Apr 3, 2012
As part of the measures announced by the federal government to stimulate investment, the BNDES has significantly reduced the cost of its financing for machinery and equipment, extending loan terms and its maximum levels of participation.
The Bank is also improving conditions in support for innovation, introducing measures to encourage the competitiveness of sectors that manufacture goods (through the BNDES’ Revitalize Program) and expanding access to resources from the BNDES Progeren, which provides support for working capital.
The BNDES PSI Program, which funds machinery and equipment, was extended for another year, up to December 2013, with reduced fees, increased loans terms and maximum levels of participation.
Interest on acquisition of machinery and equipment fell from 8.7% p.a. to 7.3% in the case of large companies, and from 6.5% to 5.5%, in the case of micro, small and medium-sized enterprises (MSMEs).
Fees for purchasing buses and trucks were also reduced, from 10% to 7.7%, and the maximum amortization term was extended from 96 months to 120 months. The BNDES’ maximum level of participation was raised from 80% to 100% (MSMEs) and from 70% to 90% (large companies).
The rate in the BNDES’ Procaminhoneiro Program, which finances vehicles for independent truck drivers, was reduced from 7% to 5.5%.
In the export lines, the loan terms were extended from 24 to 36 months, with the rate remaining at 9% for large companies and 7% for MSMEs.
Another important change is the creation of a PSI sub-program aimed at supporting the technological sophistication of the Brazilian industrial sector. The BNDES PSI Transforming Projects, at a rate of 5% p.a. and with loan terms up to 144 months, will finance investments that create technological and production capacity in knowledge and engineering-intensive sectors. The focus is on the production of goods that are not yet manufactured in Brazil and that may lead to production linkages and gains in productivity and quality.
Innovation lines continue to offer the most attractive rates. All lines (Innovative Capital, Technological Innovation and Production Innovation) were unified at a rate of 4% p.a. The grace periods, which were 24 months and 36 months, respectively, increased to 48 months.
The expiry date of the BNDES’ Pro-engineering Program, aimed at developing national engineering, was extended to the end of 2013 at a reduced rate, from 7% to 6.5% p.a.
Other measures – In addition to the BNDES PSI, two other programs were also altered. The amortization period of funding from the BNDES’ Revitalize program, which supports companies in sectors adversely affected by the international economic situation, increased from 18 to up to 24 months in the Export modality.
The BNDES Progeren, which previously could only be accessed by micro, small and medium-sized enterprises, now also provides credit to large enterprises, with a limit of R$ 50 million per economic group. Interest rates from the range of 10.5% to 13% p.a. were reduced to 9% to 11.5% p.a.
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