The BCRA’s special credit line for micro, small and medium-sized enterprises at 24% reached ARS217,811.2 million, which includes loans approved and in the process of approval.
The financial system has already disbursed more than ARS176,321.7 million among 111,621 companies, which were used to pay salaries, cash deferred checks, and meet working capital needs. In disaggregated terms, ARS6,181 million were channeled to 538 hospitals, clinics and other health service providers.
From the beginning of the preventive and compulsory social isolation established by the National Government, credit offer increased and the whole credit line was placed. For this reason, the BCRA launched the PyME Plus credit line for about 200,000 companies with no credit rating to have access to financing in more favorable conditions. Banks must not refuse to give credit for about ARS22,000 million to MSMEs with FoGAr loan guarantees.
Loans for ARS200,861.1 million have already been approved at a 24% interest rate, and ARS16,950.1 million are in the process of approval, which totals ARS217,811.2 million. Disbursements reached ARS176,321.7 million out of which 26.4% was channeled to pay salaries, 17.1% to cash deferred checks, and 50.3% to meet working capital needs.
FoGAr provided sureties for financial institutions to give loans for ARS92,046 million.
The subsidized credit line offered at a 24% annual interest rate has a three-month grace period. In this context, MSMEs must have a certificate granted by the Ministry of Productive Development upon request in the AFIP website.
Judging by the availability of FOGAR loan guarantees and the speed at which credit lines are approved, the target of lending credit lines for ARS220,000 million is likely to be accomplished.
May 16, 2020.