São Paulo development agency to begin operating in June
Valor Econômico 05/18/2009
The São Paulo development agency, Nossa Caixa Desenvolvimento, will go into operation next month with four credit lines aimed at the small- and medium-sized enterprises. The financial institution has authorized capital of R$ 1 billion (US$ 476.2 million), but it will start this year with R$ 200 million (US$ 95.2 million) of funds from the State Treasury. The rest should be complemented with funds from the sale of the Nossa Caixa bank to the Banco do Brasil bank.
The loans will be for companies with an annual income of up to R$ 2.4 million (US 1.14 million), at an interest rate of up to 1.3% a month, considering the Selic rate plus 2.75%. Nossa Caixa Desenvolvimento received authorization from the Central Bank to start operating in November and it was in the stage of regulation, at first expected to be over in April. The launching of the agency was one of the measures announced by the José Serra Government last February, as part of the anti-cyclic policy of the State to stimulate the economy during the period of the world economic crisis.The financings will be available for the purchase of equipment and commercial automation, for the acquisition or adaptation of commercial vehicles, for the opening of corporate franchises and for the advance of public receivables. For the line aimed at the purchase of equipment and commercial automation, loans from R$ 7.5 thousand (US$ 3.6 thousand) to R$ 30 thousand (US$ 14.3 thousand) will be available to be repaid in three years with a grace period of one month. In the case of acquisition or adaptation of vehicles, the values vary from R$ 10 thousand (US$ 4.8 thousand) to R$ 240 thousand (U$$ 114.3 thousand). For the opening of corporate franchises, loans will be offered from R$ 15 thousand (US$ 7.1 thousand) to R$ 75 thousand (US$ 35.7 thousand), with a greater grace period of six months.