‘It’s more votes at the end of the day’ says BNDES chief about loans on election eve.

247 – The President of the National Bank for Economic and Social Development (BNDES), Gustavo Montezzano, confirmed the electoral nature of the release of loans to individual micro-entrepreneurs (MEIs), micro-enterprises and micro-enterprises by the Jair Bolsonaro (PL) government. “Instead of giving R$10 billion to large companies, giving R$1 billion to small businesses is more social development, more economic development, and more votes at the end of the day,” the executive said.

According to the newspaper State of Sao PauloThe statement came during an event promoted by BTG Pactual Bank last week and is linked to the economic team’s goal of freeing up to R$72 billion by the end of 2024, but more than half of this year, through the support of the National Program for Small and Micro Enterprises (Pronampe), in the amount of R$50 billion, and R$22 billion through the Emergency Credit Access Program (Peac). It is estimated that by the end of this year about R$40 billion will be released.

The two lines were set up during the pandemic.Paec reopened on Monday (22) and the loans, which can range from R$1,000 to R$10 million, should target working capital or investments. The maximum payment term is up to 60 months, with a grace period of between six and 12 months. The average interest rate is a maximum of 1.75% per month.

“Since July 25, MEI institutions and small and micro enterprises can obtain new loans through Pronampe. Banco do Brasil, Caixa and Bradesco have already issued more than R$10 billion in credit operations through the program and the government expects to lend public and private banks between R$ 30 billion and R$ 40 billion in 2022. The Brunambe interest is currently made up by Selic – currently at 13.75% – plus 6%. As a result, the loan rate is at least 19.75% per annum, the report confirms.

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