Burneo: 2.3 million microenterprises in Peru without access to loans

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Minister of Production, Kurt Burneo, has stated that about 2.3 million of the 4 million micro-enterprises in Peru, have no credit for loans.

Burneo declared that "we can not keep crossing our arms" and hoping that private initiative promotes access to these.

"The private sector has not met this demand and the question is whether we are going to idly wait for private enterprise to reach these segments by the year 3000” he said.

"Can’t the state be a bidder in the end just to satisfy this unmet demand? I think so," said Burneo, in an article in Gestión.

Burneo recalled the success of the public entrepreneurship initiatives but forth by the government of Alejandro Toledo. The initiative was an aggressive program of loans to workers and pensioners of the state through Peru’s Bank of the Nation (BN).

He said that workers and pensioners who weren’t able to access loans from private banks started taking Multired loans from BN and then began to appear on the radar of private enterprise that today rated them as creditworthy and offered them their own financial products.

"This was all thanks to the public initiative which paved the way for the private initiative," he told local radio RPP.

In that sense, he said there was a complementary relationship between public initiative and private enterprise, not a dichotomy.

Minister of Production, Kurt Burneo, has stated that about 2.3 million of the 4 million micro-enterprises in Peru, have no credit for loans.

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