The annual nominal interest rate to be paid by beneficiaries on loans in Argentine pesos, taking into account the subsidy, may not be less than 50%.
The measure will come into effect upon its publication in the Official Gazette, that is, this Thursday, October 26.
Through Provision 97/2023 – published in the Official Gazette – the Undersecretary of Financing and Regulation of the Knowledge Economy modified the terms and conditions of a line of credit with a bonus interest rate for productive projects of the Micro, Small and Medium Enterprises (MSMEs) linked to that sector.
The text establishes that the rate bonus will be FIFTY (50) annual percentage points (ppa) on the interest rate applicable to loans throughout the life of the loan.
The annual nominal interest rate to be paid by beneficiaries on loans in Argentine pesos, accounting for the subsidy, may not be less than FIFTY PERCENT (50%), a limit that will be taken into account when calculating (monthly) the bonus points applicable in each case.
If the annual nominal rate charged by the bank, without accounting for the subsidy, was equal to or less than FIFTY PERCENT (50%), The beneficiary will pay said fee and the bonus will not be applicable.
It is also established that the expense required to comply with the measure will be attended to. with funds belonging to the Trust Fund for the Promotion of the Knowledge Economy (FONPEC), which will allocate the maximum amount of PESOS ONE BILLION FOUR HUNDRED MILLION ($1,400,000,000).
Knowledge Economy: the details of the measure
In summary, the modification consists of increasing the interest rate bonus of 30 to 50 percentage points annually. This means that credit beneficiaries will be able to access a lower annual nominal interest rate, which will allow them to reduce their financial costs and improve their profitability.
The increase in the bonus is justified by the need to provide a greater incentive to the MSMEs so that they invest in productive projects linked to the knowledge economy. This activity is key to the economic and social development of the country, since it generates quality employment, innovation and exports.
The measure will come into effect upon its publication in the Official Gazette, that is, this Thursday, October 26.
Source: Ambito
