Introducing “Credit Impulse to Buenos Aires Commerce”: A Subsidized Loan Program to Boost Small Businesses

These are loans of up to 3 million pesos, with a subsidized rate, which can be canceled in a single period of 12 months.

The Ministry of Production, Science and Technological Innovation of the province of Buenos Aires together with Banco Provincia launched the line Credit Impulse to Buenos Aires Commerceaimed at micro, small and medium-sized commercial companies that want to acquire nationally manufactured goods.

The Credit Impulse to Buenos Aires Commerce program, which seeks to support the growth and development of the activity of micro, small and medium-sized commercial companies located in the 135 municipalities of Buenos Aires, was presented in Lomas de Zamora, by the provincial Minister of Production, Science and Technological Innovation, Augustus Costa, and the head of Banco Provincia, Juan Cuattromo, accompanied by the mayor Marina Lesci; the president of the Chamber of Deputies of the province of Buenos Aires and candidate for mayor, Federico Otermín; and the head of the Economic Federation of Buenos Aires (FEBA), Camilo Kahale.

Through this new line of financing, promoted by the Governor of the Province, Axel Kicillof, The Buenos Aires public bank will grant loans of up to 3 million pesos, with a rate subsidized by the provincial productive portfolio, which may be canceled in a single term of 12 months, with a 3-month grace period for principal payment.

“These credits are a very important tool, which comes to provide a concrete solution to the daily problems of SMEs”, stressed Minister Costa. “We are once again putting the instruments of the Province at the service of the productive units and making public policies reach a greater number of Buenos Aires merchants”added the head of the provincial productive portfolio.

Meanwhile, Juan Cuattromo emphasized: “This credit line with subsidized rates complements what we have been doing with DNI Account promotions, which is to support neighborhood businesses so that they can grow with their sales and develop their business”. The president of Banco Provincia recalled: “Before he was Governor, when Axel Kicillof toured the province, the merchants asked him not to forget about them and find a way to help them offer benefits like those offered by large-scale stores . In these three and a half years, SMEs and neighborhood businesses have been a priority for Buenos Aires public banks”.

For his part, Camilo Kahale assured: “This line of credit will serve all merchants and that is why we are proud that they have taken FEBA into account to present it.” “Before, Banco Provincia only worked with large companies, but for almost four years it has provided many tools to retailers and today the provincial public bank has a direct relationship with SMEs”added the head of FEBA.

The funds must be used for the acquisition of nationally manufactured final products, except food, beverages, fuel, tires and imported white goods. The money may not be used for the payment of salaries, tax, financial debts or services in general.