A report indicates that the number of checks rejected due to insufficient funds in the first two months of 2026 has reached levels comparable to those observed during the Covid-19 pandemic. The analysis indicates that in December, the volume of rejected checks peaked at 97,612, marking a historical high. In January, the figure stood at 89,352, while in February it decreased to 86,350, both of which are significantly above the historical average. The report indicates that these figures “even exceed the pandemic levels of 2020.” The analysis indicates that “the ratio of issued to rejected checks is growing astronomically, as paper checks are becoming a less common payment method over time, but remain very prevalent among SMEs (Small and Medium-sized Enterprises).”
The report states “Measured in dollars, the economic impact is both substantial and worrisome. In December 2025, the amount rejected totaled US$198.8 million; in January and February 2026, the figures were US$175.7 million and US$172.8 million, respectively.” Fidelitas cautions that “the persistence of these levels in the first months of 2026 suggests that the pressure on companies’ working capital remains high.” It noted “While the average had remained below US$30 million per month, in the last quarter it increased sixfold, exceeding US$180 million.” The analysis indicates that the proportion of enterprises defaulting on loans averages between 2.5% and 2.7% monthly. It is important to recognize that large corporations represent 42% of the financing landscape. When focusing exclusively on SMEs, the rate of loan repayment delays has increased to 4.4%.
A report indicates that the irregular repayment of the loan portfolio has increased from 1.5% of the total at the end of 2024 to 5.5% at the end of 2025. Defaults among household loans surpass 9%, whereas the corporate loan portfolio reflects a default rate of 2.5%. According to reports, in January 2026, 12.5% of companies that secured loans were in default, while payment irregularities affected 10% of 75% of the smallest loans, specifically those amounting to $45 million or less. Fidelitas reports that default rates in the milling sector stand at 43.3%, while the leather sector follows at 40.7%. The furniture sector shows a default rate of 7.9%, with apparel at 7.7% and construction at 6.1%.
These levels are not merely an issue of individual solvency. The report indicates that the SMEs in these sectors primarily function as suppliers of inputs or subcontractors for larger industrial firms. It also cautions that “when a key supplier in the chain fails — whether due to bankruptcy, operational disruption, or inability to deliver orders — the impact ripples upstream, causing production delays, stockouts, and operational disruptions in larger companies.” The report concludes “This represents a supply chain risk that extends beyond the Argentine context and aligns with the dynamics seen in other emerging economies facing pressure.”