In a matter of days, Santander provided 4,900 million pesos in loans - almost a third of its total credit facility - helping about 4,500 micro, small and medium-sized enterprises (MSMEs) to pay 110,000 salaries. This is in addition to 726 million pesos in special loans to a dozen hospitals, clinics and nursing homes, and another 181 million pesos in additional credit facilities for MSMEs.
The special Santander facility for financing salary payment and working capital amounts to 16,000 million pesos at a nominal annual rate of 24%. This will enable payment of approximately 350,000 salaries in 24,000 MSMEs all around Argentina.
Buenos Aires, 10 April 2020. In a matter of days, Santander Argentina provided 6,000 million pesos in special loans for salary payments and working capital to micro, small and medium-sized enterprises (MSMEs) and to a dozen hospitals, clinics and nursing homes.
Of this, 4,900 million pesos is for loans to 4,500 MSMEs for the payment of 110,000 salaries, at a special nominal annual rate of 24%. This is in addition to 726 million pesos in loans to a dozen hospitals, clinics and nursing homes, and another 181 million pesos in additional credit facilities for MSMEs.
In total, Santander Argentina has made loans amounting to 16,000 million pesos available to MSMEs for salary payments. These loans will mean that wages can 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.
About Santander in 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. The entity has 430 traditional branches, 8 social integration branches, 6 digital branches, 3 Work Cafés, more than 3.7 million customers (including 2.2 million digital customers, more than 320,000 MSMEs and 1,300 corporate businesses) and more than 8,300 employees. It operates in 22 provinces and in the city of 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.