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El Salvador necesita MYPE dinámicas, pero ¿quién las financia?

Por Yessica Reyes*

Uno de los aspectos cruciales para dinamizar la economía salvadoreña son las mejoras en el desempeño de su base empresarial, las micro y pequeñas empresas (MYPE). Evidentemente, el apalancamiento y la calidad de los servicios financieros a los que estas tengan acceso inciden en su capacidad de apuntalar su participación en los mercados.

En coherencia, se han desarrollado diversas iniciativas públicas y privadas tendientes a la inclusión financiera de este tipo de empresas. El resultado ha sido la expansión de las microfinanzas en el país a partir de los años noventa, tanto por la vía del incremento del número de instituciones que focalizan su actividad en el otorgamiento de microcréditos (microfinancieras), como por las entidades financieras que operan con microcréditos, aunque no concentren en ello su giro principal. De allí, que la oferta financiera a las MYPE en el país está constituida por un amplio número de instituciones, unas supervisadas por la Superintendencia del Sistema Financiero (SSF)[1] y otras no supervisadas[2], además de la sempiterna oferta financiera informal[3].

Sin embargo, la cartera dirigida a financiar MYPE aún es proporcionalmente pequeña y con menos dinamismo que aquellas encaminadas a otro tipo de empresas y clientes. De acuerdo a los datos proporcionados por 48 oferentes de financiamiento a MYPE, el monto de créditos dirigidos a este tipo de empresas representó el 13.5% de su cartera total a junio 2016 – situándose en torno a los US$1.5 miles de millones – y si bien aumentó 32.4% entre enero 2011 y junio de 2016, su crecimiento fue menor al de la cartera total (39.9%) y empresarial (41.8%) de estas Instituciones Financieras (IF).

Dichas restricciones crediticias traen aparejadas serias dificultades para el acceso y las condiciones de financiamiento de las MYPE. Este contexto limita su apalancamiento efectivo.

La ampliación del acceso a financiamiento en condiciones idóneas para este tipo de empresas depende, en gran medida, de la composición institucional de la oferta y las características de la demanda. La coexistencia de IF con fines disímiles entre sí y que, por tanto, operan en distintas formas de regulación (o sin ella) termina alterando el equilibrio financiero de las instituciones interesadas en atender a las unidades económicas más pequeñas. Bajo esta lógica, conviene revisar qué tipo de instituciones atienden a las MYPE.

En conjunto, las MYPE son principalmente financiadas por IF reguladas. En 2016, diez IF concentraban el 86.1% del saldo de cartera MYPE, nueve de las cuales son reguladas. Conviene destacar que alrededor del 80% del total de dicho crédito estaba destinado para pequeñas empresas, mientras las microempresas, que constituyen el 94% de las MYPE, obtuvieron cerca del 20%.

No obstante, la configuración actual del mercado y la normativa vigente agudizan la contracción de la oferta regulada de crédito para las microempresas de menor tamaño. La política crediticia estatal ha debido volcarse en la atención de estas empresas, generalmente asociadas a grupos de población en condiciones de vulnerabilidad.

Así, las personas que han instalado micronegocios de subsistencia, que son en su mayoría mujeres (73.5%) con escolaridad relativamente baja y que emprenden casi siempre por necesidad, son atendidas por entidades especializadas en microcrédito, no necesariamente reguladas. De hecho, una entidad no regulada y un banco estatal lideran el financiamiento a este tipo de empresas. De las diez IF que concentran el 78.3% de esta cartera, ocho son instituciones no reguladas.

Las microempresas de acumulación simple, cuya propiedad también recae en mayor medida en mujeres (64.5%) con estudios hasta secundaria que emprenden por necesidad, son financiadas principalmente por una entidad gubernamental, que ha otorgado el 47.0% de los créditos a este tipo de negocios. En este segmento, la participación de IF no reguladas disminuye a cuatro de las diez principales.

Por su parte, los micronegocios de acumulación ampliada, que presentan una participación homogénea entre mujeres y hombres propietarios y más de la mitad (55%) resultan ser emprendimientos por oportunidad, enfrentan una oferta crediticia aún más concentrada que el segmento de acumulación simple. De igual forma, su proveedor primordial de crédito es la banca estatal, que provee el 58.7% de la cartera. En este segmento, diez entidades concentran el 89.5% de la cartera, de las cuales solo tres no son supervisadas por la SSF.

En contraste, las pequeñas empresas, cuya propiedad recae más en hombres (65%) que han alcanzado niveles de estudio elevados (educación media o superior) y que en su mayoría inician actividades por oportunidad, son financiadas principalmente por bancos privados. Las entidades bancarias proveen el 54.8% de dicha cartera. Las entidades estatales también tienen una participación significativa (32.3%). El 91.6% de la oferta de financiamiento a este tamaño de empresas se concentró en diez entidades financieras, todas supervisadas por la SSF.

Esto resulta relevante en tanto que las entidades supervisadas y no supervisadas operan en un marco de reglas disímiles. Las primeras, que deben cumplir obligatoriamente con normas regulatorias, tienen mayor escala y la capacidad de ofrecer mejores condiciones crediticias. Mientras que las segundas, si bien poseen un mayor margen de maniobra para ofrecer y diseñar sus servicios a las MYPE, por su relativo menor tamaño tienden a presentar costos mayores de operación y fondeo.

De esta forma, la oferta de las entidades reguladas privadas parece reservarse para unidades económicas mayores con prevalencia más alta de formalidad. El riesgo asociado al manejo de carteras atomizadas y la ausencia de metodologías especializadas en microcrédito de la mayor parte de IF que conforman este segmento de oferta a las MYPE también obstaculizan el proceso de downscaling[4].

Si bien las políticas públicas en materia de financiamiento a MYPE están permeando en las distintas carteras y atenuando la contracción crediticia en las microempresas, generar normativa ad hoc para la oferta microcrediticia en el país continúa siendo un reto que podría mejorar la dinámica del mercado y, más aún, el proceso de inclusión financiera para los segmentos menores de la pirámide empresarial.

Conocer quién financia a las MYPE y la dinámica que entre ellas se genera es el ápice para avanzar en el desarrollo de incentivos que expandan la oferta financiera y creen rutas más factibles hacia mayores niveles de bienestar social. Esa fue la motivación de la Superintendencia de Competencia para llevar a cabo el “Estudio sobre la caracterización del mercado de prestación de servicios financieros a las Micro y Pequeñas Empresas (MYPE) en El Salvador”. La tarea en curso al respecto es ardua y el trabajo interinstitucional, pero los primeros pasos ya están dados.


* Licenciada y maestra en economía, con posgrado en técnicas cuantitativas de investigación. Actualmente, labora en la Intendencia Económica de la Superintendencia de Competencia de El Salvador.

– Los comentarios en este artículo expresan la opinión de la autora-


 

[1] La oferta financiera institucional supervisada que atiende a la MYPE estaba conformada, a junio 2016, por bancos privados (11), bancos e instituciones estatales (4), bancos cooperativos (6) e instituciones de ahorro y crédito (4).

[2] La oferta financiera institucional no supervisada incluye entidades de diversa naturaleza jurídica: asociaciones cooperativas, sociedades cooperativas, sociedades anónimas, fundaciones y asociaciones.

[3] La oferta financiera informal está constituida por un número no determinado de prestamistas, organizaciones comunales y comercios, que brindan crédito u otras actividades financieras (crédito de proveedor, cuchubal, préstamos comunitarios, prestamos de amigos y familiares) basados en la confianza o el conocimiento entre las personas. Generalmente, este tipo de financiamiento suele tener costos más altos para las MYPE.

[4]  Proceso a través del cual las IF de mayor tamaño, generalmente bancos, se introducen en la atención a MYPE.

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