Through a donation of USD 5 million from Taiwan, in agreement with Fogapy, the Guarantee Fund for Women (Fogamu) was created, which aims to improve the conditions of access to credit by funding it, granted by any of the financial institutions allied to the program.
Through the Vice Ministry of MSMEs, under the Ministry of Industry and Commerce (MIC), which it will give training and technical advice to women who need this financial tool, Fogamu will be coordinated.
This background is designed for women who want to start a business, for productive activities, owned by women or led by women, and for MSMEs with at least one woman for every three employees, according to the Development Finance Agency (AFD)
“We seek to mitigate possible risks perceived by financial institutions when supporting women entrepreneurs or companies led by women,” Teresa de Velilla, president of the AFD, commented during the presentation.
As its own name says, Fogamu consists of a guarantee fund, that is, despite having 5 million dollars, It will not be in charge of granting credits but of becoming economic support when those interested in a loan do not have guarantees to solve the requestbut it is the financial entities that will evaluate granting the credit.
The maximum accumulated amount of credits per beneficiary may not exceed:
₲ 300,000,000 (three hundred million) for Micro-enterprises
₲ 850,000,000 (eight hundred and fifty million) for Small Businesses
₲ 1,600,000,000 (one thousand six hundred million) for Medium Companies
WHO CAN RELY ON FOGAMU
Natural or legal persons, owned by women or headed by women or that have at least one woman for every three employees, can access Fogamu, provided that:
They have a valid RUC
Are taxpayers of the Value Added Tax (VAT)
Do not present past-due credits or in arrears greater than 30 days computed from the date of disbursement of guaranteed credit
The sectors that will be taken into account are: Agriculture, Forestry, Industrial, Artisanal, Agroindustrial, Commerce and Services.
The annual sales volume of their respective balances or the income declared in the (VAT) will be taken into account as a classification, according to the following scale:
Microenterprises: up to ₲ 646,000,000.- (guaraníes six hundred and forty-six million).
Little: up to ₲ 3,230,000,000.- (guaraníes three thousand two hundred and thirty million).
medians: up to ₲ 7,752,000,000.- (guaraníes seven thousand seven hundred and fifty-two million).
In the case of legal or individual persons, they must be taxpayers of the Corporate Income Tax (IRE), in any of its regimes (General, Simple and Resimple).
Independent professionals must be Personal Income Tax (IRP) taxpayers, provided they reach the range of this tax.
ALLIED FINANCIAL ENTITIES
Banco Nacional de Fomento, Visión Banco SAECA, Banco Regional SAECA, Banco BASA SA, Interfisa Banco SAECA, Banco Atlas SA, Banco Rio SAECA, Bancop SA, Sudameris Bank SAECA, Banco Familiar SAECA, Financiera Ueno SAECA, Financiera Finexpar SAECA, Financiera Paraguayo Japanese SAECA, Cooperativa Mburicao Ltda., Cooperativa Mercado 4 Ltda., Cooperativa Coodeñe Ltda., Cooperativa Mborayhú Ltda. and Cooperativa Nazareth Ltda.
In short, heInterested MSMEs can go to any of these financial entities, where they will analyze the financing request and the need or not for an additional guarantee. Subsequently, the operation will be registered with Fogapy, which will issue the guarantee and access to credit will be completed.
