Brazil's micro and small enterprises face rising debt burden

A recent analysis by the Mapa Assertiva de Cobrança e Endividamento (MACE) identified 1,638,645 distinct CNPJs with outstanding debts in 2025, prompting more than 3 million inquiries by collection firms. The study shows that micro‑enterprises, which account for about 92% of all active businesses in Brazil, dominate the list of indebted firms. In Rio de Janeiro they represent 63.31% of the indebted companies, with similar high shares in other states such as Santa Catarina, São Paulo, Paraná and Minas Gerais.

Debt vulnerability is not limited to newcomers; firms with over 15 years of operation also rank among the most indebted. Average debt levels vary by state, with Rio de Janeiro below R$ 20,000 per company, while Santa Catarina and São Paulo exceed R$ 110,000. The most affected sectors include apparel retail, building construction, road freight transport, food retail and restaurants, all of which depend heavily on consumer demand and working‑capital financing.