The government launched the new Guarantee System (SiGa) so that micro, small and medium-sized border companies that are affected by the growing exchange difference with Argentina They can access a benefit by taking out working capital credits for up to 9.6 million pesos and a term of 48 months.
The mechanism, designed by Ministry of Economy and Finance (MEF) and the National Development Agency (ANDE), establishes bonus commissions of 0.6% for MSMEs. As a requirement, organizations must be engaged in retail trade and be located up to 60 kilometers from the border with Argentina and Brazil, areas with drops in sales.
The president of ANDE, Carmen Sanchez, He expressed that the bonus system, called SiGa Frontera, takes effect as of this Thursday, regardless of the currency in which companies make their loans.
“It is one more measure that complements the package of measures that was taken since Executive power to support companies that are going through a complex situation,” he explained. Sanchez, When referring to the complications generated by price gap with the neighboring country.
For the hierarchy, some 12,600 companies are able to access the benefit. If they wish, firms will be able to access guarantees for credit lines for a maximum term of 48 months and with an amount that does not exceed 9.6 million pesos.
To access SiGa Frontera, interested companies must go to any of the local banks or microfinance institutions in all departments and request to benefit from the benefit.
The price gap with Argentina, at a historic level
The measure comes at a time where the price gap with Argentina reached 180%, according to the survey of the Catholic University of Uruguay, with a devaluation in the neighboring country that generates concern about the diversion of consumption.
According to the UCU report, between Leap and Concord the index reached a record of 180.2%. This means that the Uruguayan city is 180% more expensive than the one in Entre Ríos.
Florencia Carriquiry, partner of Exante, He referred to this situation in dialogue with Ambit and admitted that “this strong acceleration in the rise of Dolar blue in Argentina, in some way, exacerbates, at least in the short term, this situation of exchange rate misalignment with the neighboring country and, therefore, consumption flight towards that country”, while admitting “several impacts on what is the reality of the consumption at the domestic level” -.
Source: Ambito
