56 2016 BNDES changes credit lines After the end of the Investment Support Program (PSI), the bank wants to continue to attract companies this year with credit lines (one to refinance PSI itself), programs and rates. The amortization term for the BNDES card has also been extended The Investment Support Program (PSI), which for seven years was one of the main credit lines offered by Brazil’s National Bank for Economic and Social Development (BNDES) for capital goods (among them, highway implements), was ended on January 1 of this year. To replace the program and make others more attractive to the market, in early February the BNDES announced a set of measures “to lower financing, working capital, capital goods and export costs” for companies in every segment. Among the targets of these measures are the current holders of PSI contracts, who can now get re-financing. “To give companies room to breathe, automatic BNDES PSI operations for machinery and equipment can be refinanced,” says Juliana Santos da Cruz, head of the Indirect Operations Area (AOI) at BNDES. It should be stressed, however, that not all the contracts are in this category. It is only open to those with up to twelve installments left to pay. The new payments will make up a new sub-loan, which can be repaid in up to 24 monthly installments. Another important aspect concerns the interest rates, which are also new, even for the old contracts. “The cost will be 15.73% for all sizes of companies,” says Juliana Santos da Cruz. Nevertheless, she estimates that the potential demand for PSI Refinance is around R$ 15 billion. She says BNDES wants to provide financing on terms that are appropriate to the challenges faced by companies, but without any subsidies or fiscal impacts. She adds that the new measures represent a potential volume of R$ 26 billion, which does not affect the BNDES budget for 2016. The box shows which credit lines are available and the interest rates for companies that BNDES is offering in 2016. Crédito Credit
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