12% rate and up to 500 thousand pesos

The Buenos Aires Government, through City Bank, threw one line of credits at an annual nominal rate of 12% to recompose working capital in the shops with non-essential activity, By a sum of up to $ 500,000.

The line will be available as of this Friday through the bank’s website (www.bancociudad.com.ar) and will have a payment period of 24 months in total and six grace months for the payment of the first installment.

The entity explained that, for example, a credit of $ 100,000 taken out in July, it would pay, for the period of 18 months plus six of grace, it will have an initial fee of $ 6,600 only in January 2021.

As officially explained, the line will have a subsidy of 12 percentage points over the current rates offered by the bank for loans to micro, small and medium-sized enterprises (MSMEs), which will be granted in equal parts by the City Government and by the financial institution.

This is in addition to a package of measures given by the Government of the Nation recently.

Requirements to access credit

To access the credit it will be necessary:

– Have the Mipyme certificate granted by the Ministry of Productive Development

– Have a current or pending authorization of the City Government.

“This initiative is in addition to other credits and benefits offered by the entity for merchants and for different productive activities in the city, which provide financing and reduce costs, while helping to develop electronic commerce and teleworking,” he assured. the entity.

The Buenos Aires Government will condone the ABL

The government of the City of Buenos Aires will send the Legislature a package of economic measures that includes the cancellation of the payment of the Lighting, Sweeping and Cleaning (ABL) tax to non-essential businesses that this Wednesday must re-close in the new phase of the quarantine decreed in the framework of the Covid-19 coronavirus pandemic.

The measure will be extended during June and next July and will benefit some 110 thousand non-essential businesses. that “they refer to the sale of goods and provision of services”.

Among the premises contemplated are bars, restaurants, bookstores, hairdressers, toy stores, hotels and gyms, some of which have been closed since the beginning of the isolation and others that were able to reopen their doors briefly and that tomorrow they will have to lower their blinds again due to the hardening. insulation.

According to spokesmen for the Buenos Aires Government, the implementation of the measures promoted “will represent for the City of Buenos Aires a total fiscal cost of 600 million pesos“, in a context in which the administration registers a drop in the collection of the order of 35% average in the last three months.

It seeks to provide assistance to nearly 110,000 businesses

The package of measures, which will be sent in a bill to the Buenos Aires Parliament, foresees that also during June and July the tax on the use of public space for commercial activities on public roads will be forgiven, that is, those gastronomy venues that they have chairs and tables on the sidewalks.

Another initiative that will be analyzed by lawmakers points to an extension of the suspension of embargoes, which runs until August 31.

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