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The growth of companies is attributed to capital investments from shareholders, reinvestment of profits and credit operations. In the current stage of the Brazilian economy, it is fundamental to strengthen and increase the number of companies with commercial paper traded in the capital markets, an important instrument for furthering internal and external savings.
The BNDES operates several financing modalities to companies and can also participate as an underwriter of securities in publicly-listed companies, or in companies that, in the medium run, can enter capital markets, including operations for internationalization, restructuring of competitive companies, merges and incorporations.
Innovative small and medium-sized companies, which are prioritized in the BNDES’ capitalization efforts, can receive direct participation and/or participation through closed investment funds. Depending on their regional/sectorial operations, these offer a greater operability range, thus allowing the leveraging of private resources for the capital of these companies.
The BNDES’ operations in the capital market aim to:
 Strengthen capital markets through new market operations;
Disseminate the concept and encourage the use of corporative governance by companies;
Expand the demand and liquidity of securities;
Contribute to the democratization and strengthening of the capital structure of companies;
Develop products that make the capital markets more attractive and safer to small investors;
Develop the closed funds industry; and
Support innovative small and medium-sized companies.
To achieve these goals, the BNDES permanently operates:
in the development of technical tools, utilizing innovative investment analysis techniques, specific mechanisms for each security value, specific legal models and varied divestiture
mechanisms;
in the elaboration of indirect programs through a minority stake in closed funds administrated by third parties - emerging companies, private equity, of governance/liquidity – which perform the important task of expanding and providing a wider range to the operations; and
in the proliferation of better corporative governance practices within companies in which it has a vested interest, so as to provide greater transparency and respect for minority shareholders, together with the Securities and Exchange Commission [CVM] and the São Paulo Stock Market [Bovespa].
See:
 Financial
Support
Underwriting
Securities
Direct Credit Investment Funds
[FIDC]
Investment
Funds Program
CRIATEC
Program
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