Brazil's CMN Regulates Fies Entrepreneur and Desenrola Adimplentes Loans

On Friday, July 3, Brazil's National Monetary Council (CMN) approved two resolutions that set the regulatory framework for two newly created credit programs: Fies Empreendedor and Desenrola Adimplentes.

Fies Empreendedor targets students and former students who are up‑to‑date on their Fies loans, offering a credit line for entrepreneurial activities (individuals) or working capital (legal entities). Desenrola Adimplentes is aimed at people without formal employment or social‑security benefits, facilitating the renegotiation of existing debts.

Both programs allow interest rates of up to 11.19% per year, composed of 8.94% for financial institutions and 2.06% for resources provided by the Union. Loan terms range up to 60 months for individuals (with a six‑month grace period) and up to 96 months for companies (with a twelve‑month grace period). Banco do Brasil and Caixa Econômica Federal will act as the operating agents. The Union may allocate up to R$ 3 billion, with financing split 70 % public funds and 30 % bank contributions; public resources are remunerated at 1% annually, while bank funds follow the Selic rate (about 14.25%). The measures aim to broaden credit access for compliant students and to ease debt burdens for low‑income workers.