two banks will discount the check at a final rate of 29 percent

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The Minister of Industry, Labor and Trade, Raúl Schiavi, discussed the reduction of checks up to 90 days that will benefit small and medium-sized enterprises (SMEs) and explained that "it is a preventive measure in the province of the banks Nación and Corrientes". In addition, he stressed that "guarantees the continuity of the payment chain."
On Tuesday, the nation's production minister, Dante Sica, announced the measure that will govern the entire country and that consists of a final rate of 29%. To run the benefit, the banks will allocate 26 billion pesos.
Schiavi said that in the coming days, the banks will provide information on the methodology to use.
"This is a sign of the Government intended for accounting companies, understanding that it is necessary to take counter-cyclical measures so that the chain of payments is not cut off, so that is a preventive measure that aims to discount checks in the formal financial system so that companies do not need to go to informal areas to obtain financing, "said the provincial official.
For Schiavi, "the good news is that banks are at the right time to take these steps, just when the economy and domestic consumption need to be encouraged."
The banking entities will grant their SME customers a gross maximum rate of 32%, and the Ministry of Production will pay back 3 percentage points, so that the net rate will be 29%.
"Sica and his team are working on the needs of Argentines and we celebrate that provincial officials can meet with the national government to exchange views on the state of the economic sectors in each region," he said. In this line, he told the Republic that at these meetings he raised the situation of the textile industry in Corrientes to badyze the measures with the Nation.
Governor Gustavo Valdés also discussed the commercial complications suffered by this product and acknowledged that he "is in trouble". However, he said that "raise the issue in Buenos Aires and we know that they are looking for solutions with Sica, so we will bring and bring solutions."
Valdes said that the disadvantages of the textile industry "not only seen here", but also occur in the province of Buenos Aires, so he confided that "we were talking to Maria Eugenia Vidal about it" to badess what Answers may be given to the State with National Support

Affiliated Banks

The following entities are part of the measure: Banco Nación, Bank of the Province of Buenos Aires, Banco Ciudad, Bank of Córdoba, Bank of La Rioja, Banco de la Pampa, Banco de Santa Fe, Bank of Entre Ríos, Banco de Corrientes, Banco de Tierra del Fuego, Banco de Neuquén and Banco Credicoop.
Support of the Nation
"We are supporting SMEs at this stage, we are going to put all the tools of the state to be with them in this way so that they are more competitive, and financing is the key to this challenge," said Sica during the presentation of the benefit.
The national minister stressed "the contribution of state-owned banks to help SMEs finance their working capital at competitive rates and, consequently, to strengthen the payment chain during the economic cycle".