CMN Resolution No. 4,899: Consolidation of Financial Charges and Credit Limits in Chapter 7 of the Rural Credit Manual (MCR)

RESOLUTION NO.

The current text of the MCR is available at the following electronic address: www3.bcb.gov.br/mcr.

CMN RESOLUTION NO. 4,899,
OF MARCH 25, 2021

Consolidates the provisions regarding financial charges and credit limits in Chapter 7 (Financial Charges and Credit Limits) of the Rural Credit Manual (MCR), in accordance with the provisions of Article 5 of Decree No. 10,139, of November 28, 2019.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on March 25, 2021, taking into account the provisions of Article 4, item VI, of Law No. 4,595, of 1964, Articles 4 and 14 of Law No. 4,829, of November 5, 1965, the sole paragraph of Article 4 of Decree No. 94,874, of September 15, 1987, Article 6 of Law No. 10,186, of February 12, 2001, §§ 3 and 4 of Article 3 of Law No. 11,326, of July 24, 2006, and Article 5 of Decree No. 10,139, of November 28, 2019,

R E S O L V E D:

Article 1. The financial charges and credit limits of the rural credit lines and programs are consolidated in Chapter 7 (Financial Charges and Credit Limits) of the Rural Credit Manual (MCR), as attached to this Resolution, in the following sections:

I - Section 1 - Financing without Linkage to a Specific Program;

II - Section 2 - Land Fund and Agrarian Reform Mais;

III - Section 3 - Credits to Agricultural Production Cooperatives;

IV - Section 4 - National Program for Support to the Medium Rural Producer (Pronamp);

V - Section 5 - Coffee Economy Defense Fund (Funcafé);

VI - Section 6 - National Program for Strengthening Family Agriculture (Pronaf);

VII - Section 7 - Programs with BNDES Resources; and

VIII - Section 8 - Constitutional Financing Funds.

Article 2. This Resolution enters into force on May 1, 2021.

Roberto de Oliveira Campos
Neto
President of the Central Bank of Brazil

-------------------------------------------------------------------------------------------------------------------------------------------- TITLE : RURAL CREDIT
CHAPTER : Financial Charges and Credit Limits - 7
SECTION : Financing without Linkage to a Specific Program - 1


Table 1: Financial Charges for Financing without Linkage to a Specific Program, from 1/7/2020
Purpose / Beneficiary	Effective interest rate up to (% p.a.)
Working Capital Credits (MCR 3-2), Investment Credits (MCR 3-3), Marketing Credits (MCR 3-4), Industrialization Credits (MCR 3-5)
1 - Working Capital Credits (MCR 3-2), Marketing Credits (MCR 3-4) and Industrialization Credits (MCR 3-5) with Mandatory Resources (MCR 6-2)	6% (six percent)
2 - Working Capital Credits (MCR 3-2), Investment Credits (MCR 3-3) and Marketing Credits (MCR 3-4) under the Special Financing for Storage of Agricultural Products - FEE (MCR 3-4-11) with Rural Savings resources (MCR 6-4), when subsidized by the Union in the form of financial charge equalization	6% (six percent)
3 - all beneficiaries, in operations with Rural Savings resources (MCR 6-4), for rural investment credit under the same conditions applicable to Programs with BNDES Resources (MCR 11)	financial charges in force for Programs with BNDES Resources (MCR 7-7).
4 - all purposes, in rural credit operations with uncontrolled resources	a) financial charges freely negotiated between the parties, observing that, in the case of Rural Savings resources, the basis should be: I - the basic remuneration applicable to savings deposits with an anniversary date on the date of signing the respective contract, plus effective interest rate; or II - fixed effective interest rate.


Table 2: Credit Limits for Financing without Linkage to a Specific Program, from 1/7/2020
Purpose / Beneficiary	Value	Additional Conditions
Working Capital Credits (MCR 3-2)
1 - all beneficiaries	R$3,000,000.00	a) limit with controlled resources, per beneficiary, in each agricultural year and throughout the National System of Rural Credit (SNCR); b) rural working capital credits granted with resources are not included in the calculation of the limit referred to in item "a": I - from the regional constitutional financing funds; II - raised through the issuance of Agribusiness Credit Letter (MCR 6-7).
2 - poultry, swine and fish farming explored under integration regime: exclusively with Mandatory Resources (MCR 6-2)	R$400,000,000.00	a) credit limit per integrator that is not classified as an agricultural production cooperative, per agricultural year and throughout the SNCR; b) the credit limit of R$200,000.00 (two hundred thousand reais) per integrated rural producer, per agricultural year, per activity and throughout the SNCR must be observed; c) the value contracted in the form of item "b" impacts the limit referred to in item 1 and the credit limit of the National Program for Support to the Medium Rural Producer - Pronamp (MCR 7-4).
Investment Credits (MCR 3-3)
1 - all beneficiaries, in operations with Mandatory Resources (MCR 6-2)	-	a) the use of Mandatory Resources for the contracting of investment operations is prohibited, except as provided in specific regulation.
2 - all beneficiaries, in operations with Rural Savings resources (MCR 6-4), for rural investment credit under the same conditions applicable to Programs with BNDES Resources (MCR 11)	the limits in force for Programs with BNDES Resources (MCR 7-7)	a) observing MCR 3-3-12.
Marketing Credits (MCR 3-4)
1 - Special Financing for Storage of Agricultural Products (FEE) and for discounting Rural Promissory Note (DR) and Rural Promissory Note (NPR) with Controlled Resources (MCR 6-1)	R$4,500,000.00	a) credit limit per borrower, cumulatively, in each agricultural year and throughout the SNCR, excluding marketing credits granted with resources from regional constitutional financing funds; b) the beneficiary may contract FEE for more than one product, provided that the limit per producer for each agricultural year is respected.
2 - FEE intended for seeds with Controlled Resources	R$25,000,000.00	a) limit per beneficiary, per agricultural year and throughout the SNCR; b) the financing value cannot exceed the ceiling of 80% (eighty percent) of the quantity identified in the conformity term or seed certificate.
3 - Financing for processing and distribution of corn seeds, supervised or certified for seed producers (individuals and legal entities), according to MCR 4-2-11, with Controlled Resources	R$6,000,000.00	a) limit per beneficiary and agricultural year.
4 - Financing for Price Guarantee to Producer (FGPP)	none	a) the use of Mandatory Resources for the contracting of FGPP operations is prohibited, except when provided in specific regulation of this Manual.
5 - Financing for Price Protection in Futures and Options Market Operations with Controlled Resources (MCR 6-1):
I - rural producer	R$100,000.00	a) 100% (one hundred percent) of the value required in national commodity and futures exchanges, for the margin account/daily adjustments of the futures market, as well as for the value of premiums in the options market or over-the-counter market; b) respecting the maximum product quantities provided in MCR 4-5-1-"c"; c) independent of other limits established for marketing credits.
II - agricultural production cooperative	R$40,000.00 multiplied by the number of active members
Industrialization Credits (MCR 3-5)
1 - rural producer for industrialization of agricultural products on their rural property	R$1,500,000.00	a) at least 50% (fifty percent) of the production to be processed or processed must be from the rural producer's own production, from the production cooperative or from members; b) limit per beneficiary, per agricultural year and throughout the SNCR, excluding industrialization credits granted with resources from regional constitutional financing funds; c) according to Table 2 - Limits for Credits to Agricultural Production Cooperatives of the Section Credits to Agricultural Production Cooperatives (MCR 7-3).
2 - agricultural production cooperatives	R$400,000,000.00


Table 1: Financial Charges for the Land Fund and Agrarian Reform Mais (MCR 4-7)
Purpose / Beneficiary	Effective interest rate (% p.a.), according to the beneficiary's classification on the date of contracting the financing	Additional Conditions
1 - annual gross family income up to R$20,000.00 (twenty thousand reais) and assets up to R$40,000.00 (forty thousand reais) for families in the North region and municipalities that are part of the coverage area of the Superintendence for the Development of the Northeast (Sudene), registered in the Federal Government's Single Registry	0.5%	a) compliance bonus, applied to the value of the financing repayment installment: I - 40% (forty percent) for the beneficiaries referred to in item 1; II - 20% (twenty percent) for the beneficiaries referred to in item 2; b) the assets referred to in items 1 and 2 may be increased to R$100,000.00 (one hundred thousand reais) when it is a negotiation between heirs of a rural property object of division resulting from succession, provided that, at least, 80% (eighty percent) of the assessed assets result from the share of the inheritance in the property object of the financing; c) the financing risk will be assumed by the Land Fund and Agrarian Reform (FTRA) in financing granted to beneficiaries meeting the conditions provided in items 1 and 2.
2 - annual gross family income up to R$40,000.00 (forty thousand reais) and assets up to R$80,000.00 (eighty thousand reais) for families from any region, except those located in municipalities within the coverage area of Sudene	2.5%
3 - annual gross family income up to R$216,000.00 (two hundred and sixteen thousand reais) and assets up to R$500,000.00 (five hundred thousand reais) for families from any region	4%	a) the financing risk will be assumed by the financial institution in financing granted to beneficiaries meeting the conditions provided in item 3.


Table 2: Credit Limits for the Land Fund and Agrarian Reform Mais (MCR 4-7)
Purpose / Beneficiary	Value	Additional Conditions
1 - all beneficiaries	R$140,000.00	a) observing that the technical financing project must: I - demonstrate the technical and economic-financial viability of the rural activity to be explored; II - in the case of financing referred to in MCR 4-7-4, prove the need for investments; b) the value of financing intended for basic investments and ancillary expenses, as provided in MCR 4-7-4, cannot exceed, per beneficiary, 50% (fifty percent) of the total financing value; c) the gross family income limit for classification will be the monthly average of R$18,000.00 (eighteen thousand reais), not exceeding R$216,000.00 (two hundred and sixteen thousand reais) per year; d) the classification and credit limits will be updated annually by applying the accumulated variation in the previous year of the National Index of Consumer Prices Broad (IPCA) of the Brazilian Institute of Geography and Statistics (IBGE) or the index that replaces it, becoming effective from January 15 of each year, with the first update applied from January 15, 2019.

-------------------------------------------------------------------------------------------------------------------------------------------- TITLE :
RURAL CREDIT
CHAPTER :
Financial Charges and Credit Limits - 7
SECTION :
Credits to Agricultural Production Cooperatives - 3


Table 1: Financial Charges for Credits to Agricultural Production Cooperatives (MCR 5), from 1/7/2020
Purpose / Beneficiary	Effective interest rate up to (% p.a.)
General and Marketing Credit (MCR 5-1)	6%
Service to Members (MCR 5-2)	6%
Integration of Partnership Shares (MCR 5-3)	6%
Retention Rate (MCR 5-4)	6%
Industrialization (MCR 5-5)	6%


Table 2: Limits for Credits to Agricultural Production Cooperatives (MCR 5), from 1/7/2020
Purpose / Beneficiary	Value	Additional Conditions
General Provisions (MCR 5-1)
1 - General with Controlled Resources (MCR 6-1)	R$800,000,000.00	a) the credit limits granted to the same agricultural production cooperative under the Chapter Credits to Agricultural Production Cooperatives, unless otherwise specifically defined, refer to the sum of all financing with Controlled Resources, throughout the National System of Rural Credit (SNCR), per agricultural year; b) financing granted with resources are not counted for this limit: I - from the National Bank for Economic and Social Development (BNDES); II - from the regional constitutional financing funds; and III - from the Coffee Economy Defense Fund (Funcafé).
2 - Marketing (MCR 5-1-2-"b"-III): Rural Promissory Note (DR), Rural Promissory Note (NPR), Financing for Price Guarantee to Producer (FGPP) and Financing for Coffee Acquisition (FAC)	R$40,000,000.00	a) this limit considers the sum of the value of credits taken for the purposes of this item; b) in granting credits in the modalities of FGPP and FAC, the following limits must be observed, among others: I - 50% (fifty percent) of the annual capacity of the cooperative's processing or industrialization unit; II - acquisition limit per producer established in the general regulations regarding these financings.
3 - Marketing (MCR 5-1-2-"b"-III): Operations in Futures and Options Markets	R$40,000.00 multiplied by the number of active members	a) 100% (one hundred percent) of the value required in national commodity and futures exchanges, for the margin account/daily adjustments of the futures market, as well as for the value of premiums in the options market or Over-the-Counter Market; b) respecting the maximum product quantities provided in MCR 4-5-1-"c".
Service to Members (MCR 5-2)
1 - marketing credit: advances to members for products delivered to the cooperative for sale	R$500,000.00	a) must comply with the inflow flow of products into the cooperative, according to the cycle of the members' activities; b) limit per member, in the agricultural year and throughout the SNCR.
2 - working capital credit for acquisition of inputs for supply to members, for poultry, swine and fish farming activities under integration regime	R$500,000.00	a) limit per member, in the agricultural year and throughout the SNCR.
3 - working capital credit for acquisition of inputs for supply to members, for other activities	R$500,000.00
4 - investment credit for acquisition of goods for supply to members, for use in agricultural production activity, such as machinery, equipment, agricultural utensils, animals, and inputs intended for intensive soil correction and other goods eligible for investment credit	R$50,000.00	a) limit per member, in the agricultural year and throughout the SNCR.
5 - investment credit for acquisition of goods for providing services exclusively in rural operations, such as machinery, equipment, agricultural utensils and pure or high-lineage male breeders and other goods eligible for investment credit.	R$40,000,000.00	a) limit per agricultural year, respecting the ceiling of R$20,000.00 per active member.
Integration of Partnership Shares (MCR 5-3)	R$800,000,000.00	a) respecting the general limit provided in item 1 of the General Provisions of this table.
Retention Rate (MCR 5-4)	R$800,000,000.00	a) respecting the general limit provided in item 1 of the General Provisions of this table.
Industrialization (MCR 5-5)	R$400,000,000.00	a) per agricultural year and throughout the SNCR; b) respecting the general limit provided in item 1 of the General Provisions of this table.

-------------------------------------------------------------------------------------------------------------------------------------------- TITLE : RURAL CREDIT
CHAPTER : Financial Charges and Credit Limits - 7
SECTION :
National Program for Support to the Medium Rural Producer (Pronamp) - 4


Table 1: Financial Charges for Financing of the National Program for Support to the Medium Rural Producer – Pronamp (MCR 8), from 1/7/2020
Purpose / Beneficiary	Fixed Rate	*Post-fixed()**
Working Capital Credit (MCR 8-1-1) and Revolving Working Capital Credit (MCR 8-1-4)
1 - All beneficiaries of this Program	5%	-
Investment Credit (MCR 8-1-1)
1 - All beneficiaries of this Program	6%	2.05% p.a. + FAM

(*) Post-fixed interest rate composed of a fixed part plus the Monetary Adjustment Factor (FAM).


Table 2 - Credit Limits for Financing of the National Program for Support to the Medium Rural Producer (Pronamp), from 1/7/2020

Beneficiary / Purpose	Value per beneficiary, in each agricultural year and throughout the National System of Rural Credit (SNCR)	Additional Conditions
Working Capital Credit (MCR 8-1-1)
1 - All beneficiaries of this Program	R$1,500,000.00	a) the beneficiary who takes the working capital credit under Pronamp is unable to receive, in the same agricultural year, working capital credit with Controlled Resources outside the scope of Pronamp, except those taken within the scope of regional constitutional financing funds.
Revolving Working Capital Credit (MCR 8-1-4)
1 - All beneficiaries of this Program	R$80,000.00	a) the value taken in the revolving working capital credit will be deducted, in each agricultural year, from the Working Capital Credit limit (MCR 8-1-1).
Investment Credit (MCR 8-1-1)
1 - All beneficiaries of this Program	R$430,000.00	a) the investment credit for collective enterprise must observe the individual limit of each participant.


Table 1: Financial Charges for Financing with Resources from the Coffee Economy Defense Fund (Funcafé), from 8/28/2020
Beneficiary / Purpose	Effective fixed interest rate up to (% p.a.)
Working Capital Credit (MCR 9-2)
1 - Coffee grower and agricultural production cooperative	5.25%
Marketing Credit (MCR 9-3)
1 - Coffee grower and agricultural production cooperative	5.25%
Financing for Coffee Acquisition - FAC (MCR 9-4)
1 - Coffee roasting industry, soluble coffee industries, processors and exporters	6.75%
2 - Coffee growers' cooperatives that carry out processing, roasting or coffee export activities	5.25%
Credit for Options Contracts and Operations in Futures Markets (MCR 9-5)
1 - Coffee grower and agricultural production cooperative	5.25%
Credit for Working Capital for Soluble Coffee Industries and Coffee Roasting Industries and for Production Cooperative (MCR 9-6)
1 - Soluble coffee industry, Coffee roasting industry and agricultural production cooperative	6.75%
Credit for Recovery of Damaged Coffee Groves (MCR 9-7)
1 - Coffee grower with minimum loss of 10% of the crop due to climatic events	5.25%


Table 2: Credit Limits for Financing with Resources from the Coffee Economy Defense Fund (Funcafé), effective from 1/7/2020
Purpose / Beneficiary	Value per agricultural year	Additional Conditions
Working Capital Credit (MCR 9-2)
1 - Coffee grower	R$ 3,000,000.00	a) the limit considers all values taken for working capital with Controlled Resources (MCR 6-1) throughout the National Rural Credit System (SNCR). b) observed the individual limit of R$ 500,000.00 per active associate of the production cooperative.
2 - Production cooperative	R$ 30,000,000.00
Marketing Credit (MCR 9-3)
1 - Coffee grower	R$ 4,500,000.00	a) the limit considers, cumulatively, all values taken for marketing with Controlled Resources, in each crop and throughout the SNCR. b) in the credit for production cooperative, the limit of R$ 4,500,000.00 per active associate must be observed.
2 - Production cooperative	50% of the annual processing or industrialization capacity, per cooperative of rural producers that processes or industrializes the product
Financing for Coffee Acquisition - FAC (MCR 9-4)
1 - Coffee roasting industry, soluble coffee industries, processors, exporters	R$ 40,000,000.00	a) respecting the limit of 50% of the annual processing or industrialization capacity; b) observed the provisions in item 2 of the General Provisions of Table 2: Limits for Credits to Agricultural Production Cooperatives (MCR 7-3).
2 - Coffee growers' cooperatives that carry out processing, roasting or coffee export activities
Credit for Options Contracts and Operations in Futures Markets (MCR 9-5)
1 - Coffee grower	R$ 80,000.00	a) regardless of the limits of other financing lines with Funcafé resources or other sources of rural credit.
2 - Production cooperative	R$ 40,000.00 per active associate who deposited coffee production in the cooperative for price protection
Credit for Working Capital for Soluble Coffee and Coffee Roasting Industries and for Production Cooperative (MCR 9-6)
1 - Soluble coffee industry	R$ 40,000,000.00	-
2 - Coffee roasting industry	R$ 5,000,000.00	-
3 - Production cooperative	R$ 50,000,000.00	a) the financing must observe the limit of 25% of the volume of coffees, per crop, received until September 30 of each year, multiplied by the minimum price in effect.
Credit for Recovery of Damaged Coffee Groves (MCR 9-7)
1 - Coffee grower with minimum loss of 10% of the crop due to climatic events	R$ 400,000.00	a) limited to R$ 8,000.00 per hectare of coffee crop to be recovered; b) the limit may consider the area of more than one property.

-------------------------------------------------------------------------------------------------------------------------------------------- TITLE : RURAL CREDIT
CHAPTER : Financial Charges and Credit Limits - 7
SECTION : National Program for Strengthening Family Agriculture (Pronaf) - 6


Table 1: Financial Charges for Financing under the National Program for Strengthening Family Agriculture (Pronaf), effective from 1/7/2020
Purpose/Beneficiary	Effective interest rate up to (% p.a.)		Compliance Bonus and Additional Conditions
Prefix	Post-fix
Pronaf for Beneficiaries of PNCF, PNRA and PCRF (MCR 10-3)
1 - Working Capital Credit: beneficiaries classified in Group "A/C"	1.5%	-	-
2 - Investment Credit: beneficiaries classified in Group "A" whose financing project does not include technical assistance	0.5%	-	a) compliance bonus of 40% (forty percent) on each installment of the principal paid until its due date.
3 - Investment Credit: beneficiaries classified in Group "A" whose financing project includes technical assistance	0.5%	-	a) the compliance bonus is increased to 43.396% (forty-three and three hundred and ninety-six thousandths percent) on each installment of the principal paid until its due date.
4 - Investment Credit: PNRA beneficiaries with annual gross family income up to R$20,000, according to MCR 10-2-1-"f", and who do not hire permanent salaried labor	0.5%	-	a) compliance bonus of 50% (fifty percent) on each installment of the debt paid until its due date; b) beneficiaries who have already reached the limit with the right to compliance bonus may access new credits under the conditions of Pronaf Microcrédito Produtivo Rural – Group “B” (MCR 10-13), except regarding the compliance bonus, which in this case will not be applied, and provided that the eligibility criteria for that credit line are met.
Working Capital Credit (MCR 10-4)
1 - cultivation of rice, beans, cassava, cowpea, wheat, peanuts, garlic, tomato, onion, yam, yam, sweet potato, potato, pineapple, banana, açaí, pupunha, cocoa, baru, cashew nut, orange, tangerine, vegetables, yerba mate, medicinal, aromatic and condiment herbs; of other products inserted in agroecological production systems or in transition to agroecological systems	2.75%	-	a) for collective operations, the effective interest rate will be determined by the individual value obtained by the criterion of proportional participation.
2 – cultivation of corn, whose operations together reach a value of up to R$20,000.00 per borrower in each agricultural year	2.75%	-
3 - livestock working capital for activities of beekeeping, dairy cattle farming, fish farming, sheep farming and goat farming and ecologically sustainable extractive exploration	2.75%	-
4 - acquisition of animals intended for rearing and fattening; operations intended for corn cultivation that, together, exceed the value of R$20,000.00, per borrower in each agricultural year; and other crops and breeding	4%	-
Investment Credit - Pronaf Mais Alimentos (MCR 10-5)
1 - adoption of conservation practices for the use, management and protection of natural resources, including the correction of soil acidity and fertility and the acquisition, transport and application of inputs for these purposes	2.75%	-1.08% + FAM	-
2 - formation and recovery of pastures, hayfields and other forage species, production and conservation of forage, silage and hay intended for animal feed	2.75%	-1.08% + FAM	-
3 - implementation, expansion and reform of water capture, storage and distribution infrastructure, including acquisition and installation of water reservoirs, electrical infrastructure and equipment for irrigation	2.75%	-1.08% + FAM	-
4 - acquisition and installation of protected cultivation structures, including automation equipment for these crops	2.75%	-1.08% + FAM	-
5 - construction of silos, expansion and construction of warehouses intended for the storage of grains, fruits, tubers, bulbs, vegetables and fibers	2.75%	-1.08% + FAM	-
6 - acquisition of milk cooling tanks and milking machines	2.75%	-1.08% + FAM	-
7 - ecologically sustainable extractive exploration	2.75%	-1.08% + FAM	-
8 - other enterprises and purposes of the Program	4%	0.13% + FAM	-
Investment Credit - Pronaf Agroindustry (MCR 10-6)
1 - all beneficiaries and purposes of the Credit Line	4%	0.13% + FAM	-
Investment Credit - Pronaf Floresta (MCR 10-7)
1 - all beneficiaries and purposes of the Credit Line	2.75%	-1.08% + FAM	-
Investment Credit - Pronaf Semiárido (MCR 10 - 8)
1 - all beneficiaries and purposes of the Credit Line	2.75%	-1.08% + FAM	-
Investment Credit - Pronaf Mulher (MCR 10-9)
1 - beneficiaries classified in Groups "A", "A/C" and "B", including financing projects that adopt the methodology of the National Program of Guided Productive Microcredit (PNMPO)	0.5%	-	a) the compliance bonuses established in items "a" and "b" of Pronaf Microcrédito Produtivo Rural (Group "B"), of this table, apply.
2 - other beneficiaries: adoption of conservation practices for the use, management and protection of natural resources, including the correction of soil acidity and fertility and the acquisition, transport and application of inputs for these purposes	2.75%	-1.08% + FAM	-
3 - other beneficiaries: formation and recovery of pastures, hayfields and other forage species, production and conservation of forage, silage and hay intended for animal feed	2.75%	-1.08% + FAM	-
4 - other beneficiaries: implementation, expansion and reform of water capture, storage and distribution infrastructure, including acquisition and installation of water reservoirs, electrical infrastructure and equipment for irrigation	2.75%	-1.08% + FAM	-
5 - other beneficiaries: acquisition and installation of protected cultivation structures, including automation equipment for these crops	2.75%	-1.08% + FAM	-
6 - other beneficiaries: construction of silos, expansion and construction of warehouses intended for the storage of grains, fruits, tubers, bulbs, vegetables and fibers	2.75%	-1.08% + FAM	-
7 - other beneficiaries: acquisition of milk cooling tanks and milking machines	2.75%	-1.08% + FAM	-
8 - other beneficiaries: ecologically sustainable extractive exploration	2.75%	-1.08% + FAM	-
9 - other beneficiaries: other enterprises and purposes of the Program	4%	0.13% + FAM	-
Investment Credit - Pronaf Jovem (MCR 10-10)
1 - all purposes and beneficiaries of the Credit Line	2.75%	-1.08% + FAM	-
Industrialization Credit - Pronaf Industrialization of Family Agroindustry (MCR 10-11)
1 - all purposes and beneficiaries of the Credit Line	4%	-	-
Credit for Integration of Partners' Shares - Pronaf Partners' Shares (MCR 10-12)
1 - all purposes and beneficiaries of the Credit Line	4%	-	-
Investment Credit - Pronaf Productive Rural Microcredit - Group “B” (MCR 10-13)
1 - all purposes and beneficiaries of the Credit Line	0.5%	-	a) compliance bonus on each installment of the debt paid until its due date: I - of 25% (twenty-five percent); and II - of 40% (forty percent), when the financing is intended for an enterprise located in the semi-arid region of the area of coverage of the Superintendency for the Development of the Northeast (Sudene); b) the 40% compliance bonus may only be applied when the PNMPO methodology is adopted and when the investment credits are intended for projects that include financing of items related to the following actions: I - productive systems with water reserve; II - productive systems with food reserve for animals; III - recovery and strengthening of regional food crops; IV - recovery and strengthening of livestock and small breeding; V - agroindustry for diversification and value addition to production; VI - irrigated agriculture of the semi-arid region.
Investment Credit - Pronaf Agroecology (MCR 10-14)
1 - all purposes and beneficiaries of the Credit Line	2.75%	-1.08% + FAM	-
Investment Credit - Pronaf Bioeconomy (MCR 10-16)
1 - for silviculture, understanding silviculture as the act of implanting or maintaining forest plantations generating different products, timber and non-timber	4%	0.13% + FAM	-
b) for other purposes	2.75%	-1.08% + FAM	-
Investment Credit - Pronaf Guided Productive (MCR 10-17)
1 - all purposes and beneficiaries of the Credit Line	2.75%	-1.08% + FAM	a) fixed compliance bonus of R$3,300.00, which may be increased to R$4,500.00 when the credit is intended for financing of enterprises in municipalities of the North region, granted proportionally to each installment of the debt (principal and charges) paid until the due date.

(*) Post-fixed interest rate composed of a fixed part plus the Monetary Adjustment Factor (FAM).


Table 2 – Credit Limits for Financing under the National Program for Strengthening Family Agriculture (Pronaf), effective from 7/1/2020, respecting the indebtedness limits set forth in MCR 10-1-34
Purpose/Beneficiary	Value	Additional Conditions
Credits for Beneficiaries of PNCF, PNRA, and PCRF (MCR 10-3)
1 - Working Capital Credit: beneficiaries classified in Group “A/C”	R$7,500.00	a) the same beneficiary may take up to 3 (three) working capital credits under this line.
2 - Investment Credit: beneficiaries classified in Group "A" whose financing project does not include technical assistance	R$25,000.00	a) limit per beneficiary; b) this limit may be divided into up to 3 (three) operations, according to the technical project, upon proof of payment capacity and, in case of more than one operation, the normal status and correct application of resources from the previous operation; c) the sum of credits is limited to the maximum limit in effect at the time of the first operation; d) the beneficiary who contracted an investment operation based on items 2 or 3 of this line may not contract the credit provided for in item 4.
3 - Investment Credit: beneficiaries classified in Group "A" whose financing project includes technical assistance	R$26,500.00
4 - Investment Credit: PNRA beneficiaries with annual gross family income up to R$20,000, according to MCR 10-2-1-“f”, and who do not hire permanent salaried labor	R$4,000.00	a) limit per agricultural year; b) the same beneficiary may contract up to 3 (three) financings, conditioned on the prior settlement of the previous financing; c) the sum of financings granted under this line, with right to compliance bonus, shall not exceed R$12,000.00; d) beneficiaries who have already reached the limit with right to compliance bonus may access new credits under the conditions of Pronaf Microcrédito Produtivo Rural – Group “B” (MCR 10-13), except regarding the compliance bonus, which in this case will not apply, provided the eligibility criteria for that credit line are met; e) the beneficiary who has contracted investment operations under the conditions established in this item may only contract the credit provided for in item 2 or 3 after settling the operations contracted under this item.
Working Capital Credit (MCR 10-4)
1 - all Pronaf beneficiaries, except those classified in groups "A" and "A/C"	R$250,000.00	a) limit per agricultural year; b) within the financing limit provided for in this item, the borrower may contract a new working capital operation in the same harvest, provided that the subsequent credit is intended for a different crop than the one previously financed or for livestock working capital operations; c) the following are not counted for purposes of classification in this limit: I - financings contracted under the Pronaf Working Capital for Family Agroindustries line (MCR 10-11); II - expenses provided for in MCR 2-3-1; III - financings intended for the working capital of tobacco culture carried out outside the scope of Pronaf.
Investment Credit - Pronaf Mais Alimentos (MCR 10-5)
1 - construction or renovation of housing on rural property owned by the borrower or by a third party	R$50,000.00	a) limit per agricultural year; b) when construction or renovation occurs on a third-party property, the CPF of both must appear as holders in a valid DAP, noting that each borrower may have only one operation “pending” for this purpose; the technical project must define the economic viability of the activities developed in the borrower’s productive unit for payment of the credit; and, in the case where the financing object is carried out on a third-party rural property, the owner must guarantee the credit operation and agree to formally cede to the borrower the location of construction or the housing to be renovated, for a period of no less than 25 (twenty-five) years.
2 - swine farming, poultry farming, aquaculture, crustacean farming, and fruit farming	R$330,000.00	a) limit per agricultural year; b) financing of construction, renovation, or expansion of permanent improvements and installations, machinery, equipment, including irrigation, and agricultural and livestock equipment and storage structures, for common use, is admitted in the form of collective credit, provided that the individual limit per participating beneficiary is observed and that the sum of the values of individual operations and the beneficiary’s participation in the collective operation does not exceed the limit of up to R$330,000.00 for activities of swine farming, poultry farming, aquaculture, crustacean farming, and fruit farming per beneficiary and per agricultural year, or up to R$165,000.00 for other enterprises and purposes.
3 - other enterprises and purposes	R$165,000.00
Investment Credit - Pronaf Agroindustry (MCR 10-6)
1 - natural person	R$165,000.00	a) limit per agricultural year, applicable to one or more operations; b) in the case of a rural family enterprise, the individual limit of R$165,000.00 per co-owner or partner must be observed, according to the technical project and the economic-financial feasibility study of the enterprise; c) in the case of a family agriculture cooperative, the limit of R$45,000.00 per member listed in the DAP issued for the cooperative must be observed, according to the technical project and the economic-financial feasibility study of the enterprise; d) the individual credit limit of R$45,000.00, relating to operations with cooperatives, is independent of the limits for natural or legal persons under this line; e) other conditions: I - up to 30% (thirty percent) of the financing value may be destined for investment in the agricultural production subject to benefit, processing, or marketing; II - up to 15% (fifteen percent) of the financing value of each agroindustrial unit may be applied to the central management support unit, in the case of networked agroindustries, or, if applicable to isolated agroindustries, for payment of services such as accounting, product development, quality control, managerial and financial technical assistance; III - it is admitted that in the individual investment plan or project there is provision for the use of part of the financing resources for collective use enterprises.
2 - legal person - rural family enterprise: milk producer condominium	R$7,000,000.00
3 - legal person - rural family enterprise: others	R$330,000.00
4 - legal person - family agriculture cooperative	R$35,000,000.00
Investment Credit - Pronaf Floresta (MCR 10-7)
1 - exclusively for agroforestry system projects, except for beneficiaries classified in Groups “A”, “A/C” and “B”	R$60,000.00	a) the same family production unit may contract up to 2 (two) financings under Pronaf Floresta; b) the second financing is conditioned on the payment of at least two installments of the previous financing and the presentation of a technical assistance report confirming the regular status of the financed enterprise and payment capacity; c) for financings for beneficiaries classified in Groups “A”, “A/C” and “B”, the option provided for in MCR 10-1-23 regarding the risk of the operation applies.
2 - other purposes, except for beneficiaries classified in Groups “A”, “A/C” and “B”	R$27,500.00
3 - beneficiaries classified in Groups “A”, “A/C” and “B”	R$15,000.00
Investment Credit - Pronaf Semiárido (MCR 10 - 8)
1 - all purposes and beneficiaries of the Credit Line	R$20,000.00	a) limit per beneficiary; b) at least 50% (fifty percent) of the credit value must be destined to the implementation, construction, expansion, recovery, or modernization of water infrastructure, and the remaining credit value must be destined to planting, cultural practices, and implementation, expansion, recovery, or modernization of other production infrastructures and agricultural and non-agricultural services, in conformity with the release schedule contained in the technical project or simplified proposal; c) the same family production unit may maintain up to 2 (two) financings “pending” in this line, with the contracting of the second being conditioned on the payment of 1 (one) installment of the previous financing and the presentation of a technical assistance report confirming the regular status of the financed enterprise and payment capacity; d) the option provided for in MCR 10-1-23 regarding the risk of the operation may be applied.
Investment Credit - Pronaf Mulher (MCR 10-9)
1 - beneficiaries classified in Groups "A", "A/C" and "B"	R$2,500.00	a) for beneficiaries classified in Groups "A", "A/C" and "B": I - limit per beneficiary, independent of the number of operations; II - the sum of financings with right to compliance bonus granted to families of female farmers shall not exceed R$7,500.00, or R$15,000.00 when the PNMPO methodology is applied; III - upon reaching this limit, the granting of new credits is conditioned on the prior settlement of previous financing, except in the case of operations extended by authorization of the National Monetary Council (CMN); IV - female farmers who have already reached the operational ceiling with right to compliance bonus, if they prove that they continue to be classified in Groups "A", "A/C" and "B", by presenting the Declaration of Aptitude for Pronaf (DAP) to the financial agent, become eligible for new credits under the same conditions of the Rural Productive Microcredit Section - Group “B” (MCR 10-13), except regarding the compliance bonus, which in this case will no longer apply; b) in financing for construction or renovation of housing, the additional condition of item 1, letter "b" of Pronaf Mais Alimentos (MCR 10-5) in this table must be respected; c) in financing for other purposes, the additional condition of letter "b" regarding items 2 and 3 of Pronaf Mais Alimentos (MCR 10-5) in this table may be applied; d) the same family production unit may maintain up to 2 (two) financings under Pronaf Mulher; e) the contracting of new financing is conditioned on the settlement or payment of at least 3 (three) installments of the previous financing and the presentation of a technical assistance report confirming the regular status of the financed enterprise and payment capacity.
2 - beneficiaries classified in Groups "A", "A/C" and "B" whose financing projects adopt the methodology of the National Program for Oriented Productive Microcredit (PNMPO)	R$5,000.00
3 - other beneficiaries: construction or renovation of housing	R$50,000.00
4 - other beneficiaries: swine farming, poultry farming, aquaculture, crustacean farming, and fruit farming	R$330,000.00
5 - other beneficiaries: other purposes	R$165,000.00
Investment Credit - Pronaf Jovem (MCR 10-10)
1 - youth aged between 16 and 29 years, member of a family unit classified in Pronaf	R$16,500.00	a) up to 3 (three) financings may be granted for each beneficiary, with the contracting of new credit conditioned on the prior settlement of the previous financing; b) the option provided for in MCR 10-1-23 regarding the risk of the operation applies.
Industrialization Credit - Pronaf Industrialization of Family Agroindustry (MCR 10-11)
1 – natural person - rural producer	R$45,000.00	a) limits per agricultural year, applicable to one or more operations; b) the limit of R$45,000.00 per partner listed in the DAP issued for the rural family enterprise or for the cooperative must be observed, according to the technical project and the economic-financial feasibility study of the enterprise; c) financing to the central cooperative must attend to at least two singular cooperatives affiliated with it, observing the limit of R$45,000.00 per member listed in the DAP issued for the cooperative, relating to the products delivered by the singular cooperatives, as well as their storage, conservation, and sale, provided that the products have not been the object of financing granted to the same singular cooperatives under this line, respecting the technical project and the economic-financial feasibility study of the enterprise.
2 - legal person - rural family enterprise	R$210,000.00
3 - legal person - singular family agriculture cooperative	R$15,000,000.00
4 - legal person - central family agriculture cooperative	R$30,000,000.00
Credit for Share Integration - Pronaf Shares (MCR 10-12)
1 - rural producer	R$40,000.00	a) the credit may be granted in one or more operations; b) the sum of the values of credit operations contracted by the same borrower may not exceed the limits defined for this credit line; c) in credit for cooperatives, the limit of R$40,000.00 per participating member of a financed project must also be observed.
2 - agricultural and livestock production cooperative	R$40,000,000.00
Investment Credit - Pronaf Rural Productive Microcredit - Group “B” (MCR 10-13)
1 - beneficiaries whose financing projects adopt the methodology of the National Program for Oriented Productive Microcredit (PNMPO)	R$5,000.00	a) limits per beneficiary, independent of the number of operations; b) the sum of financings with right to compliance bonus granted to families of farmers from this group shall not exceed R$7,500.00 or, when the PNMPO methodology is applied, R$15,000.00; c) upon reaching the limit per beneficiary, the granting of new credits under this credit line is conditioned on the prior settlement of previous financing, except in the case of operations extended by authorization of the National Monetary Council (CMN); d) farmers who have already reached the operational ceiling with right to compliance bonus, if they prove that they continue to be classified in Group "B", by presenting the "Declaration of Aptitude for Pronaf (DAP)" to the financial agent, become eligible for new credits in this group, under the same conditions of this credit line, except regarding the compliance bonus, which in this case will no longer apply.
2 - other beneficiaries	R$2,500.00
Investment Credit - Pronaf Agroecology (MCR 10-14)
1 - swine farming, poultry farming, aquaculture, crustacean farming, and fruit farming	R$330,000.00	-
2 - other purposes	R$165,000.00
Investment Credit - Pronaf Bioeconomy (MCR 10-16)
1 - palm or rubber tree crops	R$88,000.00	a) limit per beneficiary, in one or more operations; b) the values contracted from operations “pending” under the Investment Credit - Pronaf Mais Alimentos (MCR 10-5) must be deducted from this limit; c) the limit of R$8,800.00 per hectare for the palm crop and R$16,500.00 per hectare for the rubber tree crop must be respected.
2 - other purposes	R$165,000.00	a) the same family production unit may contract up to 2 (two) financings; b) the granting of the second financing is conditioned on the prior payment of at least 3 (three) installments of the first and the presentation of a technical assistance report attesting to the regular status of the financed enterprise and payment capacity.
Investment Credit - Pronaf Oriented Productive (MCR 10-17)
1 - family rural producers, whose enterprise is located in the areas of operation of the Constitutional Financing Funds of the Northeast (FNE), North (FNO), and Center-West (FCO)	Minimum of R$18,000.00 and maximum of R$40,000.00	a) limits per operation and agricultural year; b) the same family production unit may maintain up to 2 (two) financings “pending” in this credit line, with the second only being able to finance Technical Assistance and Rural Extension (Ater) and be entitled to the compliance bonus in values proportional to the additional years of technical assistance previously financed, and further, upon presentation of a technical assistance report confirming the regular status of the financed enterprise and payment capacity.


Table 1: Financial Charges for Financing of Programs with Resources from the National Bank for Economic and Social Development (BNDES), effective from 7/1/2020
Beneficiary / Purpose	Effective Interest Rate up to (% p.a.)
Fixed Rate	*Floating Rate()**
Cooperative Capitalization Program - Procap-Agro (MCR 11-2)
1 - rural producers, natural or legal persons, and cooperatives, singular and central, of agricultural, livestock, agroindustrial, aquacultural, or fishing production, federations and confederations that act directly in the manufacture of inputs and in the processing and industrialization of production, provided they are formed exclusively by agricultural, livestock, agroindustrial, aquacultural, or fishing production cooperatives: share integration and working capital	7%	3.01% p.a. + FAM
Incentive Program for Irrigation and Production in Protected Environment – Moderinfra (MCR 11-3)
1 - all financeable items	6%	2.05% + FAM
Agriculture Modernization and Natural Resources Conservation Program - Moderagro (MCR 11-4)
1 - rural producers and their production cooperatives, including for pass-through to their members	6%	2.05% + FAM
Agricultural Tractor Fleet and Associated Equipment and Combines Modernization Program – Moderfrota (MCR 11-5)
1 - rural producers and their cooperatives whose gross operating revenue/annual or annualized income, or of the economic group to which they belong, is up to R$45,000,000.00	7.5%	3.49% + FAM
Cooperative Development Program for Value Addition to Agricultural Production – Prodecoop (MCR 11-6)
1 - singular cooperatives of agricultural, livestock, agroindustrial, aquacultural, or fishing production 2 - central cooperatives formed exclusively by agricultural, livestock, agroindustrial, aquacultural, or fishing production cooperatives 3 - members, for share integration linked to the project to be financed	7%	3.01% + FAM
Program for Reduction of Greenhouse Gas Emissions in Agriculture - Program ABC (MCR 11-7)
1 - rural producers and their cooperatives, including for pass-through to members: adequacy or regularization of rural properties in accordance with environmental legislation, including recovery of legal reserves, permanent preservation areas, recovery of degraded areas, and implementation and improvement of sustainable forest management plans (ABC Environmental)	4.5%	0.61% + FAM
2 - rural producers and their cooperatives, including for pass-through to members: other purposes	6%	2.05% + FAM
Incentive Program for Technological Innovation in Agricultural Production – Inovagro (MCR 11-8)
1 - rural producers and their production cooperatives: all financeable items	6%	2.05% + FAM
Program for Construction and Expansion of Warehouses – PCA (MCR 11-9)
1 - rural producers and their production cooperatives: grain storage in units with capacity up to 6,000 tons	5%	1.09% + FAM
2 - rural producers and their production cooperatives: other investments	6%	2.05% + FAM

(*)
Floating interest rate composed of a fixed part plus the Monetary Adjustment Factor (FAM).


Table 2: Credit Limits for Financing of Programs with Resources from the National Bank for Economic and Social Development (BNDES), from 7/1/2020
Beneficiary / Purpose	Value	Additional Condition
Cooperative Capitalization Program for Agricultural Cooperatives - Procap-Agro (MCR 11-2)
1 - rural producers, natural or legal persons: subscription of partnership shares	R$45,000.00	a) global credit limit per partner and per cooperative, throughout the National Rural Credit System (SNCR), observing MCR 11-2-2-“j”; b) regardless of credits obtained in other official programs.
2 - agricultural production cooperatives: subscription of partnership shares in central cooperatives exclusively of agricultural production, agro-industrial, aquaculture or fishing	R$65,000,000.00
3 - cooperatives, singular and central, of agricultural production, agro-industrial, aquaculture or fishing, federations and confederations that act directly in the manufacture of inputs and in the processing and industrialization of production, provided they are formed exclusively by agricultural production, agro-industrial, aquaculture or fishing cooperatives: working capital	R$65,000,000.00	a) regardless of credits obtained for subscription of partnership shares, observing MCR 11-2-3-“d”.
Incentive Program for Irrigation and Protected Environment Production - Moderinfra (MCR 11-3)
1 - all financiable items: individual enterprise	R$3,300,000.00	a) Regardless of other credits granted under controlled resources (MCR 6-1) of rural credit, respecting the individual limit per participant, in the case of collective credit.
2 - all financiable items: collective enterprise	R$9,900,000.00
Program for Modernization of Agriculture and Conservation of Natural Resources - Moderagro (MCR 11-4)
1 - rural producers and their production cooperatives: individual enterprise	R$880,000.00	a) Regardless of other credits granted under controlled resources of rural credit, respecting the individual limit per participant, in the case of collective credit; b) associated operating financing is admitted, as per MCR 11-4-1-“d”.
2 - rural producers and their production cooperatives, for acquisition of animals: individual enterprise	R$400,000.00
3 - rural producers and their production cooperatives: collective enterprise	R$2,640,000.00
Program for Modernization of Agricultural Tractor Fleet and Associated Implements and Combines - Moderfrota (MCR 11-5)
1 - rural producers and their cooperatives whose gross annual or annualized operating revenue/income, or of the economic group to which they belong, is up to R$45,000,000.00	85% of the value of the assets subject to financing	-
Cooperative Development Program for Value Addition to Agricultural Production - Prodecoop (MCR 11-6)
1 - singular cooperatives of agricultural production, agro-industrial, aquaculture or fishing; 2 - central cooperatives formed exclusively by cooperatives of agricultural production, agro-industrial, aquaculture or fishing; 3 - partners, for subscription of partnership shares linked to the project to be financed	R$150,000,000.00	a) in one or more operations, observing the financing ceiling of 90% of the project value; b) associated operating financing is admitted, as per MCR 11-6-1-“d”-V.
Program for Reduction of Greenhouse Gas Emissions in Agriculture - Program ABC (MCR 11-7)
1 - rural producers and their cooperatives, including for pass-through to partners	R$5,000,000.00	a) per agricultural year, regardless of other credits granted under controlled resources of rural credit; b) financing of the items referred to in MCR 11-7-1-“d”-XIII and XIV and MCR 11-7-1-“e” is admitted, within the limits established therein.
Incentive Program for Technological Innovation in Agricultural Production - Inovagro (MCR 11-8)
1 - rural producers and their production cooperatives: individual enterprise	R$1,300,000.00	a) regardless of other credits granted under controlled resources of rural credit, respecting the individual limit per participant, when the credit is collective; b) financing of technical assistance and associated operating is admitted, as per MCR 11-8-1-“c”-IX and X.
2 - rural producers and their production cooperatives: collective enterprise	R$3,900,000.00
Program for Construction and Expansion of Warehouses - PCA (MCR 11-9)
1 - rural producers and their production cooperatives: grain storage	100% of the project value	a) regardless of other credits granted under controlled resources of rural credit.
2 - rural producers and their production cooperatives: other items	R$25,000,000.00

-------------------------------------------------------------------------------------------------------------------------------------------- TITLE :
RURAL CREDIT
CHAPTER :
Financial Charges and Credit Limits - 7
SECTION :
Constitutional Financing Funds - 8



Table 1: Financial Charges for Rural Financing with Resources from Constitutional Financing Funds, contracted in the period from 7/1/2020 to 6/30/2021
Fund / Purpose	Gross Annual Revenue	Program Factor (FP)	Rural Credit Interest Rates (up to % p.a.)
Fixed	Fixed with Bonus	*Floating ()**	Floating with Bonus
Constitutional Fund of the Center-West – FCO
1 - Investment, including associated operating or working capital	up to R$16 million	0.3352245	4.87	4.72	0.96 + FAM	0.81 + FAM
from R$16 to R$90 million	0.4585643	5.23	5.03	1.31 + FAM	1.11 + FAM
above R$90 million	0.5787417	5.59	5.33	1.66 + FAM	1.41 + FAM
2 - Operating or working capital and marketing	up to R$16 million	0.3731746	4.98	4.81	-	-
from R$16 to R$90 million	0.5091665	5.38	5.16	-	-
above R$90 million	0.6419899	5.78	5.49	-	-
3 - Forestry operations destined for financing of conservation and environmental protection projects, recovery of degraded or altered areas, recovery of native vegetation and development of sustainable activities, and for financing of projects for technological innovation on rural properties and for expansion, modernization, reform and construction of new warehouses	Not applicable	0.1707757	4.38	4.30	0.49 + FAM	0.42 + FAM
Constitutional Fund of the Northeast – FNE
1 - Investment, including associated operating or working capital	up to R$16 million	0.3352245	4.49	4.39	0.59 + FAM	0.51 + FAM
from R$16 to R$90 million	0.4585643	4.71	4.59	0.81 + FAM	0.69 + FAM
above R$90 million	0.5787417	4.94	4.78	1.03 + FAM	0.87 + FAM
2 - Operating or working capital and marketing	up to R$16 million	0.3731746	4.56	4.45	-	-
from R$16 to R$90 million	0.5091665	4.81	4.67	-	-
above R$90 million	0.6419899	5.05	4.88	-	-
3 - Forestry operations destined for financing of conservation and environmental protection projects, recovery of degraded or altered areas, recovery of native vegetation and development of sustainable activities, and for financing of projects for technological innovation on rural properties and for expansion, modernization, reform and construction of new warehouses	Not applicable	0.1707757	4.18	4.14	0.30 + FAM	0.26 + FAM
Constitutional Fund of the North – FNO
1 - Investment, including associated operating or working capital	up to R$16 million	0.3352245	4.48	4.39	0.58 + FAM	0.50 + FAM
from R$16 to R$90 million	0.4585643	4.70	4.58	0.80 + FAM	0.68 + FAM
above R$90 million	0.5787417	4.92	4.76	1.01 + FAM	0.86 + FAM
2 - Operating or working capital and marketing	up to R$16 million	0.3731746	4.55	4.44	-	-
from R$16 to R$90 million	0.5091665	4.79	4.65	-	-
above R$90 million	0.6419899	5.03	4.86	-	-
3 - Forestry operations destined for financing of conservation and environmental protection projects, recovery of degraded or altered areas, recovery of native vegetation and development of sustainable activities, and for financing of projects for technological innovation on rural properties and for expansion, modernization, reform and construction of new warehouses	Not applicable	0.1707757	4.18	4.13	0.30 + FAM	0.25 + FAM

(*)
Floating rate composed of a fixed part, plus the Monetary Adjustment Factor (FAM).

Lineage: Superseded

Timeline