Government allocates $562 mn to finance credits with 0% interest for mono-tax payers and self-employed

The Emergency Assistance Program for Work and Production (ATP) launched credits at a rate of 0% for single-owners and self-employed, with a maximum limit of 150 thousand pesos ($2,280). The National Fund for Productive Development (FONDEP) will receive from the Central Bank of Argentina (BCRA) 11 billion pesos ($167 mn) to cover the Total Financial Cost of the loans at 0% rate. In turn, the Argentine Guarantee Fund (FOGAR) will be able to guarantee up to 100% of the zero rate loans to single-owners and self-employed workers, without requiring counter-guarantees. Therefore, the BCRA will transfer to FOGAR a direct contribution of 26 billion pesos ($395 million).

Source: Ámbito