Over $3.5 billion so far this year
Financial assistance to the agro-industrial sector up by 54%
The president of Banco Provincia, Gustavo Marangoni, confirmed a 54% increase in agro-industry loans during the first half of the year as against the same period of 2012. “Governor Scioli asked us to maintain our traditional commitment to agricultural producers because farming is the pillar of the provincial economy”, he indicated. The Bank will present its lending facilities at the 127th Rural Exhibition in Palermo, which will be open until July 30.
Gustavo Marangoni at the stand of Banco Provincia together with officers from Agricultural Banking, and Ignacio Rillo Cabanne from Estancias Don Pedro y La Rosa, a customer of the Bank.
Marangoni explained that so far this year Banco Provincia has lent more than $3.5 billion to the agricultural sector. He also stated that the Procampo card has had a 74.5% accumulated growth ($275 million) in the same period with respect to 2012.
These loans grew by 476% since the beginning of Governor Scioli's administration. Banco Provincia's lending level moved from $955 million in 2007 to $5.5 billion at the end of 2012. Out of such amount, 19% (i.e. $1.043 billion) was granted at reduced and subsidized interest rates.
The number of transactions with the Procampo card doubled since 2007 to date. Transacted volumes rose from $78 million to $465 million, accounting for a nearly 500% increase in 5 years of administration.
"It is remarkable how this card has become year after year one of the financing tools most widely used by small and medium producers", Marangoni pointed out. The improvement in the Procampo card mainly derives from strategic alliances with input suppliers, which allowed the Bank to offer producers fixed interest rates in pesos ranging from 0% to 14% at terms of up to 270 days.
2013 RURAL EXHIBITION
Banco Provincia has a stand at the 127th International Livestock, Agriculture and Industry Exhibition. The Bank offers 35% savings and up to 6 non-interest installments in purchases of regional products with its credit cards at participating merchants, from July 18 to 30, with a cap of $800 per account.
Customers may also enjoy additional benefits regarding terms, commissions and interest rates on Pre-Allocation loans. Moreover, at livestock auction, Procampo cardholders will pay no interest on transactions of up to 120 days.