» Purpose

To support the implementation and consolidation of sustainable self-managing enterprises.


» Clients

Targeted clients are central or small-sized production cooperatives with the following characteristics: 

1. Incorporation of organizations stemming from bankruptcies or shutdowns of production units through the use of previous enterprise production structure; 

2. Performance in industrial sectors; 

3. Participative and democratic management, in which all members have access to information related to the business and to the management of the enterprise; 

4. Number of non-member employees, excluding outsourced employees, limited to 50% of its staff; and 

5. The amount of the highest payment to members must not exceed ten times the amount of the lowest payment. 

It is prohibited to support enterprises that have been created exclusively to provide services to the previous company.


» Types of financial support

Direct, non-automatic indirect and mixed.


» Eligible items

1. Purchase of real estate and improvements to install the enterprise, provided that they derive from the previous enterprise; 

2. Purchase of used machinery, equipment and operational vehicles, provided that they are needed to carry out the business plan; 

3. Purchase of new Brazilian machinery and equipment; 

4. Purchase of imported machinery and equipment that is not manufactured in Brazil, provided that they are essential to maintaining the viability of the enterprise or to meeting environmental requirements. 

5. Machinery repair; 

6. Expenses with engineering studies and projects; 

7. Investments in civil construction, assemblies, installations, furniture and appliances; 

8. Set-up/strengthening of working capital; 

9. Implementation and adjustment of infrastructure for the qualification of members; 

10. Qualification in management, provided that it is carried out in educational institutions accredited by the Ministry of Education; and 

11. Qualification in professional courses, provided that these are carried out in public professional institutions or institutions belonging to the S System. 

If the purchase of the predecessor's real estate is not possible, the purchase of other real estate and improvements may be financed.

For the purchase of imported machinery and equipment not manufactured in Brazil, support is limited to 25% of the funds earmarked for the Program and it may not exceed 40% of the total financing amount.

Items related to qualification in management and in professional courses may be supported by non-reimbursable funds of the Social Fund, limited to 10% of the project amount.


» Level of Participation

Up to 95% of the amount of eligible items. 

The minimum financing amount will be R$ 1.5 million.

The maximum financing amount will depend on the operation modality:
• Direct Operation: R$ 10 million; 
• Non-automatic indirect operation: R$ 30 million; 
• Mixed Operation: R$ 30 million, as the BNDES' participation is limited to R$ 20 million.


» Interest rate

• For direct support: Financial Cost + BNDES Spread + Credit risk rate 
• For non-automatic indirect support: Financial Cost + BNDES Spread + Financial Intermediation Rate + Accredited Financial Institution Spread. 

Financial cost

• For purchasing imported machinery and equipment not manufactured in Brazil: US$ or UMBNDES, plus Currency Basket charges 
• For other items: Long-Term Interest Rate - TJLP 

BNDES Spread: 0.5% p.a.

Credit Risk Rate: 1.5% p.a.

Financial Intermediation Rate: 0.5% p.a.
Note: Operations with micro, small, and medium-sized enterprises are exempt from the financial intermediation rate.

Accredited Financial Institution Spread: Negotiated between the financial institution and the client.


» Grace periods and repayment

Determined by the Client’s payment capacity.


» Guarantees and Collaterals

Collaterals of at least 50% of the amount financed, and any other forms of collateral may be requested at the BNDES’ discretion.

See: Guarantees and Collaterals


» Special conditions

Clients must meet the following standards, even if some amendments in their organizational documents are required:

• Limit the distribution of surpluses to members to 25% of the annual income; and 

• Constitute, besides the mandatory funds, the following indivisible funds: 
1.Indivisible Investment Funds (IF), intended to raise working capital funds and investments in machinery, equipment and other goods for the cooperative, formed by 40% of the surpluses generated in the year; 
2. Capital Payment Fund (CP), formed by at least 20% of the annual surpluses. 

In order for the application to be qualified by the BNDES, the applicant should present the enterprise business plan. 


» Term of Loan

Until February 28, 2013.


» Application

Support applications should be submitted to the BNDES by means of an Inquiry Letter – filled in according to guidelines in the Guide for Previous Consultation - sent by the interested company or by an accredited financial institution, to:

Banco Nacional de Desenvolvimento Econômico e Social - BNDES
Área de Planejamento-AP
Departamento de Prioridades-DEPRI
Av. República do Chile, 100 - Protocolo – Térreo
20031-917 – Rio de Janeiro, RJ