Credit score assure program has already obtained R$ 1.1 billion in orders, exhibits BNDES

Credit score assure program has already obtained R$ 1.1 billion in orders, exhibits BNDES

The novelty of the new phase is that the program will also accept individual microentrepreneurs (MEIs)

The demand for the second phase of the Emergency Credit Access Program (Peac), reopened last Monday, 22, has already sum R$ 1.1 billion, in requests sent by 11 financial institutionsinformed the National Bank for Economic and Social Development (BNDES) this Thursday, 25th. Announced in June, the second phase will last until December 2023, with the potential to guarantee up to R$ 22 billion in loans, granted by commercial banks.

The novelty of the new phase is that the program will also accept individual microentrepreneurs (MEIs), in addition to small companies. Loans from R$ 1 thousand will be accepted. The maximum value of loans guaranteed by PEAC is R$10 million.

Although an emergency, the measure attacked a structural problem in Brazil, the difficulties faced by small businesses in borrowing. The lack of guarantees to be offered to banks – real estate, factories or corporate guarantees, among others – has always been pointed out as one of the factors behind this bottleneck. As a result, small businesses are denied loans or, when given the green light, interest rates are high. In the pandemic, the problem could make other financing facilitation measures innocuous, causing what economists call stagnation.

Peac makes use of a guarantee fund, the Investment Guarantee Fund (FGI), which BNDES already operated. Guarantee funds, or guarantee funds, work as a surety bond for real estate rentals. Under certain rules, and for a fee, these funds provide the borrower with collateral, just as surety bonds allow the tenant to sign the lease on the home without a guarantor. If the customer of the bank that offered the loan defaults, the guarantee offered by the fund covers the financial institution’s loss.

In 2020, the first step of Peac was the capitalization of the FGI. In the second half of that year, the Treasury contributed R$ 20 billion. In the new phase, there will be no new Treasury injections. According to BNDES, the new loans to be guaranteed in PEAC will be guaranteed by a “recycling” of the fund’s capital.

According to the BNDES, 40 commercial banks participate in the second phase of PEAC, informed the development institution. In the first phase, 135,720 loans were guaranteed, taken by 114,355 companies, in the total amount of R$ 92.1 billion. The banks that lent the most backed by Peac were Itaú (with R$ 15.657 billion), Bradesco (R$ 15.484 billion) and Caixa (R$ 15.094 billion).

Estadão Content

Related post

Past credit score: Pravaler buys Workalove and targets college students’ skilled future

Past credit score: Pravaler buys Workalove and targets college…

Acquisition of Workalove, which developed a platform for student career development, is the third in a year student loan company For…
Americanas assess mortgage of a minimum of R$ 1 billion to remain on their ft

Americanas assess mortgage of a minimum of R$ 1…

Reference shareholders will be able to enter with up to the entirety of the minimum financing, according to the company A…
Business confidence in Brazil begins 2023 with a slight drop and exhibits lodging in January, says FGV

Business confidence in Brazil begins 2023 with a slight…

Industry confidence in Brazil showed a slight decline in January, with the sector starting 2023 in accommodation, informed the Getulio Vargas…

Leave a Reply

Your email address will not be published. Required fields are marked *