Argentine bank BICE sets up credit lines for software firms

Wednesday, December 6, 2017

Argentina's trade and investment bank BICE has set up three credit lines dedicated specifically to companies whose activities fall under the national software law.

Law 26,692 is designed to promote an industry that is considered key to the growth of Argentina's economy through training of engineers, exports, improved quality and R&D.

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Companies that apply for credit as software and IT services producers will enjoy tax credits. The new credit lines also come with interest rate discounts of between 4% and 6%.

These credits "are another step towards growing the SME segment," production minister Francisco Cabrera said.

SME secretary Mariano Mayer added that the announcement was focused on building a knowledge-based society and to "generate opportunities in areas where there are few businesses."

During a panel at the IoT & Tech Forum in Santiago two weeks ago, Aníbal Carmona, president of Argentina's software industry association Cessi, said Latin American countries cannot compete with Asia in producing hardware and need to concentrate on designing software for analytics, big data and artificial intelligence and tailor it to the industries in which they have expertise.