São Paulo creates credit facility for Embraer supplier
Valor Econômico
An initiative of Nossa Caixa Desenvolvimento, the agency of promotion that has just been created by the Government of the State of São Paulo, also arises as an alternative to minimize the impacts of the crisis in the companies of the aeronautical sector. Friuli was taken as a pilot company to start operating a loan agreement for working capital, at a rate of 0.96% a month and operations for the cashing of drafts.
"We have an approved credit line of R$ 950 thousand (US$ 500 thousand), but we are trying to obtain guarantees and Nossa Caixa Desenvolvimento accepts equipment that other banks would not accept", says the officer of the company, Gianni Bravo. It is diversifying and started supplying parts for the program of rockets of the Aeronautics, systems of ignition of bombs for the Brazilian Air Force (FAB) and is nationalizing a container for the transportation and storage of missiles for the Navy.
The new agency of promotion has R$ 1 billion (US$ 526.3 million) to lend to small- and medium-sized companies and the aerospace sector is one of the five sectors chosen to receive the new credit facilities. "It is an important initiative which may help the companies face the crisis. Most of them cannot obtain more new loans today, because they have no more limit of credit in the banks", points out the Friuli officer.
The new credit facilities of Nossa Caixa Desenvolvimento, according to Bravo, may be accessed through Ciesp (Center of the Industries of the State) of São José dos Campos and Cecompi (Center for Competitiveness and Innovation in the São Paulo State East Cone). The two entities also negotiate, with Nossa Caixa, the creation of a specific line for the aeronautical sector, aiming at the differences that exist in the form of contracting of Embraer with its suppliers.