The initiative, aimed at legal entities, will finance projects of up to $10 million. It is intended for companies that develop commercial, industrial, logistics and related services activities, located in Mendoza.
With the aim of promoting the growth and competitiveness of entrepreneurs and small and medium-sized businesses in the region, the Government of Mendoza announced the extension of the deadline to register for a new line of financial aid, called Escala.
Implemented through the Directorate of Entrepreneurs and Cooperatives, dependent on the Ministry of Production, it was designed to support economic development and strengthen the local business ecosystem.
Escala seeks to provide entrepreneurs and SMEs with the necessary financial tools to carry out projects that improve their productive and competitive capacity, thus promoting the sustainable growth of the provincial economy.
Aimed at legal entities with a history of between 7 and 14 years, that develop commercial, industrial, logistics and related services activities and that are based in the province of Mendoza, the program was designed to finance projects of up to $10 million.
The uniqueness of this line lies in that a part of the sum, 80%, will be granted through a financing line through Mendoza Fiduciaria, to be returned in 36 months at a subsidized rate. The rest of the financing, that is, the remaining 20%, is granted through non-refundable contributions (ANR).
Requirements to apply
Applicants must be legal entities established in Mendoza with experience of between 7 and 14 years in commercial, industrial, logistics or related services activities.
The projects presented must be aimed at making investments that increase the productivity and competitiveness of companies.
Fundable components
The Escala financing line will cover:
• New fixed assets related to business activity.
• Development and acquisition of software.
Financing details
• Maximum amount: Up to $10,000,000 per project.
• Guarantees: Pledge guarantees, bonds issued by mutual guarantee companies (SGR) and fiduciary guarantees will be accepted.
• Repayment period: 36 months, without grace period.
• Interest Rate: 50% of the active variable rate of Banco Nación Argentina (BNA) with a cap of 40% in case that rate is higher.
For more details on how to apply for this line of financing, those interested can visit the Government of Mendoza website or write to [email protected]
