The Board of the BCRA has approved a new scheme of credit lines for MSMEs.
This scheme along with interest rate subsidies granted through the Ministry of Productive Development are intended for both companies affected by the consequences of the Covid-19 pandemic, and the rest of the Argentine MSMEs that wish to expand their productive processes. The new scheme for MSMEs consists of three credit lines.
A MSME credit line at a 24% rate for companies that benefit from the Emergency Assistance for Work and Production Program (Asistencia de Emergencia al Trabajo y la Producción, ATP). Banks are to grant this line to any requesting company, with the support of FOGAR, if necessary. A second MSME credit line for capital investment to companies that purchase capital goods and those in the construction industry, at a 30% interest rate; and a third one aimed at financing MSMEs’ working capital, at a 35% rate.
The Ministry of Productive Development will maintain the existing credit lines at a rate subsidized by FONDEP: for productive investment (22%); for cooperatives and mining SMEs (18%); and for SMEs under an agreement with provinces (9.9%), among others.
In addition, the Board of the BCRA has approved a special credit line for strategic projects which will be coordinated by an inter-ministerial committee under the authority of the Ministry of Productive Development.
October 15, 2020.