Oct 8, 2020

 Companies in the tourism sector can now obtain financing from the General Tourism Fund (Fungetur) with collaterals of the Emergency Credit Access Program (PEAC), operated by the Brazilian Development Bank (BNDES). A rule of the Ministry of Tourism (MTur) replaced the INPC with the Selic rate as the updating index for Fungetur operations. The change to a market rate has allowed PEAC guarantees to be used in such financing projects.

In a meeting held on Tuesday (6), BNDES provided the details on the procedures for obtaining collaterals by companies in the sector. “The change in the indexer promoted by the Ministry of Tourism is quite timely, because it allows the combination of PEAC collaterals with Fungetur’s credit lines,” said Ciro Magalhães, manager of BNDES’s Department of Collateral Products. “The synergy between a credit line especially designed for the tourism sector, combined with the assertiveness that PEAC has achieved in restoring access to credit for small- and medium-sized enterprises, has great potential to strengthen the sector in such delicate times,” he added.

Since PEAC guarantees 80% of each transaction, it provides financial institutions with more security and contributes to making credit more accessible. Thus, service providers registered in Cadastur (registration of individuals and legal entities working in the tourism sector) will have easier access to Fungetur credit lines, which has R$ 5 billion to support the sector. These resources can be applied in projects, working capital and in the acquisition of machinery and equipment.

PEAC – The program was created to unlock credit for small- and medium-sized enterprises, associations, private foundations and cooperatives, except credit ones. PEAC provides collaterals to financial agents through the Investment Guarantee Fund (FGI), which is administered by BNDES, helping to mitigate the economic impacts caused by the Covid-19 pandemic. 

Coverage is 80% of the value of each operation, limited to 30% of the total portfolio of each financial institution for credit operations granted to small enterprises, and up to 20% for operations with medium-sized entities. PEAC has already provided benefits for 80,000 companies that, together, have contracted over R$ 60.7 billion in financing.

Fungetur – On September 8, Law No.14,051/2020 was published in the Diário Oficial da União (the official gazette), which provides for a credit of R$ 5 billion to assist tourism projects through Fungetur. The resource, which represents the largest financial transfer in the history of the sector, is intended for service providers registered in Cadastur and can be used in projects, working capital and in the acquisition of machinery and equipment.

About BNDES

Founded in 1952 and currently linked to the Ministry of Economy, BNDES is the main instrument of the Federal Government to promote long-term investments in the Brazilian economy. Its actions focus on the socioenvironmental and economic impact in Brazil. BNDES offers special conditions for micro-, small- and medium-sized enterprises, as well as social investment lines, directed at education and health, family agriculture, sanitation and urban transport. In crisis situations, BNDES acts in an anticyclical manner and assists in formulating solutions for resuming economic growth.