The Minister of Economy, Sergio Massa, announced today the extension to $800,000 million of the program Argentine Credit (CreAr) to finance investments of small and medium-sized companies throughout the country.
“From today we expanded CreAr to $800,000 million to continue promoting investment in SMEs throughout the country. This is the largest production financing program that I can remember and we launched it six months ago with the Secretary of Industry, Jose De Mendiguren“Massa said on Twitter.
I affirm that “Investment by SMEs is the engine for the generation of quality formal private employment, which has been increasing for 30 consecutive months.”
“We expanded Crédito Argentino because companies continue to project growth and demand more loans to invest,” remarked the minister, who stressed: “We assume the commitment to order the macroeconomy without neglecting the level of activity and promoting development with work and inclusion. For this reason We make this enormous investment to finance Argentine companies that grow, innovate and export”.
The CreAr was launched in November of last year with resources of $500,000 million, for financing lines with a rate bonus from the National Fund for Productive Development (Fondep) and guarantees to promote the productive development of SMEs.
For his part, De Mendiguren stressed that “in these months we have noticed a strong demand from companies throughout the country, who are looking to the future with expectations because they know that this difficult situation is going to pass and they want to be ready for a new cycle of growth.”
“CreAr is a strong investment from the national State to provide relief in the interest rate so that investments and job creation continue. With this announcement we are making more credit available to continue promoting strategic sectors of the regional economies that allow us to make the change in the productive matrix that Argentina needs. We are facing a great opportunity to make the definitive leap to development,” said the official.
The announced expansion will make it possible to grant more loans with discounted rates and guarantees to micro, small, medium and large industrial companies that make productive investments that boost exports, and promote the efficient replacement of imports in strategic value chains.
The announcement, which seeks to promote job creation and foreign currency generation, includes the launch of the new CreAr BICE lines for Structural Change aimed at medium and large companies; CreAr Working Capital for Exporters, for SMEs that export; CreAr Naval together with BICE and the Bank of the Province of Buenos Aires (BAPRO); and CreAr Investment for Productive Microenterprises.
The financing scheme within the framework of CreAr promotes that the entire productive framework that is going to carry out an investment project have a line.
Likewise, Massa and De Mendiguren announced the expansion of the CreAr Inversión Federal line, which is already in force in all the country’s provinces and began to double its quota in the provinces of San Juan and Salta, to which other jurisdictions will be added given the high demand for credits to promote the development of regional economies and the rapid placement of the line.
Other key data
– The maximum amount per credit of this line was increased to $150 million.
– The lines destined to SME investments with the Investment and Foreign Trade Bank (BICE) and the Nation (BNA) and the credit amounts to $150 million are also expanded.
– The Nation has already placed $20,000 million for this line, and BICE $10,000 million.
Meanwhile, the lines for Strategic Projects of medium and large companies increased credits with a ceiling of $2,000 million.
Source: Ambito
