The census of types of negotiable obligations (ON) issued by the microcredit social enterprise ProMujer marked a milestone not only in the region but also in the region and opened the doors to new incursions of this time in the capital city. market
“It makes a milestone because it is the first 100% bond of its kind,” the director of the National Securities Commission (CNV), Mónica Erpen, explained to Télam.
He explained “the main thing is that the money made from loans to the field in the form of small loans, in projects that could not access financing in the capital market in any way and moreover no one is paying attention to them”.
In this regard, she specified that “1,700 women benefited from this $200 million issue” from ProMujer, and pointed out that “there are questions from different Latin American countries, because it has become a milestone in the country.”
He also said that he “manages a common investment fund of 200,000 million and invests in small and medium-sized companies”, for which he stated that “there is a great potential for them to be able to fund and lend”.
“ProMujer, which is not an SME, we work for the cause of a social problem, the SME should be considered as a mutual investment fund that can then participate in funding these things,” said Erpen.
He explained that “the work with ProMujer lasted more or less for a year” and determined that “due to its size it exceeded the SME budget, because it is an important microcredit entity and could not enter through a simple NO”. the window.”
“There we meet to set up a special regime, which at the end of the last year more or less, which ProMujer installed. Although it is not an SME, it is done with a label of social impact and with an entity guarantee. 100% of the subsidies issued, it is allowed to enter the simpler SME regime. The social bond regime is guaranteed And the Comafi bank was very active from the beginning of all this”, noted the CNV director.
On the other hand, Banco Comafi’s capital market manager, Alejandro Haro, announced that this drive was “very complicated from the beginning with this project because the CNV was pushing for social institutions to have an open source of capital in the capital market. financing”.
It meant that “ProMujer has come out with an exclusive and specific seal of emissions with a social impact, its natural customer is a new type of investment, which are ASG, environmental, social and government”.
He said that “the size of these funds is still very small, $2,000 million, compared to SME funds, which increase up to $213,000 million”, but he stated that “CNV has worked very well to simplify processes that seem very bureaucratic, but they are. not so”.
“One of the functions of the financial system in terms of social responsibility and improving society is to encourage the capital market as another financing channel not only for large companies, but also for small and enterprises with a social purpose,” said Haro.
Meanwhile, Maria Laura Tinelli, ProMujer’s regional development manager, said “the successful outcome of this first commercial commitment is a milestone for the country, the region and emerging markets globally.”
She explained to Télam that “it is a milestone because it gives the use of capital market tools to non-conventional actors like ProMujer, which provides loans to low-income women and those who work in the real economy so that they can expand and grow their business.”
“This milestone is possible thanks to the immense contribution of the CNV team to modify and simplify the regimes that until now have been mainly used by the much more sophisticated actors who belong to the financial market”, confirmed Tinelli.
He points out that “this ProMujer issue uses the new regime developed by the CNV, which allows institutions that provide financial services to keep residents in the country, to establish themselves within the capital market at better rates and better terms than traditional options.”.
On this matter, Erpen explained, “the director is forming himself to the needs of the constitution. We are trying to adapt the government so that ProMujer can enter and do it in compliance with all the regulations that involve investor protection, with the social label and guarantee .
For that part, Haro defined that “ProMujer has been issued for 12 months and at a rate of Badlar”, which is about 70% per year, and “a very relevant protection that transforms into one that is invested in the risk. Finally, it does nothing but the risk of the deposit in the bank It allows to replicate and encourage more actors to spend this type of social enterprise “. (web)