As a result of the credit policy adopted by the BCRA, financial institutions have granted 554,364 loans for a total amount of ARS325.82 billion since the Executive Branch established the preventive and compulsory social isolation (Aislamiento Social, Preventivo y Obligatorio, ASPO). The main tools have consisted in credit lines at a maximum annual percentage rate of 24% MSMEs, and 0% credit lines for self-employed workers whether or not under a simplified tax scheme.
The MSME (MiPyME) credit line at a 24% maximum rate reached 161,817 transactions for a total disbursement of ARS263.89 billion. Out of this total, 47% (ARS122.97 billion) was allocated to working capital;1 23% (ARS59.71 billion), to pay wages; 24% (ARS63.53 billion), to pay deferred checks; and the rest, to health services and other segments.
The BCRA also channeled loans through the MSME Plus (MiPyME Plus) credit line, which companies without outstanding bank loans may access with minimum requirements. The amount approved is ARS1.08 billion, out of which ARS752.5 million have been disbursed so far to 1,340 companies, and ARS1.3 million are in the process of approval.
The 0% credit line was another tool designed to assist self-employed workers whether or not under a simplified tax scheme. The number of loans granted is 391,164 for a total amount of ARS47.49 billion. These loans were implemented by way of credit card advances, out of which, the total amount that has already been credited is ARS22.07 billion.
Apart from this, the tax applicable under a simplified scheme is credited to taxpayers’ accounts to be transferred to the Federal Administration of Public Revenues (Administración Federal de Ingresos Públicos, AFIP).
ANNEX – DATA ON EACH CREDIT LINE
| MiPyME Credit Line at 24% | |
| Approved and in the process of approval | ARS287.34 billion |
| Accumulated disbursements | ARS263.89 billion |
| Payment of wages | ARS59.71 billion |
| Payment of deferred checks | ARS63.53billion |
| Working capital | ARS122.97 billion |
| Number of transactions | 161,817 |
| MiPyME Plus Credit Line | |
| Accumulated amount approved | ARS1.08 billion |
| In the process of approval | ARS1.3 million |
| Disbursed amount | ARS752.5 million |
| Number of MSMEs (only) | 1,340 |
| Accumulated disbursements with FoGAr guarantee | |
| Amount | ARS387.2 million |
| Number of MSMEs | 832 |
| Accumulated disbursements without FoGAr guarantee | |
| Amount | ARS365.3 million |
| Number of MSMEs | 551 |
| 0% credit line for self-employed workers whether or not under a simplified tax scheme | |
| Accumulated number of loans granted | 391,164 |
| Total accumulated amount granted | ARS47.49 billion |
| Total accumulated amount credited | ARS22.07 billion |
| Credit cards issued | 122,077 |
(1) Working capital excluding payment of wages and deferred checks.
