credits to SMEs for the payment of salaries

The measure seeks to stimulate the granting of fixed-rate loans not exceeding 24% for companies to pay wages in the midst of the crisis

The Central Bank of the Argentine Republic (BCRA) issued this Thursday a regulation that aims to deepen aid to MSMEs in the economic and financial crisis generated in the productive sector as a consequence of the Coronavirus COVID-19 pandemic.

The measure adjusts the incentives for financial institutions to strengthen the line of credit for small and medium-sized companies to pay the salaries of their employees.

The Board of Directors made changes to Communication A6937 of March 19, where loans to MiPyMEs were promoted at a fixed rate of no more than 24% per year to cover working capital.

This adaptation (Communication A6946) seeks to stimulate, within the same credit line and under the same conditions, the disposition of more funds for loans that are destined to face the payment of the payroll.

In particular, the BCRA will provide new incentives to entities to increase loans to MiPyMEs for the payment of salaries, as long as those entities are payment agents of the company that requests it. The reduction in reserve requirements will also be in force for the banks that promote this credit line.

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Written by Argentina News

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