Santander advances with its special line of credit for SMEs

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The bank launched its loans to support companies struggling to complete payroll payments. The details

The Santander bank successfully activated this week its special line for the payment of wages.

In the first two days of validity of this special line addressed to MSMEs, Santander made available to its customers credits to pay salaries for 3,700 million pesos, which is equivalent to approximately 80,000 salaries, at the rate of 24% per year. Of this amount, 400 million pesos have already been disbursed.

Santander also has another special line in place for MSMEs in the health sector, through which it has already disbursed 580 million pesos to various hospitals, clinics and sanatoriums; and it hopes to grant credits for another similar amount in the coming days.

Santander’s new lines respond to the spirit of the official initiative to promote financing facilities for small and medium-sized companies that they can see their activity harmed by the prolonged general quarantine.

Guarantees from the Government

On the other hand, the national government made official on Wednesday its decision to create a specific fund of 30,000 million pesos to grant specific guarantees to small and medium-sized companies that are going to borrow to pay wages.

President Alberto Fernández instructed the Administration Committee of the Argentine Guarantee Fund (FoGAr) to establish a Specific Affectation Fund in order to grant guarantees to facilitate access to loans for working capital.

Fernández empowered his chief of staff, Santiago Cafiero, to make the appropriate budgetary adjustments in order to transfer the sum of 30,000 million to the FoGAr as a direct contribution.

The guarantees will be granted in favor of financial entities authorized by the Central Bank and non-financial entities that develop financing tools, and in support of those issued by reciprocal guarantee companies, and national, provincial, regional or Capital funds. Federal.

The guarantees will aim to guarantee repayment of loans for working capital, including payment of wages, contributions and employer contributions, and coverage of deferred checks granted by the entities mentioned to the beneficiaries provided in the following section.

The beneficiaries will be the micro, small and medium-sized companies (MiPyMES) registered in the MiPyMES Business Registry provided for in article 27 of Law No. 24,467, with a current MiPyME Certificate.

The guarantees may cover up to 100% of the loan taken by the MiPyMES.

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