March 26, 2020. The BCRA issued today a regulation that seeks to continue supporting micro-, small-, and medium-sized enterprises (MSMEs) against the backdrop of the economic and financial crisis sustained by the productive sector as a consequence of the COVID-19 pandemic. This regulation introduces changes to incentives so that financial institutions expand credit lines for small and medium companies for the payment of wages.
As under Communication A6946 the BCRA has modified Communication A6937 (dated March 19), which promoted credit to MSMEs at a maximum annual fixed rate of 24% for working capital. The former seeks to make more funds available for the payment of wages, within the special credit line to MSMEs. In particular, the BCRA will provide new incentives to financial institutions for them to increase loans to MSMEs for the payment of wages, as long as salaries are deposited in the bank that grants the loans . The reduction in minimum reserve requirements will continue in effect for banks that offer this credit line.