The cost of financing for small and medium-sized enterprises dropped nearly 15 percentage points in the last year, reaching an average rate of 24.51% in June, while the increase in stock market operations and the expansion of bank loans confirm the recovery of private credit aimed at the productive sector.
This data comes from the SME Financing Index prepared by the brokerage firm VetaCap. In June 2025, the average annual nominal rate was at 38.97%, so the year-on-year reduction was 14.46 percentage points.
Access to private credit is growing in the country
“This evolution consolidates a downward trend that accompanies the general easing of interest rates in pesos and the process of disinflation,” explained VetaCap in its report.
The improved financial conditions were accompanied by greater activity within the Argentine Securities Market. During June, 33,105 operations were carried out using instruments classified as EPyME, totaling $653 billion.
The traded volume increased by 11.2% compared to May, showing that companies not only accessed lower rates but also more frequently used instruments such as checks, promissory notes, and credit invoices to finance their activities.
The survey also recorded a greater participation of credits with terms between 31 and 60 days. According to VetaCap, this change may reflect greater predictability, as it allows companies to coordinate their maturities with more suitable horizons for their cash flows.
The recovery also extends to the banking system. In May, the Minister of Economy Luis “Toto” Caputo reported that the stock of loans aimed at SMEs had accumulated a real growth of 95.6% since December 2023.
Within that expansion, credit in pesos advanced by 73.4% in real terms, while loans in foreign currency grew by 228.6%. Caputo highlighted that this was the largest increase in SME credit during the first 27 months of a management in the last 23 years.
Javier Milei with the Minister of Economy Luis Caputo
Guarantees continue to play a central role in the final cost of financing. Deferred payment checks without backing recorded an average rate of 34.37% in June, compared to 22.85% for those backed by a Reciprocal Guarantee Society. The difference confirms that access to guarantees allows obtaining funds at lower rates and for longer terms.
The drop in inflation and the economic stabilization driven by the Government of Javier Milei translate into better conditions for the private sector. With lower rates, longer terms, and a growing volume of operations, SMEs regain tools to finance working capital, sustain production, and move forward with new investments.
