Mar 4, 2021

 The Brazilian Development Band (BNDES) contracted the first Fund of Investment in Receivables (FIDC) to participate in the Public Call for Receivables for MPMEs, launched in May, with two funding modalities. The FIDC CashMe-Plural was the best ranked among its modality and it was selected for the management and legal analysis phase. It will receive a R$ 487 million investment from BNDES, through the fund membership interest subscription. The fund, which will also receive a R$ 138.3 million investment from Cyrela and BRPP (manager of the Genial Group), will total a R$ 625.3 million capital.

Under the initiative, they will be able to receive contributions from BNDES and nine other FIDCs, within a R$ 4 billion limit.

With BNDES’s investment, FIDC CashMe-Plural will be able to finance up to R$ 2 million reais to entrepreneurs through the electronic platform of CashMe – a fintech of the Cyrela Group, which specializes in loans with property guarantee. The final credit cost for the customer via CashMe is expected to be up to the Broad Consumer Price Index (IPCA) + 1.15% per month, considerably below the 4% per month cost limit, required in the call notice. The average term of operations can exceed 4.7 years. The projection is that 1,700 MSMEs and independent professionals from various sectors will be helped.

In addition to the mentioned credit modality, CashMe, along with the Cyrela Institute and partner NGOs, will dedicate a team so that up to R$ 500,000 of the amount allocated to the fund be directed to microcredit, aiming to improve the situation of economic vulnerability of women and low-income families. Considering the revolving effect, which consists of granting new loans as the portions of the previous loans are paid by the fund clients, the expectation is that these resources will benefit 1,000 microentrepreneurs, with average sale operations of R$ 1,500. As a whole, the fund should benefit 2,700 clients.

According to the Director of Capitals Market and Indirect Credit Division of BNDES, Bruno Laskowsky, the FIDCs formatted by BNDES were conceived in the context of the emergency measures elaborated by the bank during the pandemic and represented an innovative initiative with a long-term structuring role in the expansion of credit channels to small- and medium-sized Brazilian businesses, complementing the credit offer provided by the banking system, thereby adding resources to the economy.

For Paulo Gonçalves, co-founder of CashMe, the main point is, logically, to provide fair credit to micro-, small- and medium-entrepreneurs. He adds: “The whole development process has allowed us to exchange and learn a lot from our partners! Today we are certain that the investment will be received and managed in a safe and healthy way!”

“Genial Group is honored by the opportunity to provide development and access to credit to several MSMEs through the structuring of a FIDC with CashMe and BNDES, at such a challenging time in our economy. BNDES’s presence will certainly enhance the scope of this initiative,” says André Schwartz, CEO of Genial Bank.

Public Call for Credit Funds for MPMEs – BNDES estimates to reach around two million companies with this initiative, which focuses on any entrepreneur with access to a means of payment, either through a machine, marketplace or fintech, even if it is not banked. The expansion of credit through alternative channels is a global trend and is in line with the social purpose of BNDES. The bank may have a stake of up to 90% of the capital of each fund, within the limit of R$ 500 million each. The resources should be applied in business in Brazil.

Learn how FIDCs can be an instrument for expanding access to credit.

Acces the Public Call here.

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.