The norm, in detail
The public guarantee that unlocks credit for the Neuquén satellite SME
Provincial Law 3286 (2021)
in forcePROVINCIAL
Market deregulation
What changed and who it applies to
What changed
Law 3286 authorizes the Executive to constitute FOGANEU S.A.P.E.M., a public guarantee fund that grants guarantees for a fee to MSMEs (national Law 24.467) located or to be located in Neuquén, to improve their access to financing under BCRA rules. Parameters set by the law itself:(1) the guarantees can secure up to 100% of the amount requested from financial institutions, although the same article clarifies that "in no case shall the guarantee granted secure payment of banking fees or commissions on the loan granted" (art. 8);(2) no guarantee may concentrate on a single beneficiary more than 5% of the Risk Fund (art. 11);(3) guarantees to medium-sized companies may not exceed 20% of the total guaranteed by the Fund (art. 2 subs. a);(4) an initial contribution by the Executive to the Fund of $50,000,000 (art. 13, subscribed 100% upon constitution, paid in 50% at the act and 50% in 2021, expandable by budget laws);(5) provincial tax and stamp exemptions (art. 12);(6) exclusion of applicants with tax/social-security debt or final sanctions in Repsal (art. 9);(7) a three-member board (Economy and Infrastructure, Production and Industry and Centro PyME-ADENEU, art. 16) and a Guarantee-Granting Committee by competition (art. 17); and(8) the guarantee is neither free nor unconditional — the company "must require counter-guarantees from the beneficiary MSMEs, in support of the guarantee contracts entered into with them", with their modalities, expenses and charges set by the by-laws and operating regulations (art. 10). Nor may the beneficiaries be entities that themselves grant guarantees or develop financing tools, or persons related to FOGANEU itself (art. 11). Operating status reported by the provincial government as of May 2026 (probable, secondary official source): a risk fund of ~$1,851 million, guarantees granted of ~$3,376 million, live risk ~$3,139 million, 81 MSMEs assisted (72 with a first guarantee), a maximum project amount of ~$90 million and an average financing ticket of ~$40 million; coordination with Banco Provincia del Neuquén, CFI, IADEP and the Más Pymes Más Futuro program. verif · May 6, 2021 ↗
In force
2021-05-06 (enactment; FOGANEU operational and with portfolio figures reported as of May 2026) prob · May 6, 2021 ↗
Who it affects
MSMEs located or to be located in Neuquén that need credit and lack sufficient collateral of their own: suppliers and service companies of the Vaca Muerta ecosystem, industrial, commercial and services SMEs. Indirectly, the financial institutions (Banco Provincia, commercial banks) that lend against the top-rated BCRA public guarantee. prob · May 6, 2021 ↗
The norm
Ley 3286 of the Provincia del Neuquén, passed on May 6, 2021 by the provincial Legislature (presiding officer Marcos G. Koopmann). It creates the Fondo de Garantías del Neuquén S.A.P.E.M. (FOGANEU), a corporation with majority state ownership under national Ley 19.550, within the remit of the Ministerio de Producción e Industria. It repeals Ley 2673. verif · May 6, 2021 ↗
Our reading
Expensive credit is the bottleneck of the satellite SME, and FOGANEU attacks it at the root: it guarantees up to 100% of the loan with a top-rated BCRA public backing, so the Vaca Muerta supplier the bank asks for more collateral than it can put up still gets in. It is not a free guarantee —the law requires FOGANEU to demand counter-guarantees, and the surety does not cover banking fees or commissions— but it changes the price of credit and who gets it: it is the financing lever that makes the satellite ecosystem pluggable. thesis
Where it lands, province by province1
Neuquén A public guarantee fund for MSMEs: it guarantees up to 100% of the loan against counter-guarantees from the beneficiary, capped at 5% of the Risk Fund per beneficiary. As reported by the province as of May 2026, projects up to ~$90 M, an average ticket of ~$40 M and a risk fund of ~$1,851 M, coordinated with CFI, Banco Provincia and IADEP. It is the financing instrument cited by Law 3502. favorable thesis
The other rules on this subject36
The IGJ digitizes companies' financial statementsIGJ General Res. 9/2026 (RESOG-2026-9-APN-IGJ#MJ), Official Gazette Jul 2, 2026in force
Domestic trade: price-control and intervention rules fallRes. 12/2026 SIC (Official Gazette Jun 9, 2026)in force
Ley Hojarasca: cleanup of the legal framework (still in the Senate)Bill CD-1/26 (half-sanction May 20, 2026)pending
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading