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According to information from Federal Economic FundNo less than R $ 10 billion in microcredit will be delivered to Brazilians who wish to open or invest in their businesses. The financial institution aims to offer microcredits to support Brazilians after payment of the emergency help, which had its deposits closed in 2020.
In addition to serving as post-aid support, the measure announced by Caixa will also serve as the bank’s growth strategy for the coming years. According to the bank, approximately 10 million entrepreneurs will benefit from small loans of up to R $ 1,000.
Caixa’s growth plan also includes listing on the US Nasdaq stock exchange and creating a digital bank, creating an option for unbanked Brazilians. This line of microcredit for entrepreneurs will be available in the new digital bank.
The conditions for the microcredit for entrepreneurs, which will be available once the emergency aid has ended, will have a maximum value of R $ 1,000 and payment of three to five years. Caixa has not yet reported the interest rate. However, the bank says it will be more accessible than those on the market.
Caixa has reinforced that, despite the facilities, the amount is still a loan and not a benefit paid to entrepreneurs. “Microcredit is not a help. Help is transfer. The microcredit is a credit for those who can return the money to la Caixa ”, reinforced Pedro Guimarães, president of the bank.
Emergency help: beneficiaries can access the easy loan from Caixa
As of 2021, Caixa Econômica Federal (CEF) must grant loans to the beneficiaries of the emergency help. When the benefit began to be paid, the bank opened millions of digital social savings accounts. These accounts were opened in the name of Brazilians until now considered “invisible” by the government. Therefore, when Caixa became aware of this audience, it considered opening a microcredit for the group.
Around 33 million digital accounts were opened during the new coronavirus pandemic. Many of these people have not had access to a digital account before. “Microcredit was a project we were working on even before the pandemic. But the discussion we had internally was that it would not be economically possible and profitable to carry out credit operations of R $ 100 or R $ 200 using our base of branches, nor the lottery players, ”explained Pedro Guimarães, president of Caixa.
“The only way was through an application, which we end up developing now. So, the question of the solution through digital accounts accelerated the main project that we had in Caixa in years ”, continued Guimarães.
The microcredit should be launched as soon as the emergency aid payments are completed. The digital accounts that were opened for the program will be maintained. The option is expected to be available in the first quarter of 2021.
