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MSMEs with Cielo card machines will have R$ 530 million in credit with BNDES support

05/03/2021

Entrepreneurs with Cielo card machines will have access to R$ 450 million in financing from the Brazilian Development Bank (BNDES). BNDES will invest this amount in the Cielo Receba Mais Credit Rights Investment Fund (FIDC). Under the Public Call for Credit Funds for micro-, small- and medium-sized enterprises (MSME), this is the first contract in the “Originating Funds” category, i.e., aimed at enterprises offering credits to their own client base. Cielo Receba Mais will also receive a R$ 79.4 million contribution from Cielo S.A., reaching R$ 529.4 million in total capital.

With BNDES’s contribution to FIDC, done through the subscription of senior quotas of the fund, financing will be offered to MSME from the most varied sectors and individuals who carry out economic activities and use Cielo credit card machines. We expect to benefit about 56,000 entrepreneurs . The average loan amount expected is R$ 20,000, with an average final cost for the client in obtaining credit of 3.25% per month. This rate is lower than the maximum cost limit of 3.5% per month required in BNDES’s notice. The average term of operations shall be 24 months.

Additionally, aiming to make financial resources reach microentrepreneurs in socially vulnerable areas, especially in the face of the negative economic effects resulting from Covid-19, R$ 1 million will be allocated to operationalize a microcredit line with special conditions. The product offered will have more accessible conditions, eligibility criteria, and access to credit line. The average amount expected for this microcredit line is R$ 5,000; the term, 20 months; and a 90-day grace period for the first installment. Our goal is to reach about 200 microentrepreneurs in the first round of credit. Cielo, through partnerships, will provide technical training to the recipients so they can strengthen their business.

“We will offer more than R$ 1 billion in credit based on the possibility of reinjecting the money from the installment payments. I am sure it will be an important contribution for our clients to get through this difficult time caused by the pandemic,” says Paulo Caffarelli, president of Cielo.

According to the Managing Director of Shares, Capital Markets and Indirect Credit of BNDES, Bruno Laskowsky, “the FIDCs of the public call launched by BNDES in the Originator modality aim to offer a credit alternative for an important client base in the MSME segment, being an option to expand the market’s credit sources and a mechanism to stimulate activity in this still difficult moment of the economy.”

Public Call for Credit Funds for MSMEs – BNDES estimates to reach around 100 million companies with this initiative, which focuses on any entrepreneur with access to a means of payment, either through a machine, marketplace or fintech, even if it is not banked. The expansion of credit through alternative channels is a global trend and is in line with BNDES’s social purpose.

BNDES may have a stake of up to 90% of the capital of each fund, within the limit of R$ 500 million. The resources must be applied in business in Brazil. The call featured two categories of funds: credit originators and credit managers, both for small businesses.

The first recipient fund in the Call, in the “Management Funds” category, was CashMe-Plural, which received a R$ 487 million contribution from BNDES in early March. In April, in the same category, the Captalys and SRM FIDCs received contributions of R$ 225 million and R$ 450 million. In total, BNDES has already committed R$ 1.6 billion to these funds, amounting to R$ 2.1 billion in total resources for MSME. Up to ten FIDCs may receive contributions in this call, adding up to R$ 4 billion from BNDES, in addition to the partners’ resources.

Go to Public Call

Learn how FIDCs can be an instrument for expanding access to credit

About BNDES – Founded in 1952 and currently linked to the Ministry of Economy, BNDES is the main instrument of the Federal Government to promote long-term investments in the Brazilian economy. BNDES’s actions focus on the socioenvironmental and economic impact in Brazil. BNDES offers special conditions for micro-, small- and medium-sized enterprises, as well as social investment lines, directed at education and health, family agriculture, sanitation and urban transport.  In crisis situations, BNDES acts in an anticyclical manner and assists in the formulation of solutions for the resumption of economic growth.

About Cielo –
Leader in the electronic payments segment in Latin America, Cielo is a technology and services company for retail that operates in the payment end, gateway to several intelligent and interconnected services (machine, internet, mobile). It offers a portfolio of solutions to meet the needs of 1.4 million active clients, from individual entrepreneurs to large retailers. Cielo is present in more than 5,500 municipalities and reached R$ 644 billion in transactions in 2020, corresponding to 15% of the consumption of Brazilian households.

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