New Measure to Streamline Financing for MSMEs

The Board of the BCRA has improved the conditions for discounting electronic credit invoices issued by MSMEs (facturas de crédito electrónicas MiPyMEs, FCEMs), thus, allowing financial institutions to offer better conditions to MSMEs. This is another measure adopted by the BCRA to expand the financing alternatives for this type of companies. Also, this means streamlining and expanding the use of FCEMs through a straightforward operation that accommodates MSMEs’ daily management.

In this sense, the BCRA implemented the regulation of the system for the open transfer (sistema de circulación abierta, SCA) of FCEMs through banks.

Through this system, MSMEs may quickly and easily transfer or discount FCEMs from their bank accounts. MSMEs may carry out any of these actions through online banking. Transfers of FCEMs are free of charge; hence, financial institutions may not charge any fees. By allowing financial institutions to consider the discounted FCEMs as credit, the financial conditions available to MSMEs improve.

The use of FCEMs by MSMEs exhibits an upward trend. The number of FCEMs used by MSMEs as a financing tool grew 34% (monthly average) in the past year.

Since its implementation—April 2021—around 1,300,000 FCEMs entered the SCA. This means that 62% of accepted FCEMs were made available to MSMEs through online banking for management and collection through interbank clearing.

The promotion of FCEMs is the result of the joint work of the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP), the BCRA, and the Secretariat of MSMEs and Entrepreneurs from the Ministry of Productive Development.

May 4, 2023