Financing to SMEs through the guarantees of the Reciprocal Guarantee Societies (SGR) He began to feel the blow that generated exchange volatility and interest rates. Local and international analysts explained that the “Challenging Operating Environment”added to the recessive context that crosses the productive framework, “Exert pressure on the ability to pay” of small and medium enterprises.
Consulted by Scopethe CEO of the Business Financing Platform Finvoi, Pablo Sanuccihe explained that “the SGRS had been endorsing mostly medium -term bank loans and granted approximately 70% of their guarantees in this operation. “However, he added that” in the face of rate volatility, loan guarantees have decreased significantly, because Companies do not want to take medium -term loans to these rates“
And he argued that, “in parallel, The guarantees for short -term operations in the capital market have increased a lotsince the rates that are being obtained there are better than in the banks. “
Advances in current account for companies went from an average of 36% in June, to touch a maximum of 93% on Monday of last week, according to estimates of GMA Capital.
According to data from Argentine Securities Market (MAV), The Deferred Payment References References (CPD) rates corresponding to the guaranteed segment are around 47.98%, while in July the average was 39.59%. “However, we always highlight that the rate is not a determining factor in access to the capital market,” they clarified from MAV to Scope.
For its part, the specialist in productive development Agostina Monti Salías He explained to this media that “one in three SMEs today is financed via SGR guarantees.” And he considered that “prior to this last month of high volatility, there was already a rate of 40%, which was quite prohibitive as well. Especially in a context of recessionwhen companies need to have adequate financing for working capital. “
He said that currently “SMEs are running out of reasonable financing tools in a context of recessionand the SGRS system, which gave them a bit of oxygen so that many small and medium -sized companies can maintain, Today you can no longer offer rates“
The impact on the payment chain
In a recent report by the International Risk Qualifier Moody’sthe situation of the SGRS. There they explained that “From the elimination of Lefis As an instrument to administer immediate liquidity in the banking system, the fees in pesos presented high volatility that continue will imply an increase in the cost of financing for MSMEs“
They stated that “a challenging operational environment of lower liquidity in the local capital market, with higher financing costs, exerts pressure on the payment capacity of the backed mipymes.”
In this regard, they mentioned that the cpd endorsed “continue to be a financing alternative for the MSMEs, mainly for their liquidity management”, so “A pressure at the interest rate would impact the generation of mipyme flow.”
Regarding this situation, the former National Director of Industrial Policy, Leandro Mora Alfonsín, He cited Scope The recent case of a appliance company with less than 10 employees: “You are a SME and you pay you $ 1,000,000 with a 30 -day check. You are short of cash and need the money now to pay salaries of your employees. You go to a financial one and accept the check at a discount rate of 125% (more taxes). Of $ 1,000,000 you have just over $ 800,000“
Economy and cooling of the economy
Moody’s projected that for the coming months “the volume of guarantees issued by the SGR system follows its increase in increase, although at a lower pace.” However, he warned that “SGR should opt for conservative subscription criteria In a context in which the delinquency indicators of the financial system are upwards“
For his part, Salías commented that “payments are already being stretched, especially between industries and shops,” but clarified that his link was not found with an increase in delinquency, although with “a fall in the economic activity that is being deepened.” It is a variable that is also being followed in the offices of the economic team.
The Volatility in interest rates It puts credit at risk and, consequently, economic activity, somewhat admitted by the Minister of Economy, Luis Caputo. One of the clearest examples of this dynamic was provided by the Cautionswhose A day performance climbed above 80% This Monday and this Tuesday moves around 49%.
Source: Ambito
