» General Purpose

Cooperate to the construction of alternatives for the creation and maintenance of employment and income in the country, in harmony with the general strategies and public policies formulated by the Federal Government to the Self-Managing segment. 


» Specific Purpose

Support the recovery of enterprises in the industrial sector, upon financing to implementation and consolidation of self-managing endeavors organized based on bankruptcy or closing of productive units.


» Target public

Productive organizations organized by workers under a self-managing system to give continuity to activities in idle plants or under imminent paralyzation, which are economically and financially viable and in sectors where the labor quality or quantity are dominant factors in competitiveness.


» Customers

Production, central or single cooperatives, enterprises having self-managing characteristics, except for publicly traded companies, which present all the following characteristics: 

a. Endeavors organized based on bankruptcy or closing of productive units and using the predecessor's production structure; 

b. Operation in industrial segments; 

c. Participative and democratic management, in which all members have access to information related to businesses and to the endeavor's managing; 

d. Capital stock pulverization; 

e. Quantitative of non-member workers, comprising own and outsourced employees, not exceeding 50% of the entity's personnel; and 

f. The highest allowance or withdrawal received by the endeavor's workers cannot exceed twenty times the lowest one. 

In case of corporations, the following characteristics should also be considered:

a. Total stock shares with voting right held by shareholding employees; and 

b. Existence of a collegiate body representing the interests of each category of shareholding employee, with effective influence over management. 

It is not allowed to support endeavors organized for exclusive rendering of services to the predecessor enterprise.


» Types of financial support

Direct


» Financeable items

a. Acquisition of real estate properties and improvements thereto, for endeavor installation, provided that they come from the predecessor endeavor; 

b. Acquisition of machinery and equipment, vehicles, furniture and fixture used, provided that they come from the predecessor endeavor; 

c. Acquisition of new machinery and equipment, of domestic origin; 

d. Acquisition of imported machinery and equipment, without domestic similar with its evidence, provided that they are essential to maintain the endeavor's viability or to meet environmental requirements, and limited to 40% of total financing value; 

e. Machinery reforming; 

f. Expenditures with engineering studies and projects; 

g. Investments in civil works, assembly and installations, furniture and fixture; 

h. Managing qualification; 

i. Acquisition of new vehicles, provided that they are essential to maintain the endeavor's viability; 

j. Working capital formation/strengthening. 


» Share level

BNDES share will be up to 100% for the value of financeable items (a), (b), (c), (d), (e) and (j), above described, and 90% for the other items.


» Interest rate

Financing Cost + BNDES Fees


Financial cost

For the acquisition of imported machinery and equipment, without domestic similar: US$ or BNDES Monetary Unit [UMBNDES], plus Currency Basket charges 

For other items: Long-Term Interest Rate [TJLP] 
BNDES fees: 0.5% to 2.0% p.a.

BNDES fees: 2.0% p.a.


» Grace and repayment periods

Determined in function of the Client's payment capacity


» Collaterals

Real guarantees of, at least, 70% of the amount financed. Further requirements:

Reserve of means of payment; 
Any other form of guarantee, defined in the analysis of the operation, provided that it does not jeopardize the self-managing characteristic of the endeavor. 

See: Collaterals


» Special conditions

a. Payment of corporate dividends cannot exceed 25% or the legal minimum, during effectiveness of the agreement with BNDES; and 

b. For cooperatives, the bylaws should contain the following rules for destination of results: 

Distribution of surplus to members is limited to 25% of the result; and 
Destination of, at least, 60% of the result to increase participation of each member in capital stock. 


» Effectiveness

11/30/2008


» Addressing

Supporting requests are addressed to BNDES by means of a Consultation Letter - filled out in accordance with directions at the Guide on Information for Previous Consulting - sent by the interested enterprise to:

Banco Nacional de Desenvolvimento Econômico e Social [BNDES]
Área de Planejamento [AP]
Departamento de Prioridades [DEPRI]
Av. República do Chile, 100 - Protocolo - Térreo
20031-917 - Rio de Janeiro, RJ