»Section 1

1. What are the investments financed by the BNDES?

See: Undertakings and projects bound to be financed


2. What investment items or expenses may be financed?

See: Items that may be financed
See also: BNDES Card Portal


3. What may not be financed?

See: Items not eligible for support


4. Are there items or expenses of the investment that need to be consulted by the BNDES, in order to verify whether they may be sponsored?

Yes. In some sectors, some items or expenses of the investment are of conditional support and need BNDES consultation. 

- For the infrastructure sector;
- For the capital assets sector - import of equipment;
- For the agricultural sector;
- For the social sector - urban development.


5. Who may obtain financing from the BNDES?

See: Clientes


6. What are the specific cases in which the BNDES finances private individuals?

Private individuals that reside in the country and are included in the following cases may be financed:

- the rural producer - only in operations performed through the intermediation of Accredited Financial Institutions. 

See: Agricultural FINAME, Automatic BNDES and Agricultural Program; 

- the independent highway cargo carrier, for the acquisition of trucks, chassis and bodies of domestically manufactured trucks, through the Special Agency for Industrial Financing [FINAME] or FINAME Leasing, under the Pro-Truck Driver Program conditions. These operations are also only carried out through Accredited Financial Institutions;

- the individual who performs school transportation activities, for the acquisition of school transportation equipment, only in operations carried out through accredited financial institutions;

- the micro entrepreneur, formal or informal, through the Microcredit Program. In this Program, operations are negotiated and contracted through the Microcredit Distributing Agents - that are responsible for redistributing the resources or offering credit to micro entrepreneurs.


7. Does BNDES carry out non-reimbursable/sunk fund operations?

Exceptionally, operations with those characteristics may be carried out through the Social Fund or through the Technology Fund - FUNTEC, respecting the conditions established by the respective funds.


8. Does the BNDES perform operations that include subsidies?

No.There are no subsidies in the BNDES operations, once the Bank does not receive contribution from the National Treasury (except in specific export and agriculture financing operations). Its resources originate from the specific contribution (Social Integration Program [PIS]/ Public Employees' Asset Formation Program [PASEP]) and are loaned with real positive interest rates, above the average funding cost. Most part of resources reimbursed by BNDES is from the investment return (payment of amortization and interests of the loans granted). 


9. How is financing offered with the BNDES's resources?

The operations may be controlled directly by the BNDES and/or accredited financial institutions as redistributors of the Bank's resources. 
In the Microcredit Program, resource redistributors may include: development agencies, central credit cooperatives, public financial institutions, civil society and public interest organizations - "OSCIP's", and Credit Societies for Micro-entrepreneurs - SCM'S.


10. What are the financing operations carried out directly with BNDES?

Projects in which the financing value amounts, at least, R$ 10 million, within FINEM scope.

FINEM facilities can also be supported by accredited financial institutions, in an indirect manner, or else, in a mixed manner, in which part of loan is considered to be directly granted by BNDES and, the other part, by the accredited financial institution.

In some cases, the minimum amount to directly address the facility to BNDES is less than R$10 million, namely:

- R$6 million: Modernization of the Tax Administration and Management of Basic Social Sectors - PMAT,

- R$3 million: projects related with the tourism sector;

- R$1 million:
. Undertakings included in Regional Streamlining Program – PDR;
. Investments in the book publishing sector;
. Innovation projects
. Import of new machinery and equipment, not manufactured in Brazil, exclusively to companies acting in the industrial sector;
. Modernization of the Income Administration and Tax, Finance and Equity Management of State Administration – PMAE

-  Any amount:
. Projects supported with funding of the Merchant Navy Fund – FMM , upon Merchant Navy Fund Steering Council approval;
. Energy conservation projects - PROESCO;
. Social Investments made by Companies;
. Clusters or cooperatives acting in Local Production Arrangements.

BNDES can directly support some financing facilities, as long as facilities minimum amount is provided on the  financing programs website. 


11. What are the procedures to forward a financing request to BNDES?

The requests for support are forwarded to BNDES through means of an Inquiry Letter - filled out in accordance to the Guide on Information for Previous Consulting under the Financing for Endeavors [FINEM] - sent by the interested company or through intermediation of the accredited financial institution of preference to:

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

There are Financing Programs that follow their own procedures to forward operations, regardless of the operation value.


12. What are the financing operations that are only performed through accredited financial institutions?

The following financing line operations:
Automatic BNDES, FINAME, Agricultural FINAME, Leasing FINAME, Support Lines to Exports, Farming and Cattle Raising Programs, PROGEREN, PROCAMINHONEIRO, FINAME-MODERMAQ, FINAME-MODERNIZA BK and FINAME-COMPONENTES.


13. Which are the financial institutions that are accredited as redistributors of BNDES resources?

Commercial banks, cooperative banks, multiple banks, development banks, investment banks and development agencies. 

See: accredited financial institutions
See also: foreign financial institutions for Post-shipment operations.

For operations in the area of the Microcredit Program, the following institutions may be accredited: development agencies, central credit cooperatives, public financial institutions, civil society and public interest organizations - "OSCIP's", and Credit Societies for Micro-entrepreneurs - SCM'S.


14. How should one go about requesting a financing of the FINAME, Automatic BNDES and Support to Exports lines?

Those interested on carrying our operations in the financing lines FINAME, Agricultural FINAME, Leasing FINAME, Automatic BNDES and Support to Exports must go to the accredited financial institution, the bank of their preference and/or the bank in which they have the best commercial relationship to negotiate the operation, as well as to check which documents and information are needed so that it may evaluate and approve the credit. The accredited financial institution will be responsible for the credit granting analysis, as well as for the sending of the financing operation to BNDES for approval and subsequent release of resources. 


15. Does BNDES finances the purchasing of imported machines and equipments?

Yes. BNDES finances import of new machinery and equipment, not manufactured in Brazil, solely intended to companies operating in the industrial sector (sections B and C of the National Classification of Economic Activities - CNAE 2.0) and movie projection, exception made to videos (item CNAE 92.13-4). Beneficiaries must prove that the relevant machinery and equipment do not have any similar ones in Brazil, by submitting the following documents:

• Resolution issued by the Foreign Trade Chamber (CAMEX) with the list of goods covered by the tax-exemption system including the machinery or equipment to be financed, which must be in force upon the operation approval and contracting, or
• A note by the Foreign Trade Department (DECEX) on the import license of the item to be financed, certifying lack of any similar machinery and equipment manufactured in Brazil.

The equipments and machines object of the financing must be imported in the name of the beneficiary, not being subjected to support those already interned in the country, and the amount financed per company may not surpass the equivalent, in reais, to US$ 3 million at each 12 months.

The importation of equipments may be directly financed by BNDES through FINEM, as one of the items of an investment project, or, isolated, when the financing amount is equal or superior to R$ 1 million; or even through the PROCULT and PROTVD programs.

The BNDES Card accepts the acquisition of imported machinery and equipment without domestic similar or with a low nationalization rate, for sectors authorized by BNDES and which are available at the Product Catalogue of BNDES’s Portal of Operations.

Such modality of financing is also provided at FINAME and BNDES Automatic, but the indirect support is temporarily suspended, in accordance with Notice AOI No. 20/2006, of 12.04.2006.


16. What are the minimum requirements to plead for financing with BNDES resources?

- Have met and paid all fiscal, taxation and social obligations; 

- Present satisfactory record; 

- Be capable to make payment; 

- Hhave sufficient guarantees to cover the operation's risk; 

- The company must not be in credit recovery basis; 

- Comply with the legislation related to imports, in case of financing to import machines and equipments; 

- Comply with environmental legislation. 


17. What are the main requisites for the access to financings for the purchasing of national manufactured machines and equipments?

- check, with the manufacturer or its authorized representative, if the nationally produced machines or equipments for which it wishes to plead for the financing are accredited at BNDES. 

- gather from the manufacturer or from its authorized representative, the budget of the machines and equipments to present it to the accredited financial institution. 

- qualify to the demands of the accredited financial institutions.

The purchasing of national machines and equipments may also be done through the BNDES Card, exclusively for goods displayed in the Products Catalog on the BNDES Card Portal: 

- the company must possess the BNDES Card to make such purchase on the BNDES Card Portal; 

- in case the company does not have the BNDES Card, it must request one through the BNDES Card Portal; 

- micro, small and medium-size companies, nationally controlled, which exert economic activity compatible to the Operational Policies and BNDES Credit Policies, with annual gross income of up to R$ 60 million, may obtain the card. 


18. What are the main additional requirements that shall be filled out for the access to BNDES Automatic financings?

- Prepare a file with information about the company/endeavor, including economic and financial data, objectives or goals, table with uses/sources with the respective physical/financial schedule and description of own balancing resources, market, distinction of investment items and guarantees, among others, to present to the accredited financial institution. 

- This information will allow for the redistributing agency to evaluate the feasibility of the endeavor and the adaptation of the financial conditions. Usually, the accredited institutions have a script that can be obtained through them; 

- Adapt to the demands of the accredited financial institutions.


19. Does the BNDES perform venture capital operations?

Yes, including the subscription and integration or guarantee of the subscription of shares and convertible debentures into shares. It may also perform the acquisition and sale of securities in the secondary market.


20. Does the BNDES have credit lines or specific programs for employees that were discharged from companies?

No. However, through the Supporting Program for Consolidation of Self-Managing Endeavors, BNDES supports the recovery of industrial sector companies, upon financing to implantation and consolidation of self-managing endeavors organized from situations of bankruptcy or productive units closing. The target market are 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.


21. May a company that performed an Automatic BNDES operation obtain another financing from the same line?

The "BNDES Automático" [Automatic BNDES] allows one or more operations, as long as the sum of the operations performed in this line do not exceed the value of R$ 10 million, per company/year.


22. May a company the performed an operation in the value that is equal to or less then R$ 10 million in the "BNDES Automático" [Automatic BNDES] perform another operation directly with the BNDES?

Yes, as long as the value of the new operation is greater than R$ 10 million.


23. May a company that performed an operation directly with the BNDES with a value that is greater then R$ 10 million obtain another financing from the "BNDES Automático" [Automatic BNDES] line?

Yes, taking into account that the "BNDES Automático" [Automatic BNDES] operations are limited to R$ 10 million, per company, for every 12 months of operations.


24. Are there amount limitations per year / company for the carrying out of FINAME operations?

No. The credit limit is defined due to the company's payment capacity, however, financings superior to R$ 10 million are submitted to previous BNDES consultation. 


25. May the Leasing FINAME operation be performed by any type of company?

The leasing operation is performed for the constitution of funding - that is, for the acquisition of new machinery and equipment, produced by registered manufacturers - from a financial institution that is accredited to operated leases. This, when acquiring domestic equipment registered in the BNDES, may lease them to companies in any activity sector established in the country. 

See: FINAME Leasing 


26. May service providing companies obtain financing for the acquisition of equipment and, in function of service provision contracts, offer availability of this equipment for use by companies that are their clients??

Yes. 

See: FINAME line.


27. How does one proceed to forward a financing operation for the Merchant Navy and Naval Construction, with the use of resources of the "Fundo de Marinha Mercante" [Merchant Navy Fund] - FMM?

The interested parties shall initially forward an Inquiry on Priority to the Directing Commission of the Merchant Navy Fund [CDFMM]. In case CDFMM grants priority to the project, it will forward documents to the company and to BNDES communicating this decision. From this communication, the request for support must be presented to the BNDES through an Inquiry Letter.

See: Merchant Navy Fund


28. May I acquire a vessel through the FINAME line?

Yes. As long as the construction shipyard and the model of the vessel are accredited by the BNDES.


29. Does BNDES monitor the application of funds by a financed endeavor during execution of the project?

Yes. The endeavors directly financed by BNDES receive a systematic monitoring of their physical and financial execution, in accordance with the project approved. Funding from other sources is also checked, as well as the performance indicators of the enterprise executing the project and the economic group to which it belongs. 

In case of handover operations, the monitoring is made by the accredited financial institution that operated the financing.


30. Are expenses that have already been incurred in an endeavor compensated in the financing?

No. The expenses in an endeavor that are incurred before the request for financing, as long as they are verified and included among the items that may be financed by the BNDES, may be exclusively considered in the project as a balancing item for the entrepreneur.

Only the expenses incurred until the 6th month prior to the presentation of the request for support to the BNDES or financial institution may be considered. In the case of micro-enterprises, expenses with items that may be financed incurred until the 12th month prior to the presentation of the request to the financial institution may be considered as a balancing item. 


31. What is the flow of "BNDES Automático" [Automatic BNDES] financing operations?

To request "BNDES Automático" [Automatic BNDES] financing the interested party must forward himself to one of the accredited financial institutions, preferably the one where the company already does business. 

In this initial contact, it is important to inform the value of the investment that the company intends to perform, in which items (expenses) the resources will be invested, the purpose of the investment and its location. The banks, usually, have determined the client profiles with whom they desire to execute credit operations.

Having determined the bank's interest to perform the operation, obtain from it the list of required documents and information. It is convenient to prepare the investments project with the guidance and models for the bank that will analyze the operation in a way to avoid the duplication of efforts.

The accredited financial institutions, that process and undertake the risk of these financing operations, have their own policies/norms for the granting of credit. Following their risk analysis standards, they may approve the operation as requested by their client or change its value (share percentage in the investment) and terms, adhering to the maximum limits determined by the BNDES and other norms and regulations of the BACEN and pertinent legislation. They also define the operation's guarantees. 

Just as each bank has its own procedures, the time to take the decision about the credit is responsibility of the redistributing bank. Only after having approved the credit at the level of the financial institution, this will be forwarded in the form of a "Ficha Resumo da Operação" [Operation's Summary File] - FRO for confirmation by the BNDES, which takes place in up to 5 business days.

The financial institution will call its client to make a contract for the operation. After executing the required contractual work, the redistributing bank will forward the request for release of the 1st (or only) share of credit to the BNDES.

Under normal circumstances of resource availability at the BNDES, the time for release is of 5 business days, after the financial institution records the request. The resources are released to the financial institution, that will redistribute them to the client in up to 3 business days.

After the conclusion of each phase of the physical-financial execution of the project's schedule, the client must immediately contact his bank to perform the procedures for the new release. The subsequent installments will be released as long as the physical and financial execution of the prior installment is demonstrated to the redistributing bank.


32. What is the flow of FINAME operations?

To request the FINAME financing, the interested party must forward himself to one of the accredited financial institutions, preferably the one where the company already does business.

In this initial contact, it is important to identify the machine/equipment and its respective manufacturer or distributor, if that is the case, that is wished to acquire, as well as its value. The banks, usually, have determined the client profiles with whom they desire to execute credit operations.

Having determined the bank's interest to perform the operation, obtain from it the list of required documents and information. 

The accredited financial institutions, that process and undertake the risk of these financing operations, have their own policies/norms for the granting of credit. Following their risk analysis standards, they may approve the operation as requested by their client or change its value (share percentage in the investment) and terms, adhering to the maximum limits determined by the BNDES and other norms and regulations of the BACEN and pertinent legislation. They also define the operation's guarantees. 

Just as each bank has its own procedures, the time to take the decision about the credit is of responsibility of the redistributing bank. Only after having approved the credit at the level of the financial institution, this will be forwarded in the form of a "Pedido de Abertura de Crédito" [Credit Opening Request] - PAC for confirmation by the BNDES, which takes place in up to 5 business days.

The financial institution will call its client to make a contract for the operation. After executing the required contractual work, the redistributing bank will forward the request for the release of credit to the BNDES.

Under normal circumstances of resource availability at the BNDES, the time for release is of 5 business days, after the financial institution records the request. The resources are released to the financial institution, that will redistribute them to supplier of the machine/equipment in up to 3 business days.


33. What is the flow of direct financing operations with the BNDES?

The requests for financial support are forwarded to BNDES through means of an Inquiry Letter - filled out in accordance to the Guide on Information for Previous Consulting - sent by the interested company or through intermediation of the accredited financial institution of preference to:

Previous inquiries are the first step of entrepreneurs to obtain financing with BNDES. On the Inquiry Letter the basic characteristics of the company and endeavor are specified, necessary for operation's eligibility into BNDES Operating Policies.

Financial requests, from the request entry to the hiring for resource releasing, have maximum terms of execution.


34. Is the information from the CADIN used to framework and analyze the requests forwarded to the BNDES or the financial institutions accredited by the BNDES?

Yes. Within its condition of financial institution, BNDES uses banking criteria for the concession of financing, and it follows the legislation, norms and resolutions that regulate public financial institutions, being therefore audited by the Federal Audit Court [TCU].

35. May the undertakings within the broadcasting, newspaper and periodicals, communication outlets and advertising in general sectors be supported by BNDES?

Yes, however, they need previous BNDES authorization. The operations are carried out in an indirect and non-automatic manner.

See: Support Program to the Audiovisual Productive Chain - PROCULT and Support Program to the Implementation of Brazilian Terrestrial Digital TV System - PROTVD. 

36. Can BNDES support endeavors related to the pig iron manufacturing sector?

Yes, but they need to be previously authorized by BNDES, provided that the wood and coal used as energetic and raw material in the production process of enterprises come from reforestation (confirmed through a Custody Chain Certification).


37. Can be subject to a penalty the beneficiary failing to confirm the physical and financial execution of a project financed, or otherwise applying the funds granted to a purpose different from the stipulations under the instrument formalizing the operation?

Yes. In such circumstances, the beneficiary will be subject to an anticipation of the agreement's maturity and a fine of 50% over the amount released and not confirmed, plus the charges included in the agreement, until the settlement date of the debt.





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