By David Holanda, Financial Consultancy Manager at Deloitte Brasil
Since January 1, 2018, companies seeking resources from the so-called regional Constitutional Financing Funds have had improved rules for granting credit, which increases security and predictability for the management of loan payments. The changes are expected to stimulate investments in the regions served by the funds, boosting important business opportunities and local development.
The changes were instituted by the Federal Government through Provisional Measure (MP) No. 812/2017, which established new legal rules to regulate the operation of the Constitutional Financing Funds of the Northeast (FNE), the North (FNO) and the Midwest (FCO).
Among the main changes, the MP establishes that the correction of financing now has the Long-Term Rate (TLP) as its reference index. Composed by the variation of the Broad Consumer Price Index (IPCA) and by a real interest rate fixed monthly, according to the real yield of the National Treasury Notes - Series B (NTN-B) within five years, the TLP brings a new dynamic to the long-term operations contracted from the credit lines of these constitutional funds.
The financial cost should accompany macroeconomic variations, and should avoid distortions in the long run, generally extended in which these funds are raised. Currently, as an estimate, rates vary within a range between 5% and 7% per year, exempt from IOF (Tax on Financial Operations).
Constitutional funds are among the main financing instruments in the country for the Northeast, North and Midwest regions, as well as some locations in Minas Gerais and Espírito Santo served by Sudene (Superintendence for Development of the Northeast).
The changes in charges will serve as an incentive for the resumption of investments, stimulated mainly by the significant reduction in the interest rate, as a result of the convergence with the current economic conditions and by the change to the floating or floating rate model. This makes this type of credit more adherent to the characteristics of long-term investments.
In the same measure, a Regional Development Coefficient (CDR) was adopted, which will serve as an incentive factor for the financing of companies in the regions that need resources to improve local development, as well as weighting factors for calculating financing according to the operation type.
It is worth remembering that the rules created by MP 812 apply exclusively to new contracts with the Constitutional Financing Funds, as of the first day of 2018. For the contracts in force, nothing changes, the rules prior to the changes being valid.
The resources of the Constitutional Funds are destined to companies in the areas of industry, commerce and services, especially for the financing of investments for the implantation, expansion, modernization and eventual change of location of the undertakings.
Without a doubt, this is good news for managers and entrepreneurs who, in a year of such relevance for the future of the country, can already envision better conditions for conducting their business, with the objective of guaranteeing a return on their investments.
Notice: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies.
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