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06.30.09
» BNDES relaunches Support for Consolidating Self-Managing Enterprises
(PACEA)
• Budget amounts to R$ 200 million, to be effective until
2013
The BNDES, the Brazilian Development Bank (BNDES) is relaunching the Support for Consolidating Self-Managing Enterprises. The previous version of this program was effective until November 2008. The new version of the program has a budget of R$ 200 million and will be effective until February 2013.
The program is intended to support the implementation and consolidation of self-managing enterprises stemming from bankruptcies or shutdowns. Such companies are formed by organized workers under a self-management system and use the previous enterprise’s production structure in order to continue the activities of shutdown plants or those on the verge of shutdown.
The new version was based on the conclusions of a work group comprised of the BNDES’ Solidarity Economy Department, the Ministry of Labor and Employment (SENAES/MTE), the Solidarity University (Universidade Solidária - UNISOL) and the Brazilian Association of Workers of Self-Managing and Equity Interest Companies (ANTEAG).
Targeted clients are central or small-sized production cooperatives with the following characteristics: setup from bankruptcy situations or shutdown of production units; performance in industrial sectors; participative management; number of non-member employees limited to 50% of the total number of members; amount of highest withdrawals must not exceed 10 times the amount of the lowest one.
Among the eligible items are the acquisition of realties and improvements, acquisition and reform of used or new machinery and equipment manufactured in Brazil (imported only when no similar equipment is produced in Brazil), expenses with engineering studies and projects, formation or reinforcement of working capital and qualification of members.
Compared to the previous program, some changes have been made: A security interest of at least 50% of the amount financed (70% in the previous version); the BNDES’ spread limited to 95% of the project amount (this percentage varied from 90% to 100%); support will only be given to production cooperatives (previous version supported companies).
Additionally, the BNDES’ financial support was limited to R$ 10 million in direct loans and R$ 30 million in indirect or mixed loans. For mixed loans, whenever the BNDES' spread exceeds the maximum limit for direct loans, it will be proportional to the Accredited Financial Institution’s investment, and it will be limited to R$ 20 million.
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