27/06/2026 12:39 - Economia
Small and Medium Enterprises (SMEs)—known in Argentina as PyMEs (Pequeñas y Medianas Empresas)—secured financing at an average rate of 25.33% in May 2025, according to capital market data. This represents a drop of nearly 15 percentage points compared to May 2024, when rates hovered around 40% annually.
This reduction in financing costs comes amid a favorable macroeconomic context: monthly inflation in May 2025 reached 2.1%, with a year-over-year rate of 33.2%—significantly lower than previous years. This deceleration has allowed nominal interest rates to fall substantially.
| Period | Average Rate | Change |
|---|---|---|
| May 2024 | ~40.33% | - |
| May 2025 | 25.33% | -14.97 p.p. |
A 25.33% rate in a context of 2.1% monthly inflation implies:
PyMEs are the backbone of Argentina's economy, representing over 99% of all businesses and employing the majority of the workforce. The SME financing rate is the interest these companies pay when accessing credit through the capital market. This rate is determined by:
The drop in SME rates occurs within a positive macroeconomic scenario:
2.1%
33.2%
12.1%
USD 47.5B
Banco Nación (Argentina's national bank) launched a credit line to regularize delinquent debts with terms up to 120 months and rates of 12% TNA for payroll clients and 14% for others, as reported on June 26, 2025.
With over 5.3 million people having at least one irregular loan and bank delinquency at 12.1% (the highest level in over 20 years), the rate reduction represents an opportunity for SMEs to access more affordable financing and invest in production, technology, and job creation.
Sources: Bloomberg Linea, Ámbito, Argentine capital market data.
Alfredo S. Quiroga
