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IDB approves US$50 million to foster credit access for micro, small and medium-sized enterprises in Argentina

The Inter-American Development Bank today announced the approval of a US$50 million loan for a micro, small and medium-sized enterprise credit access and competitiveness program in Argentina.

“This program will provide technical assistance to small and medium-sized companies to improve their capacity to generate investment projects,” said IDB team leader Juan Antonio Ketterer. “It will give support to companies to be more competitive and increase their value added by reducing or eliminating barriers to their growth and increased productivity.”

Coordination among enterprises in the context of production chains, clusters and other forms of productive association, and enabling businesses to access  medium and long-term financing, will be one of the main focus of this program.

“This initiative is the first step in a joint strategy for collaboration between the IDB and the Under Secretariat for Small and Medium-Sized Enterprise and Regional Development (SEPYME) which will carry out the program,” added Ketterer. “The IDB and SEPYME are discussing an operation  to implement a long-term plan for supporting micro, small and medium-sized companies, in which the local entity will play a pivotal role of coordination.”

SEPYME has developed different lines of action to help Argentine companies, including financing access programs; training, technical assistance and foreign trade programs; and a support network.

The loan is for a 25-year term, with a five-year grace period, at a variable interest rate.

Local counterpart funds for this loan will total US$24 million.

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