The guarantees for operations with BNDES resources are cumulatively or alternatively constituted of:

a) Mortgage;
b) Lien;
c) Fiduciary Property;
d) Guarantee;
e) Aval; and
f) Relation in guarantee or cession in the form of a Reserve of Means of Payment, of revenues originating from: federal transfers, product of the charging of taxes, fees and surtax, fiscal incentives, or revenues or contributions of any form. 


The guarantees of operations with entities that are controlled by private capital must cumulatively consist of:

Real: founded in right of that nature, that authorizes the execution of the guarantee, extra-judicial or judicially; may be offered by the client or third parties; and

Personal: aval or guarantee, granted by a third party in the form of a solidary debtor and main payer of all obligations resulting from the contract, with expressed resignation to the benefits of articles 366, 827 and 838 of the Civil Code, offered by private individuals or legal entities that hold the direct or indirect control of the client, or other legal entities that are part of the same group. 

The real security ratio should correspond to a minimum of 130% of the financing operation value, but such ratio may be reduced down to 100%, when an enterprise requiring financial support meets the following conditions:

To be a publicly traded enterprise, with shares listed with the São Paulo Stock Market [BOVESPA], preferably listed with the New Market, or with levels 1 and 2 of Corporate Governance, and to be qualified at a risk classification level over the minimum, as established at BNDES discretion. 
To be a BNDESPAR shareholder, provided that, by means of a Shareholders' Agreement and/or representative participation in the Board of Directors or similar committee, BNDESPAR effectively participates to the enterprise's strategic decisions, and to be qualified at a risk classification level over the minimum, as established at BNDES discretion. 
To present financial statements audited by independent auditors, enrolled with the Brazilian Securities and Exchange Commission, and to be qualified at a risk classification level over the minimum, as established at BNDES discretion. 

In case of reduction in the real security ratio, a performance contractual clause should be inserted establishing individual minimum financial ratios, which, if not met, will give rise to an immediate provision of additional real securities amounting to, jointly with those already made, a ratio of at least 130% of the updated outstanding balance, subject to a penalty of agreement anticipated maturity.

When the financing is destined for the purchase of machines and equipment, the fiduciary property will necessarily have to be established on the financed objects and maintained until the termination of the contract, not allowing for the substitution of goods that are part of the guarantee by any other, except in the cases of damage or performance problems in the period of the guarantee, which should be informed to the BNDES.

The constitution of lien for a financial investment may not be accepted as a guarantee.

In the support of the segment of medium exporting enterprises and micro and small enterprises, the Guarantee Fund for the Promotion of Competitiveness - FGPC may be used.


Economic group

In case an enterprise requesting financial support integrates an economic group, the enterprise and the economic group's risk classification levels will be established, taking into consideration the lowest classification.

When the beneficiary integrates an economic group, the personal security shall be made preferably by the controlling enterprise, defined as the one consolidating the credit risk of all enterprises integrating the group and/or those individuals holding control of the economic group.

At BNDES discretion, in case the controlling enterprise cannot provide personal security, another enterprise integrating the economic group may do it, provided that its risk classification is used as a maximum exposure parameter.