FONDCE

FONDCE was established through Argentina’s Support for Entrepreneurial Activity Law No. 27,349, which was passed by Congress in November 2016 and published in the Official Gazette in April 2017. The government tasked the Secretariat for Entrepreneurs and Small and Medium Enterprises (part of the Ministry of Production) with designing and overseeing the fund. The Banco de Inversión y Comercio Exterior (BICE) initially acted as the main fiduciary for FONDCE, with responsibility for administering the fund’s finances and operations later transferring to BICE Fideicomisos S.A.

In the early stages, the implementation process involved creating the legal and regulatory framework for the fund’s operation. This included drafting key decrees, developing internal governance structures, and establishing an advisory board comprised of representatives from provincial governments and national entrepreneurial organizations. This board played a consultative role, ensuring that the fund addressed the needs of different regions and sectors.

A core part of implementation was the launch of a digital platform to streamline business registration and funding applications. The government introduced new company categories—such as the Simplified Joint-Stock Company (SAS)—allowing for near-instant online company formation. This was a significant administrative reform, reducing company registration times from several weeks to under 24 hours, and thereby enabling faster access to FONDCE’s financial products.

The fund was rolled out in phases. In 2017 and 2018, the government opened calls for applications to the Seed Fund and Expansion Fund, working with certified incubators and accelerators to select and mentor beneficiary entrepreneurs and startups. National regulations required these entrepreneurial institutions to register formally with the government to become eligible for funding and technical assistance. Staff within these entities, as well as relevant public officials, received training on fund administration, eligibility assessment, and performance monitoring.

By 2019, implementation expanded beyond Buenos Aires, as provincial governments became more involved and private sector partners joined the co-investment programs. Throughout, FONDCE coordinated with other government agencies including the AFIP (tax authority), CNV (securities commission), and local chambers of commerce to ensure alignment on regulatory compliance, reporting, and outreach.

During the active years of the fund, several milestones were tracked:

• Establishment of the legal-administrative structure (2017);
• First calls and awards for subfunds (2018–19);
• Rollout of digital tools for registration and monitoring;
• Expansion to provincial jurisdictions and partnerships with local capital providers (2019 onward).

While leadership shifted with changes in government, key figures from the Secretariat for Entrepreneurs and Small and Medium Enterprises played influential roles, alongside managers from BICE and BICE Fideicomisos S.A. International partners, such as the Inter-American Development Bank (IDB), occasionally advised on best practices for co-investment models and fund management.