ARS 1 billion to be earmarked for micro, small and medium-sized enterprises
Santander launches new loans at a 20% annual rate for micro, small and medium-sized enterprises (MSMEs) for the purchase of technological equipment for remote work or teleworking, thus avoiding the gathering of persons as the coronavirus progresses.
The facility will be for the amount of ARS 1 billion and will last for up to 24 months. For each ARS 100,000 borrowed, borrowers will pay a monthly instalment of ARS 5,090.
Sergio Lew, country head of Santander Argentina, says: “At times such as these we want to be closer than ever to our customers, employees and the general public. As a responsible bank, our commitment is to help”.
Buenos Aires.- 14 March 2020
Starting Monday, Santander Argentina will make available new loans at an annual rate of 20% to allow MSMEs to purchase technological equipment and thus promote telework or remote work. The decision to offer these credits, at special rates, was taken with the aim of helping to prevent the advance of covid-19 (coronavirus) in Argentina. Teleworking makes it possible for people to avoid gathering, thus preventing the spread of the virus.
The new MSME loan facility will be for a total of ARS 1 billion and last up to 24 months. For example: for each ARS 100,000 borrowed, MSMEs will pay a monthly instalment of ARS 5,090, in the case of the longest term available. The maximum amount per customer is ARS 3 million.
Sergio Lew, country head of Santander Argentina, says: “At times such as these we want to be closer than ever to our customers, employees and the general public. As a responsible bank, our commitment is to help, and this is a decision in that direction”.
Silvia Tenazinha, head manager of Retail and Commercial Banking at Santander Argentina, says, “as a bank we have an essential role to play in society. This is a specific example of the contribution we can make by looking after one other."
A few days ago, Santander Spain announced that it would make a line of pre-approved credits in the amount of €20 billion available to MSMEs and self-employed workers in the country. With this step, which guarantees short-term liquidity, the bank will help mitigate the possible impact of coronavirus contagion containment measures on the economy and normal business operations, in addition to giving affected companies greater flexibility in managing their cash flow.
About Santander in Argentina and the world
Santander Argentina is the largest private bank in the country's financial system in terms of both savings (deposits plus common funds) and lending volume. The bank has 430 traditional branches, 8 social integration branches, 6 digital branches, 3 Work Cafés, over 3.7 million customers (including 2.2 million digital customers, more than 320,000 MSMEs and 1,300 corporate companies), over 8,300 employees and a presence in 22 provinces as well as in the city of Buenos Aires. Santander Argentina is also developing an extensive responsible banking programme focusing on higher education, and through Santander Argentina Universities it has over 86 collaboration agreements in place with Argentine public and private universities.