The Foreign Trade and Investment Bank (BICE) lowered the rates on its export credits in order to boost sales of Argentine products abroad. The benefit reaches SMEs and large companies and applies both to foreign trade lines for export financing and to the forfaiting program.
The rate for pre and post financing of exports for SMEs was reduced from 4% to 3% in USD and includes a bonus from the Fondep program of the Secretariat for Small and Medium Enterprises and Entrepreneurs.
The credits have a term of up to six months and a maximum amount of up to USD 500,000. In the case of large companies, the rate was also reduced to 3% for the same term and the amount can reach USD 5 million.
Jose Ignacio de Mendiguren, President of BICE, referred to the initiative adopted by the bank with the support of the Ministry of Productive Development: “Exports have been growing steadily. Between January and August they exceeded USD 50,000 million, the highest value since 2013, driven not only by prices but also by quantities, and in particular by manufactures of industrial origin. This is the path for national development, exporting products with added value, generating dollars for the country ”. “In addition, we are focusing on companies that export or have the potential to export to Brazil, which is our largest commercial partner and the main destination for our manufactured products,” he added.
Guillermo Merediz, Secretary of Small and Medium Enterprises and Entrepreneurs, said: “From the Ministry of Productive Development we promote all the necessary measures to promote the export development of our small and medium enterprises: financing, training, technical assistance and promotion are vital tools. so that more Argentine SMEs sell to the world, so that they can diversify their product offering and help them open new markets ”.
The long-term export financing line or “forfaiting” was lowered by 3 percentage points and has a rate in USD of between 4% and 5% depending on the term of the credit, which can go up to 5 years. For MOI (Manufactures of Industrial Origin), MOA (Manufactures of Agricultural Origin), capital goods and services the maximum amount is USD 6 million and for industrial plants and turnkey projects it is USD 10 million.
Added to these foreign trade promotion tools are the two recently announced lines for MSMEs that export to Brazil. One of productive investment loans that has a maximum amount per company of up to $ 40 million, with a term of up to 84 months and a maximum interest rate of 22% for the first two years -which includes a bonus from Fondep-. And another for working capital that grants loans of up to $ 50 million, with a term of 36 months, a six-month grace period and a Private Badlar interest rate + 6% with a Fondep rate bonus of 8% throughout the term.