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New Credit Line to MSMEs in Place

As from Monday 11, MSMEs with no current credit lines may borrow a subsidized loan at a 24% interest rate, as established by the BCRA under Communication A7006. More than 200,000 MSMEs are expected to apply for the PyME Plus credit line subject to basic requirements.

The subsidized credit line offered at 24% annually has a three-month grace period. In this context, MSMEs must obtain a certificate granted by the Ministry of Productive Development in the AFIP website.

Banks will not refuse to give credit to those MSMEs with FoGAr loan guarantees.

The BCRA launched this credit line with about ARS22,000 million, which involves a reduction in financial institutions' stock of LELIQs and minimum reserve requirements. This credit line goes hand in hand with the existing line for MSMEs at a 24% interest rate. Loans approved and in the process of approval total ARS199,674.2 million, out of which ARS156,811.6 million was disbursed to 100,332 MSMEs.

The banks that fail to meet the quota on the new credit line will be penalized with up to a 3 p.p. reduction in their LELIQ stocks. MSMEs that borrow loans at a subsidized interest rate through the MiPyME line or the new PyME Plus line will be required to have the prior authorization of the BCRA to buy foreign currency in the Free and Single Foreign Exchange Market.

May 10, 2020.

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