Figures reported by supervised financial institutions as of May 8, 2020

CMF releases first breakdown of FOGAPE Covid-19 loans

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.