In a statement, Industry specified that the credit line “It will reach productive investment projects and purchase of capital goods from MSMEs throughout the country.”
“This decision responds to the package of measures launched by (Economy) Minister Sergio Massa to assist a key sector of the national economy that is affected by the drought,” De Mendiguren said.
The secretary said that the Government seeks to “accompany companies in the sector so that they can face this very adverse context” and that in this framework “it is essential that we deepen joint work, as we are doing today, to provide tools at a time when that the world is demanding our products and giving us an opportunity to take a step forward in development.”
For his part, Bahillo assured that the priority “it continues to be that no producer stops producing, planting and investing”, adding that Massa’s decision “is to generate the necessary measures so that our producers can face this delicate situation without compromising their working capital.”
De Miguel remarked that BICE is “a financial instrument of the State to support the national productive sectors and even more so in adverse circumstances such as the one that the agro-industrial complex is going through.”
The meeting held at the Ministry of Industry also participated in the director of BICE, Julián Maggio, and the coordinator of the Fondagro, José Portillo.
What will the credits be used for?
Industry explained that the credits are intended for investment projects and acquisition of new capital goods of MSMEs in the agri-food sector that are dedicated to the cultivation of vegetables, bovine milk production, poultry farming, beekeeping and refrigerators.
For bioeconomy, up to 20% of the working capital will be financed, within the framework of approved investment projects.
Loans are now available for a term of up to 60 months (with a 12-month grace period) and a maximum amount of up to $75 million per beneficiary or economic group with a term of up to 84 months and up to 24 months of grace for the payment of capital.
The rate bonus is 10 annual percentage points by Fondagro, allowing companies to access a fixed rate of 49% during the first two years and Badlar minus four from the third to the fifth year.
In the coming days, the line will be expanded with $1,500 million for the discount of checks (electronic and physical) that BICE offers to the agricultural sector and a rate bonus of 8 percentage points per year for producers of vegetables, bovine milk, and poultry. poultry, beekeeping, refrigerators, agricultural biotechnology, biomaterials, bioinputs and bioenergy.
In this case, the term of the instrument is up to 365 days, according to the annual planting/harvesting period, with a maximum amount subject to reduction of $35 million.
Agriculture, through Fondagro, allocates $750 million for rate reduction.