The Minister of Productive Development, Matas Kulfastoday announced the implementation of two new lines of financing for SMEs, for a total amount estimated at around $70,000 million.
The lines presented are part of the SME Export Federal Development Plan that the national productive portfolio carries out to boost the export capacity of Argentine companies and double the number of SMEs that sell their products to the foreign market.
The Ministry of Productive Development presented the Boost to Exports line, which will allocate an initial quota of $50,000 million, so that financial entities can grant credits of between $100 million and $500 million, with a rate of 35% (fixed for 3 years and then BADLAR ) and subsidized by the National Productive Development Fund (FONDEP).
These loans will be used for investment projects with associated working capital, for SMEs in the industrial, agribusiness, pig and poultry sectors.
Likewise, the Import Substitution line was announced, with a total initial amount of $20,000 million, destined for credits of between $100 million and $500 million, also with a 35% rate (fixed for 3 years and then BADLAR) and subsidized by FONDEP. . In this case, the loans will be aimed at SMEs in the auto parts, laboratory, mining, phytosanitary, oil and gas, fine chemicals and footwear sectors, for investment projects with associated working capital.
“With these two lines of financing, we seek for the productive sector to increase its exports and save foreign exchange by substituting imports,” said Kulfas at the launch of the new lines of financing for SMEs.
Kulfas assured that the “first quarter of this year was the most important in history in terms of exports of goods.”
Immediately after the announcements, from Industrial Argentine SMEs (IPA), supported the announcements.
“We consider these measures transcendent, because they are essential to give continuity to industrial growth and development in Argentina that we have been having for two years to date,” said Daniel Rosato, after the act that took place at the headquarters of the productive portfolio and in which IPA participated.
The president of the entity that brings together industrial SMEs affirmed that the decision to incorporate more State resources to finance national production “It will serve to promote the incorporation of SMEs into the productive network and, in this way, be able to recover the factories that closed product of the recession that the sector suffered after 2015 and that worsened with the arrival of the pandemic”.