OCDE - Financing SMEs and Entrepreneurs 2026 - Perú de 2026

 1

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Key facts on SME financing Peru’s economy recorded a solid recovery in 2024, expanding by 3.3%, primarily driven by the strengthening of domestic demand. This was reflected in a notable rebound in publi c investment and the recovery of private investment, both of which contributed to increased employment and ho usehold consumption. Additionally, the economy benefited from strong performance in key primary sectors , particularly fishing and agriculture, supported by favourable climatic conditions. This led to an improvement in export supply and further reinforced overall economic growth. In 2025, Peru’s economy is expected to consolidate its recovery, with a projected growth rate of 3.5%. This expansion would be driven by stronger domestic demand, supported by increased investment amid improving business expe ctations, favourable financing conditions, and economic stimulus measures. Additionally, exports are expected to continue contributing to growth, bolstered by higher primary supply despite a persistently uncertain global environment. SMEs play a pivotal role in the Peruvian economy, contributing over 3 0.9% to value added and around 5.5% to exports. They have a notable presence in commerce, services, and manufacturing sectors. SMEs constitute 99.3% of all enterprises and are vital to employment, accounting for 89.1 % of private-sector employment. This underscores the crucial role of fostering their growth, as they are key drivers of Peru's economic development. In 2024, SMEs 1 represented a substantial portion of all outstanding loans, accounting for 34.0 %. From 2010 to 2019, the average SME share of all outstanding loans was about 26%, but si nce 2020 to 2024 , this average increased to 37%. Additionally, the number of SMEs grew at an average annual rate of 7.0%, rising from 1.78 million in 2020 to 2.33 million in 2024. While banks remained the main lenders, alternative financing methods like factori ng and invoice

this average increased to 37%. Additionally, the number of SMEs grew at an average annual rate of 7.0%, rising from 1.78 million in 2020 to 2.33 million in 2024. While banks remained the main lenders, alternative financing methods like factori ng and invoice discounting have garnered attention, despite fluctuations in their use in recent y ears. Additionally, overindebtedness remains a concern, as most SMEs depend on a single financial insti tution and smallbusiness loans carry higher interest rates, making them less affordable. In 2024, the interest rate spread between large companies and SMEs in Peru was 18.4 percentage points. Interest rates for small enterprise loans notably increased from 24.0% in December 202 1 to 26.6% in December 2024, indicating a rising cost of borrowing for these enterprises. The Peruvian government implement ed programs such as IMPULSO MYPERÚ to address financing challenges and support businesses during the post-pandemic period (2022). The se initiatives aim to provide favourable financing conditions and ensure the sustainability of resilient businesses across various sectors. During 2023 and 2024, complementary measures were approved for some of these programs (particularly the COVID-19 Credit Guarantee Program, FAE-TURISMO, and FAEAGRO) consisting of loan rescheduling and extensions of repayment terms. These measures were aimed at firms facing liquidity constraints and at preserving the continuity of payment chains. As a result, no new loan disbursements were made under these programs in 2023 and 2024; rather, policy actions focused on the management and restructuring of previously granted loans. Peru2 

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Table 1. Scoreboard for Peru Indicator Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt

Table 1. Scoreboard for Peru Indicator Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs. PEN Billion 17.18 19.75 23.23 26.62 30.14 32.07 32.84 35.81 37.38 40.58 90.67 91.01 75.03 83.85 72.50 Outstanding business loans, total. PEN Billion 65.99 75.04 81.49 97.20 112.21 126.99 131.02 137.50 149.79 159.30 223.23 238.71 220.46 226.21 213.12 Share of SME outstanding loans % of total outstanding business loans 26.04 26.31 28.50 27.39 26.86 25.25 25.07 26.04 24.95 25.48 40.62 38.13 34.04 37.07 34.02 New business lending, total PEN Billion

264 129 244 850 249 880 226 035 219 435 244 928 241 292 281 590 232 031 246 815 308 730 205 201 New business lending, SMEs PEN Billion

241 949 224 537 228 624 207 603 201 133 225 421 222 626 263 860 210 906 182 291 190 818 114 020 Share of new SME lending % of total new lending

91.6 91.7 91.5 91.85 91.66 92.04 92.26 93.70 90.90 73.86 61.81 55.57 Government loan guarantees, SMEs PEN Billion

400

91.6 91.7 91.5 91.85 91.66 92.04 92.26 93.70 90.90 73.86 61.81 55.57 Government loan guarantees, SMEs PEN Billion

400

Direct government loans, SMEs PEN Billion 30.98 49.06 59.57 219.92 365.33 271.39 314.74 272.00 289.75 287.95 371.64 373.92 316.37 312.85 311.37 Non-performing loans, total % of all business loans 2.20 1.78 1.65 1.96 2.14 2.37 2.46 3.33 3.40 3.15 2.93 3.48 5.00 6.09 5.95 Non-performing loans, SMEs % of all SME loans 7.83 6.33 5.19 6.30 7.11 8.42 9.03 8.69 10.53 10.94 6.63 9.81 16.43 10.30 8.77 Interest rate, SMEs % 29.71 27.38 26.76 24.45 24.59 26.89 27.49 28.27 26.57 26.11 19.67 24.03 27.05 31.12 26.55 Interest rate, large firms % 5.85 7.21 7.42 6.99 6.75 7.14 7.57 7.17 6.87 6.40 3.64 3.80 7.20 8.54 8.16

Interest rate spread Percentage points 22.65 21.06 19.35 17.46 17.84 19.74 19.92 21.10 19.70 19.71 16.04 20.22 19.85 22.58 18.39 Percentage of SME loan applications SME loan applications/ total number of SMEs

38.52 51.02 43.26 48.39

43.40

Rejection rate 1-(SME loans authorised/ requested)

5.06 5.77 4.63 5.93

4.00

Utilisation rate SME loans used/ authorised

94.94 94.23 95.37 94.07

96.00

Non-bank finance Leasing and hire purchases PEN Billion 3 374 3 846 4 301 3 978 4 128 3 358 3 088 2 954 2 605 2 480 2 736 2 212 1 605 1 495 1 294 Factoring and invoice discounting PEN Billion 768.98 754.27 719.99 779.45 809.13 625.78 658.59 666.79 751.55 707.93 565.93 762.88 605.27 737.64 1 032.11 Other indicators Bankruptcies, all businesses Number 162 948 168 261 233 287 152 758 225 384 242 842 259 443 362 091 199 303 183 442 859 595 247 397 218 568 336 771 327 966

Other indicators Bankruptcies, all businesses Number 162 948 168 261 233 287 152 758 225 384 242 842 259 443 362 091 199 303 183 442 859 595 247 397 218 568 336 771 327 966 Bankruptcies, SMEs (growth rate) %, Year-on-year growth rate 10.2 3.3 38.6 -34.5 47.5 7.7 6.8 39.6 -45.0 -8.0 368.6 -71.2 -11.7 54.1 -2.6 3

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Macroeconomic and financing conditions In 2024, Peru’s economy expanded by 3.3%, marking a robust recovery supported by stron g domestic demand. This performance was underpinned by a rebound in public investment and a gradu al strengthening of private investment, which helped support employment and household co nsumption. Looking ahead, the economic outlook for 2025 remains favourable, with growth projected at 3.5%. Thi s expansion is expected to be driven by continued strength in domestic demand, sup ported by increasing investment, improved business confidence, favourable financing conditions, a nd economic stimulus measures. Exports are also expected to continue contributing to growth, supported by higher pri mary supply, despite the persistence of uncertainty in the global environment. Moreover, interannual inflation declined steadily throughout 2024 and has recently stabilized, aligning with the Central Bank’s target range of 1% to 3%. This trend was driven by falling prices of key food items such as fish, chicken, eggs, and potatoes. In response, the Central Bank is expected to maintain its monetary easing stance, as inflation expectations remain anchored, helping to prevent further pressure on the exchange rate. Under this scenario, for 2025, the reference interest rate is expected to stand at 4.50% .

as fish, chicken, eggs, and potatoes. In response, the Central Bank is expected to maintain its monetary easing stance, as inflation expectations remain anchored, helping to prevent further pressure on the exchange rate. Under this scenario, for 2025, the reference interest rate is expected to stand at 4.50% . This rate is projected to decline to 4.25% by the end of 2026 and to 4.00% by the end of 2027. In this context, SMEs in Peru are expected to benefit from several positive economic conditions, including higher GDP growth and lower inflation which are anticipated to support business expansion and investment. Additionally, the easing of monetary policy is likely to l ower borrowing costs for businesses. However, potential upward pressures on the exchange rate, slower global growth, and reduced demand for Peruvian products in international markets could introduce uncertainties. These external ri sks, combined with possible capital outflows and political uncertainties, add compl exity to the SME operating environment. Therefore, while the overall economic outlook appears positive, targeted sup port and favourable financing conditions remain crucial to ensure the sustainability and growth of SMEs. SMEs in the national economy SMEs play a vital role in Peru's economy, not only because of their large numbers but also due to their significant contributions to various aspects of economic growth. In 2024, SMEs compris ed 99.3% of all businesses in the country. The total number of SMEs reached 2,331,173, with the vast majority being micro-enterprises (94.4%), followed by small enterprises (5.3%) and medium-siz ed enterprises (0.2%). Although the sector experienced a 1.6% growth rate in 2024 compared to the previous year, it remained below pre-pandemic levels recorded in 2019 (-1.9%). Table 2. Distribution of firms in Peru (in thousands) Enterprise Size 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

below pre-pandemic levels recorded in 2019 (-1.9%). Table 2. Distribution of firms in Peru (in thousands) Enterprise Size 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Micro 1 607 1 652 1 837 2 130 2 292 1 704 2 035 2 128 2 169 2 201 Small 73 74 61 79 82 74 80 114 121 125 Medium 2.7 2.6 2.0 2.7 2.9 2.7 2.8 4.4 4.5 5 SME 1 683 1 729 1 900 2 212 2 377 1 780 2 118 2 246 2 294 2 331 SME var. % YoY 5.7% 2.7% 9.9% 16.5% 7.5% -25.1% 19.0% 6.0% 2.2% 1.6% Large 8.8 9.0 9.2 9.2 9.5 8.8 10.9 13.7 14.3 15.4 Total 1 691 1 738 1 909 2 221 2 387 1 789 2 129 2 260 2 309 2 347

Source: National Tax Administration Bureau.4 

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

In terms of employment, SMEs in Peru had a significant impact generating nearly 10.5 million jobs in 2024, which accounted for 89.1% of total private employment. This figure was similar to the previous year and a 3.8% increase compared to 2019. Moreover, micro-firms had the highest share of employ ment (71.1%),

which accounted for 89.1% of total private employment. This figure was similar to the previous year and a 3.8% increase compared to 2019. Moreover, micro-firms had the highest share of employ ment (71.1%), followed by small firms (15.3%) and medium-sized firms (2.6%). Table 3. Employment indicators for Peruvian SMEs Note: According to the number of employees. Micro: up to 10 workers. Small: between 11 an d 100 workers. Medium: between 101 and 250 workers. Large: more than 250 workers.

Source: National Institute of Statistics.

SMEs make a significant contribution to the Peruvian economy, accounting for more than 33% of the added value. Among all companies, small enterprises hold the largest share of added value (16.7%), followed by medium enterprises (9.7%) and micro-enterprises (6.8%). In terms of exports, SMEs play a vital role, representing approximately 4.1% of the total value of Peru's total export value, particularly in sectors such as mining, agriculture, and manufacturing. SME lending According to the Finance and Banking Regulator Authority, SMEs accounted for a signifi cant share of all outstanding loans in 2024, reaching 34.0%. This represents a decrease from 37.1% in 2023. The share of SME outstanding loans experienced a notable rise during the pandemic in 2020, pea king at 40.6%. Prior to the pandemic, the highest share of SME outstanding loans was recorded in 2012, when i t represented around 28%. The increase in the share of loans to SMEs is mainly explained by the implementation of financial support programs by the Peruvian government during the post-COVID-19 economi c recovery . This underscores the importance of SME lending in the overall credit market and highlights the critical role of SMEs in driving economic growth and development. Enterprise size Private sector employment (Thousands of people)

financial support programs by the Peruvian government during the post-COVID-19 economi c recovery . This underscores the importance of SME lending in the overall credit market and highlights the critical role of SMEs in driving economic growth and development. Enterprise size Private sector employment (Thousands of people)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Micro 7714 7650 7611 7626 7707 7812 7886 7996 8177 7800 8847 8827 8629 8387 Small 1456 1537 1622 1577 1623 1548 1633 1634 1614 1214 1415 1619 1648 1807 Medium 335 322 314 307 327 357 332 309 330 236 285 283 311 309 SME 9 505 9 508 9 547 9 511 9 657 9 717 9 852 9 939 10 122 9 250 10 547 10 730 10 588 10 503 Large 960 1 142 1 184 1 268 1 178 1 231 1 166 1 219 1 277 913 1 023 1 128 1 261 1 287 Total private employment 10 465 10 650 10 731 10 779 10 835 10 948 11 018 11 158 11 399 10 163 11 570 11 858 11 849 11 790 Employed EAP 16 776 17 133 14 902 17 120 17 756 17 754 17 929 16 776 17 133 14 902 17 120 17 756 17 754 17 929 5

Employed EAP 16 776 17 133 14 902 17 120 17 756 17 754 17 929 16 776 17 133 14 902 17 120 17 756 17 754 17 929 5

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Figure 1. Share of SME outstanding loans to total business outstanding loans Percent

Note: Data for 2020-2024 are preliminary.

Source: National Tax Administration Bureau and Finance and Banking Regulator Authority.

Banks remain the primary source of loans for companies, although micro-firms te nd to rely less on them, as shown in Figure 2. Bank credit is primarily concentrated in Lima, the capital city, and other major urban areas across the country. In smaller cities and peripheral regions, urban credit unions are the predominant credit providers. While banks continue to serve as the main financing source for small, medium, and large firms, urban credit unions play a significant role for micro-firms, accounting for 40.5% of their financing. Credit unions and specialized institutions catering to SMEs often offer quicker loan processing and greater accessibility for individuals and entrepreneurs. Figure 2. Distribution of financing sources used by enterprises, 2024 Percent

Source: National Tax Administration Bureau and Finance and Banking Regulator Authority.

0 5 10 15 20 25 30 35 40 45 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202 2 2023 2024

28.8% 60.4% 94.7% 99.3% 40.5% 31.0% 1.9% 0.7% 27.7% 6.6% 2.5% Micro firms Small firms Medium firms Large firms 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Bank Urban credit union Rural credit union SME specialized institutions Others6 

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Credit conditions SMEs are often considered as riskier by the formal financial sector, primarily due to their limited expertise and skills. In 2024, approximately 38.3% of SMEs had loans from a single financial institution, while 29.9% had loans from two lenders, which may include banks and other types of institutions. Only 5.2% of SMEs had loans from more than five financial institutions. This concentration of loans from multiple institutions may indicate potential over-indebtedness within the SME sector. These firms may have borrowed bey ond their actual turnover capacity, leading to repayment challenges and financial strain. Figure 3. SMEs by number of lenders, 2024 Percent

Source: National Tax Administration Bureau and Finance and Banking Regulator Authority.

In 2024, the interest rate spread between large enterprises and SMEs in Peru narrowed to 18.4 percentage points, down from 22.6 percentage points in 2023. Despite this decline, SMEs contin ued to face elevated borrowing costs, with the average interest rate at 26.6% in 2024. Although the interest rate spread between large companies and SMEs narrowed in 2024, the still high cost of credit for small enterprises highlights the persistent difficulties SMEs face in securing affordable financing. 38.3% 29.9% 17.9% 8.7% 5.2% Only 1 lender 2 lenders 3 lenders 4 lenders 5 or more lenders 7

of credit for small enterprises highlights the persistent difficulties SMEs face in securing affordable financing. 38.3% 29.9% 17.9% 8.7% 5.2% Only 1 lender 2 lenders 3 lenders 4 lenders 5 or more lenders 7

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Figure 4. Interest rates by enterprise size Percent

Note: Observed rates at the end of each year.

Source: Central Reserve Bank of Peru.

Alternative sources of SME financing In recent years, there has been a significant increase in the use of alternative financing sources for SMEs. A notable example is the increasing use of factoring and invoice discounting, which recorded an average annual growth rate of 5.7% over the 2015 –2024 period. Likewise, the contribution of factoring to the economy increased from 0.05% of national GDP in 2015 to 3.6% in 2024, reflecting its growing relev ance as a business financing mechanism, particularly for SMEs. However, these financi ng alternatives can be volatile, as fluctuations have been observed in their usage. This volatility is influenced by factors on both the supply and demand side. To promote the use of factoring, the government has encouraged private firms to accept invoices for factoring since 2020. Sellers now have the option to use their invoices as coll ateral for factoring when seeking financing from financial institutions. In previous years, this practice was uncommon, as large buyer firms often declined to accept invoices for factoring, citing high operating costs associated with the process. Despite the government's promotion of factoring and invoice discounting activities, the vol ume of leasing and hire purchases continues to be larger. As of December 2024, factoring and invoi ce discounting for SMEs reached PEN 1,032 million, an increase from PEN 738 million in 2023. In contrast, leasing and hire

and hire purchases continues to be larger. As of December 2024, factoring and invoi ce discounting for SMEs reached PEN 1,032 million, an increase from PEN 738 million in 2023. In contrast, leasing and hire purchases amounted to PEN 1,294 million during the same period, a decrease of approximately PEN 201 million compared to 2023. - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202 2 2023 2024 Interest rate, SMEs Interest rate, large firms8 

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Figure 5. Leasing and hire purchase, factoring and invoice discounting Annual in PEN million

Source: National Tax Administration Bureau and Finance and Banking Regulator Authority.

Figure 6. Alternative funding options for SMEs Year-on-year growth, as a percentage

Source: National Tax Administration Bureau and Finance and Banking Regulator Authority.

Other indicators Non-performing loans (NPLs) are common in the SME sector due to the significant unc ertainty they face in their activities. As SMEs are less resilient than larger companies, they are more likely to experienc e 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202 2 2023 2024

Leasing and hire purchases Factoring and invoice discounting -40 -30 -20 -10 0 10 20 30 40 50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202 3 2024 Leasing and hire purchases Factoring and invoice discounting 9

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

lower sales and reduced demand during periods of slow economic growth, which directly affects their loan repayment capacity. In contrast, larger firms are more exposed to global demand and commodi ty prices, making them less vulnerable to internal market shocks. Figure 7. Non-performing loans by firm size Percent, non-performing loans (more than 90 days of delay) over total outstanding loans

Source: National Tax Administration Bureau and Finance and Banking Regulator Authority.

Government policy response As part of the economic recovery process and in response to the negative effects of the COVID-19 pandemic, the government implemented various programs to provide favorable financing con ditions for companies across all sectors, ensuring resilient businesses in the econom y. These programs included REACTIVA PERÚ, FAE-MYPE, PAE-MYPE, FAE-AGRO, FAE-TURISMO, Programa de Garantías COVID-19, and FAE-TEXCO which were implemented between 2020 and 2022. These initi atives played a crucial role in providing financial support and assisting businesses in overc oming the challenges presented by the pandemic. During 2023 and 2024, complementary measures were approved for some of these programs (particularly the COVID-19 Credit Guarantee Program, FAE-TURISMO, and FAE -AGRO) consisting of loan rescheduling and extensions of repayment terms. These measures were aimed at firms facing liquidity constraints and at preserving the continuity of payment chains. As a result, no new loan

these programs (particularly the COVID-19 Credit Guarantee Program, FAE-TURISMO, and FAE -AGRO) consisting of loan rescheduling and extensions of repayment terms. These measures were aimed at firms facing liquidity constraints and at preserving the continuity of payment chains. As a result, no new loan disbursements were made under these programs in 2023 and 2024; rather, policy actions focused on the management and restructuring of previously granted loans. Building on these efforts, the government introduced the IMPULSO MYPERU Program on December 30, 2022 (Law No. 31658), which strengthens the company financing through government guarantees for working capital loans, fixed asset acquisition, and debt consolidation. 2 4 6 8 10 12 14 16 18 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202 2 2023 2024 Non-performing loans, total Non-performing loans, SMEs10 

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

By August 30, 2024, the IMPULSO MYPERU Program had reported placements exceeding PEN 11 066 million and guarantees totaling PEN 8,949 million, benefiting 206 515 micro, small, medium and largesized enterprises. The average ticket size for these placements was PEN 53 558 . The majority of placements were directed towards medium-sized enterprises, which accounted for 37.1% of the tot al, amounting to PEN 4 110 million. Small enterprises represented 31.9% (PEN 3 53 2 million), microenterprises 17.4% (PEN 1 923 million), and large enterprises 13.6% (PEN 1 501 million). In terms of the number of beneficiaries, micro-enterprises constituted the largest share, with over 117 220 companies (56.9%), followed by small enterprises with 76 734 companies (37.2%). Medium-sized en terprises

number of beneficiaries, micro-enterprises constituted the largest share, with over 117 220 companies (56.9%), followed by small enterprises with 76 734 companies (37.2%). Medium-sized en terprises accounted for 5.8% of the beneficiaries, totaling 12 056 companies, while large enterprises represented just 0.2%, with 505 companies. The Commerce sector emerged as one of the main beneficiaries of the program, with 48% of the total beneficiaries ( 99 347 enterprises). This was followed by the Manufacturing sector with 11% ( 21 852 enterprises), Transport with 10% (19 765 enterprises), and Agriculture with 7% (14 912 enterprises), among others. As a macro-region, the highest number of beneficiaries were located in Lima and Callao, representing 26% of the total (54 181 beneficiaries), followed by the Northern re gion with 26% (53 468 beneficiaries), Southern region with 26% ( 53 185 beneficiaries), Central region with 16% (32 12 9 beneficiaries) and Eastern region with 7% (13 552 beneficiaries). The economic effects of the public credit programs, particularly the IMPULSO MYPERU Pr ogram, have been substantial. These programs, which represented 1.0% of national GDP in 2024, have benefited over 206 515 companies that collectively generate more than 1.3 million jobs. Public credit programs that offer lower interest rates and longer repayment terms have significantly increased the probabil ity of business survival by 7.2 percentage points relative to a scenario without such support. The Commerce and Services sectors saw even greater increases in their business survival rates, with rises of 7.6 and 6.8 percentage points, respectively, compared to a scenario without intervention. Furthermore, the annual sales levels of SMEs beneficiaries increased by approximately 18.9 UIT per year compared to a scenario without intervention, with the Manufacturing sector showing the highes t increase, at approximately 21.6 UIT. Beneficiary SMEs also saw a significant rise in emp loyment, adding

Furthermore, the annual sales levels of SMEs beneficiaries increased by approximately 18.9 UIT per year compared to a scenario without intervention, with the Manufacturing sector showing the highes t increase, at approximately 21.6 UIT. Beneficiary SMEs also saw a significant rise in emp loyment, adding approximately 34 workers per 100 companies relative to a scenario without interven tion. The Manufacturing, Construction, Commerce, and Services sectors showed particularly positiv e increases in hiring. Additionally, beneficiary companies experienced a substantial increa se in their probability of accessing other sources of financing, with a 29 percentage point increase compared to a scenario without intervention. 11

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Figure 8. Trends in SME and entrepreneurship finance in Peru

Source: See Table 4.

0 50 100 150 200 250 300

A. SME loans and total business loans Annual, in PEN Billion Business loans, SMEs Business loans, total

0 5 10 15 20 25 30 35

C. Interest rate, SMEs and large firms Annual, average SME interest rate for SMEs and large firm rates Spread Interest rate, SMEs Interest rate, large firms

0 50 100 150 200 250 300 350 400

D. Direct government loans Annual, in PEN Million Direct government loans, SMEs

0 50000 100000 150000 200000 250000 300000 350000 2016 2017 2018 2019 2020 2021 2022 2023 2024

B. New Business Lending, Annual, in PEN Billion New business lending, all New business lending, SMEs

0 2 4 6 8 10 12 14 16 18

E. Non-performing loans, SMEs Annual, Percentage of all SME loans Non-performing loans, total Non-performing loans, SMEs

500 1 000 1 500 2 000 2 500 3 000 3 500 4 000

8 10 12 14 16 18

E. Non-performing loans, SMEs Annual, Percentage of all SME loans Non-performing loans, total Non-performing loans, SMEs

500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000

F. Leasing and hire purchase, factoring and invoice discounting Annual, in PEN Million Leasing and hire purchases Factoring and invoice discounting12 

FINANCING SMES AND ENTREPRENEURS 2026: PERU © OECD 2026

Table 4. Sources and definitions of Peru’s Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs Amounts allocated to the SME sectors at the end of the year. All possible types of credits are considered. The SME sector is identified according to its annual sales. Preliminary data for 2020. SBS - Financial regulator from Peru and Tax administration. Outstanding business loans, total Amounts allocated to all firm sizes at the end of the year. All possible types of credits are considered. The firm size is identified according to its annual sales. SBS - Financial regulator from Peru and Tax administration. Share of SME outstanding loans Preliminary data for 2020. SBS - Financial regulator from Peru and Tax administration. New business lending, total There is no formal definition for this, we consider any loan as new if it has not appeared in the financial system two years before. SBS - Financial regulator from Peru and Tax administration. New business lending, SMEs There is no formal definition for this, we consider any loan as new if it has not appeared in the financial system two years before. SBS - Financial regulator from Peru and Tax administration. Share of new SME lending There is no formal definition for this, we consider any loan as new if it has not appeared

in the financial system two years before. SBS - Financial regulator from Peru and Tax administration. Share of new SME lending There is no formal definition for this, we consider any loan as new if it has not appeared in the financial system two years before. SBS - Financial regulator from Peru and Tax administration. Outstanding shortterm loans, SMEs We are unable to produce this data since the terms are stated by private financial institutions and they do not report this. Maybe we could consider the amounts allocated, and consider a certain threshold, which can be arbitrary.

Outstanding longterm loans, SMEs We are unable to produce this data since the terms are stated by private financial institutions and they do not report this. Maybe we could consider the amounts allocated, and consider a certain threshold, which can be arbitrary.

Share of short-term SME lending We are unable to produce this data since the terms are stated by private financial institutions and they do not report this.