.

These limitations regarding the term and amount of issuances underscore the
need for companies to establish a track record in the market that allows them not
only to manage long-term investment plans but also to build greater investor
confidence. Alternatively, a different financing structure should be considered to
expedite the process and, through appropriate control mechanisms, offer the
market an economically and financially viable investment option in all aspects.

Therefore, this research aims to design and structure an alternative financing

proposal for SMEs, involving the issuance of securities in the Peruvian capital
market. The proposal seeks to provide a profitable financial instrument for
investors and ensure competitive financial conditions necessary for the planned
economic growth and development of medium-sized enterprises.

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 II. DEVELOPMENT

The basic definition of the conditions that companies must meet to be part of the
structure is established, along with the minimum sales characteristics and
coverage ratios used to measure the instrument's performance. It is important to
note that, due to time constraints and information availability, although costs and
information presented have been consulted with various stakeholders in the
operation, the conditions outlined in the structure are theoretical and may require
adjustments in a future application.

1. Based on exposure to the financial system

The Superintendence of Banking, Insurance, and AFPs (SBS) defines company
categories based on the accumulated debt level in the financial system. Credits
for medium-sized enterprises are granted to "legal entities with total debt in the
financial system exceeding S/ 300,000 in the last six months" (SBS, 2008).
Additionally, if it is determined that the debtor's annual sales exceed S/ 20 million
for two consecutive years or if the debtor has issued securities in the capital
market, the credits must be reclassified as appropriate.

Similarly, the regulation states that credits for small enterprises are those
intended to finance production, commercialization, or service provision activities,
granted to natural or legal persons with total debt in the financial system
(excluding mortgage loans for housing) exceeding S/ 20,000 but not exceeding
S/ 300,000 in the last six months.

2. Based on sales and number of employees

The Law for the Promotion and Formalization of Micro and Small Enterprises
(Law 28015) defines small enterprises as those with a maximum of 50 employees
and sales ranging from 150 to 1,700 tax units (UITs). This definition allows us to
establish the lower limit for medium-sized enterprises.

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On the other hand, Law 30056, enacted in July 2013 as part of measures to
promote productive development and business growth, defines medium-sized
enterprises as those with annual sales ranging from 1,700 to 2,300 UITs.

3. Current situation of the SME sector

Understanding the current situation of small and medium-sized enterprises is
crucial due to their significance in the economy. According to statistics provided
by the National Institute of Statistics and Informatics (INEI) in a press release
dated September 1, 2013, in Peru, as of June 30, 2013, there were 1,713,272
business units. Of these, 96.2% were microenterprises, 3.2% small enterprises,
0.2% medium-sized enterprises, and 0.4% large enterprises, according to the
new categorization established by Law 30056, enacted on July 1, 2013, to
facilitate investment and promote business development.

In addition, revenues generated in 2012 by micro, small, and medium-sized

enterprises accounted for 20.7% of total country sales. According to the definition
of Law 30056, medium-sized enterprises, with annual sales between S/
6,205,000 (1,700 UITs) and S/ 8,395,000 (2,300 UITs), totaled 2,786 companies
as of June 30, 2013, representing 0.2% of total companies and 3.0% of sales in
the country. Small enterprises, on the other hand, contributed 12.1% to total sales
(INEI, 2013).

3.1 Superintendencia del Mercado de Valores (SMV)

The Superintendence of the Securities Market (SMV) is the regulatory body
responsible for overseeing and supervising operations in the securities market in
Peru. Its main objective is "to ensure the protection of investors, efficiency and
transparency of the markets under its supervision, correct price formation, and
dissemination of all necessary information for these purposes" (SMV, 2014). Its
main functions include:

- Regulating the securities and products markets, as well as the collective

investment funds syste.

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- Supervising compliance with regulations related to these markets.
- Promoting and studying the activities of the aforementioned markets.

Bolsa de Valores de Lima (BVL)

The Lima Stock Exchange (BVL) facilitates the trading of registered securities,
providing services, systems, and mechanisms suitable for the fair, competitive,
orderly, continuous, and transparent intermediation of publicly offered securities,
derivative instruments, and instruments that are not subject to mass issuance
(BVL, 2014).

3.2 Mercado Alternativo de Valores (MAV)

The Alternative Stock Market (MAV) is a segment of the Lima Stock Exchange
created with the aim of creating favorable conditions to facilitate access for small
and medium-sized enterprises (SMEs) to the securities market. This alternative
segment has special regulations specifically designed for SMEs.

3.3 Sociedad Agente de Bolsa (SAB)

Brokerage Firms (SABs) are intermediaries in the Lima Stock Exchange that, at
the request of their clients, execute orders to buy or sell fixed or variable income
instruments. In Peru, there are 24 SABs registered with the SMV.

CONCLUSION

The goal is for the State, acting as a market maker, to promote beneficial
initiatives for sectors still underserved by private institutions and gradually
withdraw as the market develops. Under this scheme, a key initiative for the State
is to facilitate greater access for medium-sized enterprises to the capital market.
Examples include BNDES support through subscription to debt instruments in
private issuances and the stock guarantee provided by Nafinsa to the issuer for
the same term as the issuance.

In Peru, although Cofide does not play an active role in the development of the
capital market, it could provide a guarantee for medium-sized enterprise

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issuances through a surety bond. This would help reduce the perception of risk
for debt issuances by these companies in the market.

III. REFERENCIAS

Cavali. (2012). ICLV Cámara Valores de Lima, Institución de Compensación y

Liquidación de Valores. Recuperado de http://www.cavali.com.pe

Cofide (Corporación Financiera de Desarrollo). (2014). ¿Qué es Cofide?

Recuperado
de http://www.cofide.com.pe/quees.html

INEI (Instituto Nacional de Estadística e Informática). (2013). Nota de prensa:

micro, pequeñas y medianas empresas concentran más del 20% de las ventas.
Recuperado de http://www.inei.gob.pe/prensa/noticias/micropequenas-y-
medianas-empresas-concentran-mas-/imprimir/

LAVCA. (2014). Latin American Private Equity and Venture Capital Association.
Recuperado de http://www.lavca.org

NABARD (National Bank for Agriculture and Rural Development). (2009).

Financing of joint liability groups (JLGs) of micro entrepreneurs/artisans in non
farm sector. Recuperado de https://www.nabard.org/pdf/WEB%20
Eng%20Newsletter%20December%202009.pdf
ANEXOS