The Banco de la República (BROU) launched a countercyclical loan for dairy producers, which will have a repayment term that will accompany the fluctuation of the price of milk. If the price of the product increases, the time is limited, and if it falls, the term is increased, according to a statement released by the bank.
For this new credit the BROU plans to allocate US $ 50 million.
The credit, to which It can be accessed until October 31It can be requested in Uruguayan pesos, indexed units or dollars.
Those who can access it are clients or new clients of the dairy sector who are in activity.
It will cover up to 80% of the investment
This new service aims to finance investments that boost productive capacity, for example the incorporation or reforms of infrastructure, purchase of equipment, reproducers, production cows, improvement or works oriented to the management of effluents, they detailed from the bank.
The credit can cover up to 80% of the investment, including its associated expenses and excluding VAT.
The term is up to 96 months and can include up to 12 months of grace for the payment of capital. If the loan is destined to the investment of the effluent management system, the total term may be extended up to 10 years.
They expect production to grow
From the bank they indicated that according to projections, this credit could generate an increase of 10% in the national dairy.
“According to our technical services, this can create conditions for Uruguay’s total milk production to grow by 10%. Reaching that level would be very positive for a strategic productive sector that was severely punished by different circumstances, and therefore it would be great news for the country “, said the president of the BROU, Salvador Ferrer.
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