Loans to 24% reached more than 75,000 MSMEs for more than $ 108,000 million

More than 75,000 micro, small and medium-sized companies accessed loans from the special line at a maximum annual interest rate of 24% launched by the Central Bank, for an amount that exceeds $ 108,000 million since it was launched a month ago.

The group of entities of the Argentine financial system has loans approved and in the process of doing so for $ 132,929 million, of which 82% have been disbursed, and another $ 23,863 million in the approval process, totaling $ 156,792 million in the volume of the special line to finance MSMEs, the Central reported today.

In addition, the Argentine Guarantee Fund (Fogar) provided guarantees for financial institutions to have new loans for $ 92,046 million.

As for the number of companies, they totaled 75,149, of which 48% used the funds to pay salaries, 39% of the companies used it as working capital and 12% for check coverage.

Of the amount disbursed, $ 3,942.6 million went to companies providing health services, reached by regulations beyond their size and within the framework of the national prevention policy of Covid-19.

The complete line of Mipymes financing approved by the Central is at least $ 220,000 million and has been in force since March 20.

In particular, banks Galicia and Santander reported today that they have granted more than $ 35 billion in loans to micro, small and medium-sized companies since the start of the coronavirus pandemic, in special lines with rates that do not exceed 24%.

Until today, Galicia has granted more than $ 25,000 million to finance more than 13,000 SME clients in its commercial activity, the entity said in a statement.

This amount includes a line of 12-month loans with an 18% rate that was granted to Mipymes producers or suppliers of essential inputs to mitigate the spread of Covid-19.

It also includes loans to a single firm with a rate of 24% per year, 12 months and the line with FoGAr guarantee for the payment of wages at 12 months with three months of capital grace and a rate of 24%.

Meanwhile, Santander today exceeded $ 10 billion in loans to micro, small and medium-sized companies, as well as hospitals, clinics and sanatoriums, for the payment of 175 thousand wages.

These loans were made through special lines to pay wages, working capital, and purchase of equipment and medical supplies in the case of health companies, the bank said in a statement.

Of the total, $ 7,800 million correspond to credits for more than 7,500 MSMEs that helped to make the payment of 175 thousand wages at a special rate of 24% annual nominal.

This is in addition to $ 1.4 billion in working capital loans and an additional $ 900 million for a dozen hospitals, clinics, and sanitariums to equip and buy supplies to deal with the pandemic.

Among the SMEs with special rate loans from Santander are the two largest producers of respirators in Argentina, whose plants are located in the province of Córdoba.