The line of credit to strengthen working capital by discounting cheques is available to SMEs and corporates.
The line carries 12% interest for companies with salary accounts at the bank and 15% for the rest.
Buenos Aires, 22 April 2020. – From today, Santander is offering a new line of credit for SMEs and corporates to strengthen working capital by discounting cheques. The line of credit will carry an annual nominal interest of 12% for borrowers with salary accounts at the bank and 15% for the rest.
This new line is a further testament to Santander's commitment to SMEs and corporates in Argentina at a time when the country especially needs to shore up its productive structure. This initiative comes on top of the more than 10,000 million pesos already provided by Santander to MSMEs through loans for salary payments, working capital, and the purchase of equipment for hospitals, clinics and nursing homes as a result of the covid-19 pandemic. The funds will enable 175 thousand salaries to be paid across the country.
E-cheques are also eligible in the new working capital line of credit. These can be used like paper cheques, but through a quick and simple digital process at Santander online banking.
About Santander in Argentina and the world
Santander Argentina is the country's leading private bank by 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 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.