Avaliação de Programas Especiais de Crédito Para as Micro, Pequenas e Médias Empresas
José Mauro de Morais
This study aims to evaluate Micro, Small and Medium Enterprises - (MSMEs) conditions of access to credit under Brazil´s main earmarked credit programs: National Economic and Social Development Bank (BNDES) financings, the Constitutional Financing Funds of the North, Northeast and Center-West regions (FNO, FNE, FCO), and the Employment and Income Generation Program (Proger). These programs were originally assessed by the author in a research report drawn up for the Economic Commission for Latin America and the Caribbean (Eclac), and this study updates information and adds new analyses. In 2004, the total value of credit granted to firms of all sizes under the three credit programs analyzed reached US$ 16.783 million (or 2,3% of GDP), of which US$ 4.613 million were lent to MSMEs, or 27.5 % of all financings. Programs using earmarked funds constitute the only source of financings formedium and long-term investment, as Brazil does not have a private credit market ofthis kind. Earmarked credit programs´ supply of working capital loans has also grown.
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