Government approves financing regulations for MSMEs and startups

The Executive Branch approved Supreme Decree No. 186-2026-EF, which approves the Regulations for Title II of Urgency Decree No. 013-2020, a regulation that promotes the financing of micro, small, and medium-sized enterprises (MSMEs), ventures, and startups. The decree was signed at the Government House in Lima on September 11, 2026, and published in the official newspaper El Peruano on Saturday, September 12, 2026, in the Legal Norms section.

The regulation bears the signature of the President of the Republic, Keiko Sofía Fujimori Higuchi, and the Ministers of Economy and Finance, Elmer Rafael Cuba Bustinza, and of Production, Juan Carlos Requejo Alemán, who endorse it in accordance with the provisions of the fourth paragraph of the Second Final Complementary Provision of Urgency Decree No. 013-2020.

Regulatory Framework

The regulation develops the provisions of Title II of Urgency Decree No. 013-2020, the objective of which is to establish measures that promote the financing of MSMEs, the development of dynamic and high-impact ventures, and the promotion of cluster initiatives. Its purpose is to strengthen the conditions for access to liquidity for MSMEs through the negotiation of purchase or service orders for minor contracts issued by Public Sector entities.

The text is based on Article 12 of Urgency Decree No. 013-2020, which grants the purchase or service order issued by State entities the status of a nominative securities title, in accordance with Law No. 27287, Securities Law. The Multisectoral Commission for Regulatory Quality (CMCR) declared the Ex Ante Regulatory Impact Analysis (RIA) inadmissible on July 1, 2026, considering the regulation to be outside the scope of said evaluation.

Structure of the Regulation

The approved regulation consists of two (2) Titles, two (2) Chapters, three (3) Subchapters, twelve (12) Articles, and three (3) Final Complementary Provisions. Among its key provisions are:

• The purchase or service order may be transferred by the MSME to a third party, who becomes the legitimate holder of the nominative securities title.
• The Public Sector entity must pay the invoices derived from the transferred order once the confirmation of the correct receipt of the good or service has been issued.
• Any agreement that restricts, limits, or prohibits the assignment of the purchase or service order is null and void by law.
• The actors of the scheme are defined: ICLV (Securities Clearing and Settlement Institution), MEF, PRODUCE, SBS, SMV, SUNAT, and the MSME provider.

Publication and Scope

The decree and its regulation are published on the same day as their appearance in El Peruano on the Single Digital Platform of the Peruvian State (www.gob.pe) and on the digital sites of the Ministry of Economy and Finance and the Ministry of Production. The regulation is framed within Law No. 32069, General Public Procurement Law, which regulates purchase or service orders derived from minor contracts.

With this regulation, the State completes the operational framework so that MSMEs and startups can convert their purchase and service orders into negotiable instruments, expanding their sources of financing and liquidity within the financial system.

Source: El Peruano, No. 19515, Saturday, September 12, 2026, Legal Norms, pgs. 15-17 (official reference: D.S. No. 186-2026-EF).