The Minister of Economy, Sergio Massaannounced this Wednesday the adherence of the province of La Pampa to the Argentine Credit Program (CreAr), which will establish a subsidy of 30 interest points for loans to finance the production of small and medium-sized enterprises (SMEs).
Massa’s announcement, together with the governor of La Pampa, Sergio Ziliotto; and the Secretary of Industry and Productive Development, Jose Ignacio de Mendigurenis part of the program executed by the Nación and BICE banks, and some provincial ones, which will make $500,000 million available in loans for SMEs throughout the country, aimed at helping companies increase their production and hire more staff .
“Today is an important day. We deepen the idea that the subsidized interest rate works as an instrument for access to credit for SMEs and production, and that it is high for those who use it as an instrument of speculation,” said Massa in a act at the headquarters of the Ministry of Economy.
Our SMEs are the largest generators of employment and CreAr #CréditoArgentino seeks to facilitate access to credit for investment, so that they can continue investing, producing and generating a higher level of activity.
— Sergio Massa (@SergioMassa) February 1, 2023
In this sense, Massa assured that “access to reasonable interest rates for companies that produce goods allows increasing production and employment, which are key elements for reducing inflation.”
“This is an objective that we all have to pursue in our daily work,” he said.
The commitment of the government of La Pampa will be not only to contribute part of the rate subsidy to the credits, but also to advance in a tax reductionthe minister commented.
From this accession, industrial, agro-industrial and industrial services SMEs in La Pampa can now access financing for productive investmentsthrough the CreAr Inversión PyME Federal line, which allows obtaining up to $100 million per project through Banco de La Pampa.
To create #CréditoArgentino It is the largest production financing program in the country’s recent history and is key to promoting investment projects that change the productive matrix, substitute imports, increase exports and create employment.
— Sergio Massa (@SergioMassa) February 1, 2023
The province thus joins 12 other provinces such as Buenos Aires, Tierra del Fuego, Neuquén and Corrientesamong others, that already have this productive credit line.
“We want to make available from the provincial banks, BICE and Banco Nación some 500,000 million pesos in credits, with a very important rate subsidy, to invite SMEs to continue investing, producing, generating more activity and better supplying the consumer chains, which is one of the ways to reduce inflation,” said Massa.
The credits granted by the CreAr Inversión PyME Federal line have a term of between 48 and 60 months, with a grace period of up to 6 months and a rate bonus from the National Fund for Productive Development (Fondep) of up to 15.5 points, in addition of an additional bonus of 5 points from the province.
Likewise, the credits will be guaranteed by the Argentine Guarantee Fund (Fogar), and may be complemented with an additional guarantee by the Pampean Guarantee Fund (Fogapam).
As part of the agreement between La Pampa and the Nation, the local implementation of the Diploma in Management and Direction of PyMEs for the Patagonian region and the development of strategic training projects for the strengthening of MSMEs with export potential in La Pampa will be incorporated.
