step by step, how to obtain guarantees to qualify

The Government created a Fund of Specific Affectation within the Fogar (Argentine Guarantee Fund) for $ 30,000 million to guarantee loans to MSMEs that do not qualify before banks. This was established by Decree 326/2020, where the Cabinet Head is empowered to make budgetary adjustments that allow this money to be redirected.

Such how advanced iProfessional, the concern within the Central Bank and the Ministry of Production is that MSMEs can access 24% credit lines promoted by the Government in the midst of the pandemic, even when they do not meet the requirements to be eligible for banks . The task of the Fogar will be, precisely, to guarantee these loans to MSMEs and respond to the bank in the event of a delay in payment.

According to the decree, the guarantees of the Fogar will be in favor of the banks or non-financial entities that grant credits and will be a support of the guarantees that, at the same time, the Reciprocal Guarantee Societies (SGR) or the funds issue to the SMEs. national or provincial. The most emblematic of the latter is the Fogaba, in the province of Buenos Aires.

The norm establishes that the guarantees “will have as objective to guarantee the repayment of the loans for working capital, including payments of wages, contributions and employer contributions, and coverage of deferred checks” that the banks or SGR grant.

Specific, refers to the lines at 24% that the Central promoted so that MSMEs can meet their obligations despite the pandemic. According to the agency, the banks will allocate $ 320,000 million to these loans. According to the presidential decree, The guarantees granted by the Fogar may cover up to 100% of the credits provided to the MSMEs.

Two options: banks or capital markets

The loan guarantee system can be direct to the bank or with the participation of a Reciprocal Guarantee Society (SGR). As this medium could know, the government’s intention is to give most of the $ 30 billion to banks, in order to guarantee the lines with preferential rates.

In this case, the bank lends to the MSME at 24% (upon request for the relevant documentation) and asks Fogar for a guarantee for up to 100% of the loan granted. Thus, if the SME defaults, it is the Fund that covers that debt.

The other alternative, well known among SMEs, is the one that involves guarantees from the SGR, which can be used for guarantee bank loans, or at the discount of checks in the capital market.

In that case, the SGR uses the Fogar to reinforce that guarantee that it is going to grant to the MSME. Once obtained, if the company stops paying the check or the loan, the public fund takes over.

Gabriel González, president of Garantizar SGR, referred to the procedure that MSMEs must carry out to access a guarantee: “They must have the mipyme certificate, is done online. Then collect the financial and accounting information of the company so that it can be evaluated credit. On loans of up to $ 3 million, the rating is issued in just 72 hours, no collateral requirements (mortgage or pledge) “. And he added:” These days we are updating the rates of 24%, according to the new lines of emergency assistance to MSMEs and also implementing the electronic signature via blockchain validated with RENAPER. “

For his part, Pablo Pereyra, general manager of the SGR Acindar Pymes, considered that the e-check discount (Electronic checks) in the capital market is a very convenient option for MSMEs, since it is remote and allows obtaining funds quickly and at competitive rates (today they varied between 8% and 25%, depending on the deadlines).

“Our intention is to facilitate financing and We have 2,500 active SMEs that today have credit needs. It is something that the situation imposes. For our part, we see that we can accompany SMEs to discount electronic checks in the capital market, which continues to operate despite the quarantine. He procedure is totally online and only today there were more than 100 SME registrations on the Caja de Valores platform that allows them to trade e-checks, “he explained.

The offer of cheap loans

While the 24% credits are not mandatory, most of the entities have already announced their incorporation to this initiative. In general, they offer them for working capital (salary payments and check discounts) and the terms start in 90 days and go up to 12 months.

However, a few days passed between the official announcement of these lines, made on March 17 and the start-up of the same, which was completed this week. In this regard, bank sources argued: “It remained to see the fine print of the Decree so that banks could define the terms and conditions of the offers they make to their clients. That has already been clarified and most of the entities are announcing them because they understand the delicate situation of the companies at the moment. “

The first to offer specific lines to deal with the pandemic were Santander, Galicia Y BBVA, with rates that were even below that announced by the Government.

In the case of Galicia, it has already placed $ 891 million with a rate of 18% for working capital of MSMEs. In loans at 24%, meanwhile, it has already disbursed $ 908 million.

For their part, Santander offers a 20% line for companies in the health sector. “They have already been disbursed $ 550 million to various hospitals, clinics, and sanitariums; and it is expected to grant credits for another similar amount in the coming days, “they affirmed in the entity. In addition, the bank has already made available to its clients $ 3.5 billion that they will allocate to loans to pay wages at a rate of 24%.” That is equivalent to approximately 70,000 salaries, “they stressed.

Other private banks like Macro, Itaú, Comafi, Mariva and Mortgage They also joined with their lines in recent days.

From public banking, National Bank offers two lines at 24%. One is for general working capital expenses and another for those companies that pay the payroll through the official entity. In this sense, the Nation highlighted that some 300,000 workers, who belong to about 40,000 private companies, have their salary account there. In this way, the entity led by Eduardo Hecker will finance the payment of wages for the month.

For his part, the city ​​Bank Since April 1, it has launched multiple lines for MSMEs with rates that are between 20% and 24%. For those who pay salaries through the entity, it offers loans at 22%. Companies in the sectors most affected by the quarantine (businesses, hotels, gastronomy, cultural and sports entities and school transport) will pay the same rate to finance working capital. They also offer a 20% line for investment in capital goods that allow teleworking. And finally, the City put on the street a more general alternative for discounting checks and working capital with rates between 22% and 24%.

Finally, Bank province also enabled an overdraft in account for the payment of wages, at a rate of 24%. For companies that pay payroll through the entity, accreditation is immediate.

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