Brazil's CMN Sets Rules for Fies Empreendedor and Desenrola Adimplentes Credit Programs

The Conselho Monetário Nacional (CMN) approved two resolutions on 3 March to regulate the newly created Fies Empreendedor and Desenrola Adimplentes credit lines.

Fies Empreendedor targets students and former students who are current on their Fies loans, offering a subsidised credit line with an annual interest rate of up to 11.19 % (8.94 % for banks and 2.06 % for Union resources). Individuals may borrow for up to 60 months with a six‑month grace period; legal entities can borrow for up to 96 months with a twelve‑month grace period. During the grace period, interest cannot be capitalised.

Desenrola Adimplentes is intended to renegotiate debt for people without formal employment or social‑security benefits, with up to R$ 3 billion of Union funding. The program will be financed 70 % by the Union (at 1 % per year) and 30 % by public banks, whose rates follow the Selic. Both schemes will be operated by Banco do Brasil and Caixa Econômica Federal, while detailed eligibility criteria will be set by the Ministry of Finance.