Credit line offered via POS devices to be launched this month in Brazil

It is not the first time the credit line is postponed: It was initially expected to be available in August

16.Sep.2020 10:49 BRT

The program is aimed at individual microentrepreneurs (MEIs), micro and small enterprises to help them face the crisis;
Loans will have an interest rate of up to 6% per year and a term of 36 months for settlements.

The new Brazilian line of credit to be granted via POS devices may be offered to companies later this month, as Edson Bastos e Santos, undersecretary for Microeconomic Policy and Infrastructure Financing at the Ministry of Economy, told Valor Econômico. “There was a delay, but everything is happening within the normal procedure,” he said.

It is not the first time the credit line is postponed: It was initially expected to be available in August, according to Valor Econômico. With an estimated allocation of BRL10 billion, guaranteed by the National Treasury, the program is aimed at individual microentrepreneurs (MEIs), micro and small enterprises, which have been facing difficulties to access credit in the pandemic.

Loans will have an interest rate of up to 6% per year and a term of 36 months for settlements, including a 6-month grace period. Grants will be limited to twice the monthly average of sales made by POS devices and may not exceed BRL 50,000.