Peru’s microfinance sector is showing resilience amidst economic headwinds, with a renewed sense of optimism among small business owners, according to Jeffrey Martínez, senior central manager of Modelo Comercial at Compartamos Banco. The bank anticipates double-digit growth in loan disbursements in the coming months, fueled by increased consumer spending and improved risk indicators, as the country navigates a period of political and economic uncertainty.
Martínez noted that a controlled inflation rate and signs of recovery in formal employment are contributing to a more positive outlook for microentrepreneurs. This positive sentiment is translating into increased demand for microloans, particularly as businesses prepare for seasonal peaks like the back-to-school season. The improved payment behavior observed throughout 2025 has also allowed banks to expand their risk appetite and serve a larger customer base.
Data from the Central Reserve Bank of Peru (BCRP) confirms this trend, showing a 5.8% annual growth in credit to micro and small businesses at the close of 2025, a significant increase compared to the 0.2% recorded in 2024. Interbank, another key player in the Peruvian financial sector, is also innovating with digital payment solutions, further supporting the growth of micro and small enterprises.
Seasonal Demand Drives Lending
The sectors currently experiencing the most activity are commerce, services, and industry, Martínez explained. Within commerce, the demand for school supplies is particularly strong. Service businesses, especially educational institutions, are seeking capital to support operations and infrastructure improvements. In the industrial sector, manufacturers of footwear, backpacks, and school uniforms are seeing increased activity.
Projections from the Small Business Association of the Lima Chamber of Commerce suggest that sales during the current campaign could grow between 5% and 10%, potentially reaching up to S/ 1,300 million. “This productive ecosystem, highly dependent on seasonality, finds microcredit to be an vital tool to respond to the increase in demand from its consumers,” Martínez stated.
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Political Uncertainty Doesn’t Dampen Credit Flow
Despite ongoing political uncertainty in Peru, the lending environment remains relatively stable, according to Martínez. While elections traditionally introduce caution in investment decisions, the microfinance segment has thus far maintained its usual pace. This suggests a degree of resilience within the sector and a continued need for capital among small businesses.
Compartamos Banco anticipates stable credit growth for the first half of the year, in line with the trends observed in 2025. This outlook is despite the challenges posed by rising crime rates, which are impacting many entrepreneurs across the country. The bank emphasizes the importance of responsible lending practices and encourages businesses to seek financing options that align with their cash flow.
Compartamos Banco advises businesses to carefully plan their purchases, avoid overstocking, and refrain from taking on excessive debt from multiple sources. Accessing appropriate financial products tailored to their specific business needs is also crucial for maximizing profits during the back-to-school campaign, which can account for up to 20% of annual sales for micro and small enterprises.
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Jeffrey Martínez Veit, the senior central manager of Modelo Comercial at Compartamos Banco, brings over 18 years of banking experience to his role. His LinkedIn profile details his extensive background within the Gentera Group, including leadership positions in risk management and product development in both Peru and Mexico. He holds degrees in Business Management and an MBA from leading Peruvian universities, as well as certifications from MIT and Harvard.
As Peru heads into the second half of 2026, the performance of the microfinance sector will continue to be a key indicator of the country’s economic health. Compartamos Banco expects to release its second-quarter financial results in late July, providing further insight into lending trends and the impact of the back-to-school campaign.
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