The new Brazilian line of credit line to be granted via POS devices may be available only at the beginning of September, and not in August, as initially expected, 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, who have been facing difficulties to access credit in the pandemic. The delay will be caused by regulatory adjustments.
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.