In particular, the importance of the use of the FCEM as a financing tool in the oil and gas chain was highlighted, where a total of almost $8,500 million were discounted in 2021, driven by the MSMEs that supply YPF SA, associated subsidiaries and businesses. The FCEM regime offers some advantages for smaller companies since the holder of the debt is the large company: it does not need a guarantee, it reduces the cost of financing and it also does not consume the credit quota available to MSMEs with financial institutions. .
The FCEM establishes that a micro, small or medium-sized company is obliged to issue this receipt in all commercial operations carried out with a large company (from a public list published by the AFIP on its website), provided that the total amount is equal to or greater than $195,698. This tool offers financing opportunities for the more than 219 thousand companies that are part of the value chain of the largest as suppliers.
When a MiPyME issues the FCEM, it can choose to transfer it to a Collective Deposit Agent for its negotiation in the Capital Market (traditional option) or to the Open Circulation System (SCA) for its endorsement, assignment, guarantee, discount or deposit in the Banking System. In turn, they can also be negotiated through computer systems that facilitate factoring operations.
For the remainder of 2022, a new growth of this financing alternative is expected as more large companies choose to accept invoices and, in turn, more banking entities are incorporated into the Open Circulation System, which will add new features this year.
One of the functionalities will be launched in April, when the Unpaid Bills at Maturity Center (CenFIV) will start operating, according to the Central Bank of the Argentine Republic (BCRA). Invoices that have not been paid by any of the 1,300 large companies will be reported there, either due to lack of funds or because a payment account has not been reported.
Source: Ambito
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