Wednesday April 12, 2023 | 5:10 p.m.
The Ministry of Economy expanded the “Crédito Argentino” (CreAr) financing program to $800,000 million, to grant more loans with discounted rates and guarantees to micro, small, medium and large industrial companies.
This program was launched at the end of October of last year with an initial budget of $500,000 million, which has now been increased to $800,000 million, with investment from the National Fund for Productive Development (FONDEP) and bonus rates and guarantees from the Argentine Fund for Guarantees (FOGAR).
“We are expanding Crédito Argentino because companies continue to project growth and demand more loans to invest. Therefore, as of today, the CreAr program has $800,000 million to continue promoting investment in SMEs throughout the country,” said the Minister of Economy , Sergio Massa.
The announcement includes the launch of the new CreAr BICE lines for Structural Change, aimed at medium and large companies; CreAr Working Capital for Exporters and SMEs that export; CreAr Naval together with BICE and the Bank of the Province of Buenos Aires (BAPRO) and CreAr Investment for Productive Microenterprises.
Massa highlighted that it is the “largest production financing program in memory and we launched it six months ago, because we know that investment by SMEs is the engine for the generation of quality formal private employment, which has been going on for 30 consecutive months of increase.
“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,” he added.
Likewise, Massa and the Secretary of Industry and Productive Development, José 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 San Juan and Salta, to which other jurisdictions will be added. In addition, the maximum amount per credit of this line was increased to $150 million.
The lines destined to SME investments with BICE and Banco de la Nación Argentina were also expanded, and the credit amounts to $150 million.
Banco Nación has already placed $20,000 million for this line and BICE $10,000 million, while the lines for Strategic Projects of medium and large companies increased credits with a ceiling of $2,000 million, highlighted Economía, in a statement.
CreAr aims to facilitate access to financing for micro, small, medium and large companies that carry out investment projects that change the productive structure, promoting the development of strategic value chains, exports and the efficient replacement of imports, according to the Treasury Palace.
