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Friday, March 31, 2023

The BCRA extended the financing line for productive investment for six months

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The BCRA board of directors ordered the extension of the financing line for MiPyMEs that it launched in 2020 due to the pandemic. The loans granted accumulate disbursements for $4.447 billion.

Ignacio Petunchi

This Thursday, the board of the Central Bank of the Argentine Republic (BCRA) extended until September 30 the Financing Line for Productive Investment (LFIP), which grants special facilities for the development of Micro, Small and Medium Enterprises (MiPyMEs).

This is the program launched by the BCRA in the context of the COVID-19 pandemic in 2020, which became the main channel through which funds are channeled. loans to MSMEs in our country and, according to the entity, the average balance of the financing granted between October 1, 2022 and January 31, 2023 within the framework of that line reached $1,288 billion, which is equivalent to almost 75% of the loans to MSMEs already around 45% of total commercial loans.

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So far, the loans granted through this line have accumulated disbursements for approximately $4.447 billionreaching more than 379,000 companies and the BCRA indicated that the conditions of the credits granted within the framework of the LFIP allowed credit to MiPyMEs in terms of GDP to be sustained above the record prior to the pandemic and above its historical average.

According to the norm, financial entities must maintain a financing balance within this line that is equivalent to, at least, 7.5% of their non-financial private sector deposits in pesos, calculated based on the monthly average of daily balances. to March 2023.

Source: Ambito

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