Brazilian National Bank for Economic and Social Development (BNDES) announced on Thursday a BRL 487 million investment in the CashMe-Plural Investment Fund. The fund will also receive a round of BRL 138.3 million from Cyrela and BRPP, totaling a BRL 625.3 million investment.
The CashMe-Plural Investment Fund will provide financing of up to BRL 2 million for micro, small and medium-sized entrepreneurs through the CashMe platform, a fintech belonging to the Cyrela Group. 1,700 entrepreneurs and self-employed workers from different sectors are expected to benefit from access to credit at lower rates.
Besides, CashMe will allocate up to BRL 500,000 to microcredit, to improve the economic vulnerability situation of women and low-income families. These resources are expected to benefit 1,000 microentrepreneurs.
According to Bruno Laskowsky, director of capital markets and indirect credit at BNDES, investment in the fund is an innovative project for the expansion of credit channels for small and medium-sized Brazilian businesses by complementing the credit offered by the banking system.
The BNDES’ initiative focuses on any entrepreneur with access to a means of payment, whether through a machine, through a marketplace, or via fintech, even if they are unbanked. With the initiative, the BNDES estimates to reach around 2 million companies.