Brazil's national development bank BNDES boosted its lending to micro- and small-size enterprises by 20% to more than 10bn reais (US$3.4bn) this year compared to 2002, according to interim development minister Mario Fortes.
Brazil's federal banks Banco do Brasil (BB), Caixa Economica Federal (CEF), Banco da Amazonia and Banco do Nordeste have also been aggressive in their small-business lending this year, Fortes said. The four banks boosted their lending to micro- and small-sized enterprises by 38% during the 10 first months to 17.3bn reais.
The government of Luiz Inacio Lula da Silva has made lending to small businesses and low-income individuals one of its top economic priorities.
BNDES is the chief federal agency for long-term funding aimed at promoting development in Brazil. It finances private companies in all areas, including foreign firms based in Brazil, and assists them in identifying new investment opportunities.
Source: BNamericas
