The growth of unconventional production generates a great need for investments,” emphasized Pablo Sanucci, CEO of Finvoi, who highlighted that this productive dynamism demands new financing alternatives to accompany its expansion. For Sanucci, the main challenge lies in developing more flexible financial instruments for smaller-scale companies. “It will be an important challenge for the different actors in the financial system to develop instruments to accompany the growth of this sector,” he stated and stressed the need for instruments like leasing and negotiable bonds adapted to the reality of small and medium-sized enterprises (SMEs). Financial instruments under debate Among the tools already in use, Sanucci mentioned the Electronic Credit Invoice (FCE) as one of the mechanisms that has helped alleviate the delay between payment terms and disbursements, by allowing suppliers to turn future invoices into immediate liquidity. This instrument, encouraged by the acceptance of large operators, has contributed to making discount rates some of the most competitive in the financial market. However, he points out that short-term solutions alone are not enough. Leasing, particularly in dollars to adapt to contracts and dollarized costs, must grow significantly to sustain investments in capital goods, explain sector analysts. Likewise, the development of longer-term SME Bonds appears as a way for suppliers to plan investments without depending exclusively on traditional bank credit. Sanucci emphasized that “the idea is to concentrate in a simple and intuitive app all the financing options for companies,” making it easier for each company to receive offers from multiple institutions without repetitive paperwork. The macroeconomic context plays a determining role. As economic stability improves, the possibility increases that financial actors will dare to offer medium and long-term financing with competitive conditions. Nevertheless, credit consumption is still below internationally recommended levels for growing countries, and the energy industry, with its complex value chains, requires specific solutions. Specialists also highlight that ensuring a constant flow of capital for SMEs in labor-intensive sectors is key not only for the sustainability of the industry but also for regional employment and productive development. In this sense, the expansion of Vaca Muerta and other energy projects could become a growth engine if the necessary financial instruments for the entire chain can be articulated.
