The state-owned Banco Nación began offering loans for small and medium-sized businesses with a subsidised rate of 27.9% per year for its SME clients and 29.5% for those that are not. The Minister of Productive Development, Matías Kulfas said that the rate is subsidised at 12.1% and that AR $ 10 billion will be allocated for the “acquisition of raw materials, salary payments or other expenses of SMEs”, which may request up to $ 5 million within 12 months.
Argentina’s leading agroexporter Vicentin has requested the opening of bankruptcy proceedings before the Commercial Justice of the province of Santa Fe. Since the beginning of December, when the company declared default with $1.35 billion debts, Vicentin is holding back, and expects to reactivate two industrial plants, but there is fear for the future of 800 workers and 2000 producers.
Argentine Economy Ministry has cancelled the tender of three peso-denominated bonds scheduled for issue on Monday aimed at raising AR$96 billion to pay the Dual Bond AF20 due on Thursday. Last week, the Government had achieved 10% of the bond total value ($1.64 b) through a voluntary exchange. In addition to the maturity of the AF20 bonds, on Thursday another AR$9.6 billion of Treasury Letter (Lecaps) are due.