Companies with Social Security Debts Can Obtain Bank Financing

Companies with social security debts are authorized to obtain bank financing. The BCRA and the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP) established that financial institutions must not restrict access to financing if the borrower has unpaid social security obligations. But in order to access such financing, the borrower must use it, in full or in part, to pay those debts in full. Under Communication "C" 90926, the BCRA reminded financial institutions of the procedures for credit management in the case of debt and compliance with social security obligations.

The letter sent to the financial institutions underlines the actual validity of the AFIP's General Resolution No. 4128. It establishes the obligation to use a taxpayer password to enter the AFIP’s consultation service of social security debtors for financial institutions in order to verify the absence of liquid due debt over contributions to social security. Verifications must be carried out in the case of loan applicants who are employers included in the Integrated Argentine Social Security System (Sistema Integrado Previsional Argentino, SIPA).

The communication specifies that if there are debts after the consultation is made, banks must notify of such debts to the loan applicants and inform them that those debts can be paid through the procedure specified in the AFIP´s regulations.

The BCRA emphasizes that borrowers may request the financial institution to use financing, whether in full or in part, to pay social security debts in full.

September 28, 2021..