May 13, 2020 - The Financial Market Commission (CMF) reports on the progress in the granting of loans from the Covid-19 line of the Guarantee Fund for Small and Medium-Sized Entrepreneurs (FOGAPE, for its Spanish acronym).
The regulation on the FOGAPE Covid-19 lines, published on April 25, 2020, establishes verification mechanisms for the appropriate use of resources and compliance with the conditions for loan granting by participating financial institutions. To this end, the Commission requested supervised banks and cooperatives to submit relevant data to monitor the requirements set out in said regulation.
The first FOGAPE Covid-19 tender was held on April 28, 2020. 10 banks and one savings and credit cooperative participated and were awarded guarantee rights for 30 million Unidades de Fomento (UF, for their Spanish acronym).
Guarantee Rights Awarded in the FOGAPE Covid 19 Program (All Amounts in UF)
|
Institution |
SAMEs |
Medium-Sized |
Large-Sized Type I |
Large-Sized Type II |
Total |
Percentage |
|
Chile |
2,113,909 |
1,276,751 |
569,109 |
509,667 |
4,469,436 |
14.9 |
|
Internacional |
50,983 |
48,881 |
76,261 |
51,222 |
226,947 |
0.8 |
|
Estado |
1,419,339 |
547,179 |
1,252,038 |
509,667 |
3,728,223 |
12.4 |
|
Scotiabank |
526,363 |
572,349 |
793,622 |
444,429 |
2,336,763 |
7.8 |
|
BCI |
543,577 |
583,658 |
284,554 |
509,666 |
1,921,455 |
6.4 |
|
Itaú Corpbanca |
513,378 |
1,605,058 |
2,134,158 |
1,376,100 |
5,628,694 |
18.8 |
|
BICE |
3,020 |
25,535 |
65,448 |
95,308 |
189,311 |
0.6 |
|
Santander |
2,264,904 |
2,735,895 |
2,134,158 |
3,822,500 |
10,957,457 |
36.5 |
|
Security |
18,119 |
77,335 |
113,822 |
79,508 |
288,784 |
1.0 |
|
Consorcio |
1,510 |
9,120 |
76,830 |
101,933 |
189,393 |
0.6 |
|
Coopeuch |
45,298 |
18,239 |
0 |
0 |
63,537 |
0.2 |
|
Total |
7,500,000 |
7,500,000 |
7,500,000 |
7,500,000 |
30,000,000 |
100.0 |
Small-and-Micro Enterprises (SAMEs): Businesses whose annual net sales are under 25,000 UF.
Medium-Sized Enterprises: Businesses whose annual net sales are over 25,000 UF and under 100,000 UF.
Type I Large-Sized Enterprises: Businesses whose annual net sales are over 100,000 UF and under 600,000 UF.
Type II Large-Sized Enterprises: Businesses whose annual net sales are over 600,000 UF and under 1,000,000 UF.
Source: FOGAPE Tender (April 28, 2020)
Applications Carried Out
According to the information submitted to the Commission by supervised financial institutions, as of May 8 23,492 applications for Covid-19 loans were received for a total of 1,072,424 million Chilean pesos. 13,398 operations were carried out - 57 percent - for a total of CLP 388,675,255,697.
Loan Applications Under the FOGAPE Covid-19 Program (Amounts in CLP)
|
Institution |
Applications Approved, Not Carried Out |
Applications Carried Out |
||
|
Number |
Amount |
Number |
Amount |
|
|
BICE |
5 |
47,163,873 |
0 |
0 |
|
Scotiabank |
353 |
66,587,181,058 |
150 |
52,466,653,872 |
|
Estado |
3,512 |
131,481,260,971 |
6,399 |
56,972,190,387 |
|
Santander |
3,304 |
141,946,366,634 |
1,558 |
63,831,819,753 |
|
BCI |
2,039 |
205,088,787,429 |
77 |
14,696,749,685 |
|
Chile |
88 |
28,793,930,000 |
5,206 |
198,434,300,000 |
|
Internacional |
1 |
100,000,000 |
1 |
100,000,000 |
|
Security |
4 |
3,542,118,914 |
0 |
0 |
|
Coopeuch |
2 |
115,000,000 |
0 |
0 |
|
Itaú Corpbanca |
782 |
104,846,987,403 |
6 |
1,973,542,000 |
|
Consorcio |
4 |
1,200,000,000 |
1 |
200,000,000 |
|
Total |
10,094 |
683,748,686,282 |
13,398 |
388,675,255,697 |
Preliminary information, subject to correction. Cumulative data as of May 8, 2020. Source: CMF, with data reported by financial institutions.
The report also shows that 89 percent of the operations carried out and 79 percent of the amounts granted are associated with micro, small, and medium-sized enterprises. The remaining percentage corresponds to larger companies.
Loans Granted Under the FOGAPE Covid-19 Program (Amounts in CLP)
|
Institution |
SAMEs |
Medium-Sized |
||
|
Number |
Amount |
Number |
Amount |
|
|
BICE |
0 |
0 |
0 |
0 |
|
Scotiabank |
126 |
29,091,153,840 |
0 |
0 |
|
Estado |
6,347 |
44,423,560,041 |
32 |
1,924,834,611 |
|
Santander |
13 |
4,416,364,691 |
182 |
24,119,943,738 |
|
BCI |
43 |
2,299,186,685 |
21 |
4,310,763,000 |
|
Chile |
4,397 |
122,109,600,000 |
789 |
74,324,700,000 |
|
Internacional |
1 |
100,000,000 |
0 |
0 |
|
Security |
0 |
0 |
0 |
0 |
|
Coopeuch |
0 |
0 |
0 |
0 |
|
Itaú Corpbanca |
1 |
75,542,000 |
3 |
351,000,000 |
|
Consorcio |
0 |
0 |
1 |
200,000,000 |
|
Total |
10,928 |
202,515,407,257 |
1,028 |
105,231,241,329 |
|
Institution |
Large-Sized Type I |
Large-Sized Type II |
||
|
Number |
Amount |
Number |
Amount |
|
|
BICE |
0 |
0 |
0 |
0 |
|
Scotiabank |
16 |
13,075,500,032 |
8 |
10,300,000,000 |
|
Estado |
19 |
9,223,795,735 |
1 |
1,400,000,000 |
|
Santander |
1,363 |
35,295,511,324 |
0 |
0 |
|
BCI |
12 |
7,586,800,000 |
1 |
500,000,000 |
|
Chile |
20 |
2,000,000,000 |
0 |
0 |
|
Internacional |
0 |
0 |
0 |
0 |
|
Security |
0 |
0 |
0 |
0 |
|
Coopeuch |
0 |
0 |
0 |
0 |
|
Itaú Corpbanca |
1 |
500,000,000 |
1 |
1,047,000,000 |
|
Consorcio |
0 |
0 |
0 |
0 |
|
Total |
1,431 |
67,681,607,091 |
11 |
13,247,000,000 |
Small-and-Micro Enterprises (SAMEs): Businesses whose annual net sales are under 25,000 UF.
Medium-Sized Enterprises: Businesses whose annual net sales are over 25,000 UF and under 100,000 UF.
Type I Large-Sized Enterprises: Businesses whose annual net sales are over 100,000 UF and under 600,000 UF.
Type II Large-Sized Enterprises: Businesses whose annual net sales are over 600,000 UF and under 1,000,000 UF.
Source: CMF, with data reported by financial institutions.
Information on the progress of state-guaranteed loans from the FOGAPE Covid-19 line will be available weekly on the CMF website.
