The bank has provided over 16,400 million pesos in loans to micro, small and medium-sized enterprises (MSMEs), hospitals, clinics and nursing homes. These loans were provided through special facilities to fund salary payments, working capital, and purchases of medical equipment and supplies in the case of healthcare companies.

Of the over 16,400 million pesos provided, 9,000 million pesos are loans to more than 12,000 MSMEs for the payment of 200,000 salaries, at a special nominal annual rate of 24%. This is in addition to 6,400 million pesos in working capital loans (including discounting cheques at a nominal annual interest rate of 12%) and 1,000 million pesos of additional loans to a dozen hospitals, clinics and nursing homes to purchase supplies and equipment during the pandemic.

The MSMEs receiving loans at special rates from Santander include Argentina's two largest ventilator manufacturers located in the province of Córdoba.

Buenos Aires, 5 de mayo de 2020.
Santander has provided over 16,400 million pesos in special lines of credit to fund salary payments, working capital and purchases of medical supplies and equipment to micro, small and medium-sized enterprises (MSMEs), hospitals, clinics and nursing homes.

Of this amount, 9,000 million pesos is for loans to over 12,000 MSMEs for the payment of 200,000 salaries, at a special nominal annual rate of 24%. This is in addition to 6,400 million pesos in working capital loans (including discounting cheques at a nominal annual interest rate of 12%) and 1,000 million pesos of additional loans to a dozen hospitals, clinics and nursing homes to purchase supplies and equipment during the pandemic.

The MSMEs receiving loans at special rates from Santander include Argentina's two largest ventilator manufacturers located in the province of Córdoba.

In early April, Santander Argentina provided a credit line of 16,000 million pesos to MSMEs for salary payments. These loans will allow salaries to be paid to approximately 350,000 employees at 24,000 MSMEs.

The special facility for payment of MSME salaries features a nominal annual interest rate of 24%, a 3-month grace period and a 12-month term. It is backed by a fund specifically allocated by the Argentine Guarantee Fund (FOGAR). MSMEs that are Santander customers can start the fully online credit application process using the bank's online banking services.

Previously, on 14 March, Santander Argentina launched a new line of credit for MSMEs to buy IT equipment in a bid to facilitate remote working during the coronavirus pandemic. The line of credit for MSMEs was issued with an annual rate of 20% for a total of 1,000 million pesos and repayment of up to 24 months.

About Santander Argentina

Santander Argentina is the largest private bank in Argentina’s financial system in terms of both savings (deposits plus common funds) and lending volume. It has 430 traditional branches, eight social integration branches, five digital branches, three Work Cafés, over 3.7 million customers (including 2.2 million digital customers, more than 320,000 microbusinesses and small- and medium-sized enterprises and 1,300 corporate companies), more than 8,300 employees and operates in 22 provinces and in Buenos Aires. Santander Argentina is developing an extensive responsible banking programme that focuses on higher education; through Santander Universities, it has over 86 collaboration agreements in place with public and private Argentinean universities.