CMN Resolution No. 4,913 Defines Financial Charges and Credit Limits for Credit Lines and Programs and Adjusts Rules for Calculating Rural Credit Interest Rates

Resolution No. 4,913

The current text of the MCR can be found at the following electronic address: www3.bcb.gov.br/mcr.

CMN RESOLUTION NO. 4,913, OF JUNE 22, 2021

Defines the financial charges and credit limits for the credit lines and programs covered in Chapter 7 (Financial Charges and Credit Limits) and adjusts rules of Section 4 (Methodology for calculating Rural Credit Interest Rates – TCR) of Chapter 2 (Basic Conditions) of the Manual of Rural Credit (MCR).

The Central Bank of Brazil, under Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on June 21, 2021, considering 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, and §§ 3 and 4 of Article 3 of Law No. 11,326, of July 24, 2006,

R E S O L V E D:

Art. 1. Section 4 (Methodology for calculating Rural Credit Interest Rates – TCR) of Chapter 2 (Basic Conditions) of the Manual of Rural Credit (MCR) shall enter into force with the following changes:

“4 - ..................................................................................................................

.........................................................................................................................

g) Jm corresponds to the fixed interest rate calculated and disclosed in the month of May, in accordance with Articles 2 and 5 of Resolution No. 4,600, of September 25, 2017, and shall be valid from July 1 to June 30 of the following year; and

...................................................................................................................”
(NR)

“18 -
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a) effective interest rate of 3.00% p.a.: -0.5384192;

b) effective interest rate of 4.50% p.a.: -0.0897365;

c) effective interest rate of 5.50% p.a.: 0.2093852;

d) effective interest rate of 6.50% p.a.: 0.5085070;

e) effective interest rate of 7.00% p.a.: 0.6580679;

f) effective interest rate of 7.50% p.a.: 0.8076288;

g) effective interest rate of 8.00% p.a.: 0.9571897;

h) effective interest rate of 8.50% p.a.: 1.1067506.” (NR)

Art. 2. Section 1
(Financing without Linkage to a Specific Program) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following changes:

“Table 1: Financial Charges for Financing without Linkage to a Specific Program
Purpose / Beneficiary	Effective interest rate up to (% p.a.)
Working Capital Credits (MCR 3-2), Investment Credits (MCR 3-3), Commercialization Credits (MCR 3-4), Industrialization Credits (MCR 3-5)
1 - Working Capital Credits (MCR 3-2), Commercialization Credits (MCR 3-4) and Industrialization Credits (MCR 3-5) with Mandatory Resources (MCR 6-2)	7.50%
2 - Working Capital Credits (MCR 3-2), Investment Credits (MCR 3-3) and Commercialization Credits (MCR 3-4) under the Special Financing for Stockpiling 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	7.50%
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.

” (NR)

“Table 2: Credit Limits for Financing without Linkage to a Specific Program
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: I - from regional financing constitutional funds; II - raised through issuance of Agribusiness Credit Note (MCR 6-7) are not included in the calculation of the limit referred to in item “a”.
2 - poultry, swine and fish farming operated 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$240,000.00 (two hundred and forty thousand reais) per integrated rural producer, per agricultural year, per activity and throughout the SNCR must be observed; c) the value contracted under item “b” impacts the limit under item 1 and the credit limit of the National Program to Support Medium Rural Producers - 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 contracting 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.
Commercialization Credits (MCR 3-4)
1 - Special Financing for Stockpiling of Agricultural Products (FEE) and for discounting Rural Promissory Notes (DR) and Rural Promissory Notes (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 commercialization credits granted with resources from regional financing constitutional funds; b) the beneficiary may contract FEE for more than one product, provided the limit per producer for each agricultural year is respected.
2 - FEE 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 80% (eighty percent) of the quantity identified in the conformity term or seed certificate.
3 - Financing for processing and distribution of corn seeds, inspected 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 contracting 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 commercialization 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 financing constitutional 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

” (NR)

Art. 3. Section 2 (Land Fund and More Agrarian Reform) of Chapter 7 of the MCR shall enter into force with the following changes:

“Table 1: Financial Charges for the Land Fund and More Agrarian Reform (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 within the area of the Superintendency 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 beneficiaries under item 1; II - 20% (twenty percent) for beneficiaries under 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 concerns a negotiation among heirs of a rural property subject to 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 subject to financing; c) the financing risk will be assumed by the Land and Agrarian Reform Fund (FTRA) in financings 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 in any region, except those located in municipalities within the 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 in any region	4%	a) the financing risk will be assumed by the financial institution or by the FTRA or shared between them in financings granted to beneficiaries meeting the conditions provided in item 3.

” (NR)

Art. 4. Section 3 (Credits to Agricultural Production Cooperatives) of Chapter 7 of the MCR shall enter into force with the following changes:

“Table 1: Financial Charges for Credits to Agricultural Production Cooperatives (MCR 5)
Purpose / Beneficiary	Effective interest rate up to (% p.a.)
General and Commercialization Credit (MCR 5-1)	7.50%
Service to Members (MCR 5-2)	7.50%
Integration of Partnership Shares (MCR 5-3)	7.50%
Retention Rate (MCR 5-4)	7.50%
Industrialization (MCR 5-5)	7.50%

” (NR)

Art. 5. Section 4 (National Program to Support Medium Rural Producers - Pronamp) of Chapter 7 of the MCR shall enter into force with the following changes:

“Table 1: Financial Charges for Financing under the National Program to Support Medium Rural Producers – Pronamp (MCR 8)
Purpose / Beneficiary	Effective interest rate up to (% p.a.)
Fixed	Post-fixed(*)
Working Capital Credit (MCR 8-1-1) and Revolving Working Capital Credit (MCR 8-1-4)
1 - All beneficiaries of this Program	5.50%	-
Investment Credit (MCR 8-1-1)
1 - All beneficiaries of this Program	6.50%	1.62% p.a. + FAM

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

Art. 6. Section 5 (Coffee Economy Defense Fund - Funcafé) of Chapter 7 of the MCR shall enter into force with the following changes:

“Table 1: Financial Charges for Financing with Resources from the Coffee Economy Defense Fund (Funcafé)
Beneficiary / Purpose	Fixed effective interest rate up to (% p.a.)
Working Capital Credit (MCR 9-2)
1 - Coffee grower and agricultural production cooperative	7.00%
Commercialization Credit (MCR 9-3)
1 - Coffee grower and agricultural production cooperative	7.00%
Financing for Coffee Acquisition - FAC (MCR 9-4)
1 - Coffee roasting industry, soluble coffee industries, processors and exporters	7.00%
2 - Coffee growers’ cooperatives that perform processing, roasting or coffee export activities	7.00%
Credit for Options Contracts and Operations in Futures Markets (MCR 9-5)
1 - Coffee grower and agricultural production cooperative	7.00%
Credit for Working Capital for Soluble Coffee and Coffee Roasting Industries and for Production Cooperatives (MCR 9-6)
1 - Soluble coffee industry, Coffee roasting industry and production cooperative	7.00%
Credit for Recovery of Damaged Coffee Groves (MCR 9-7)
1 - Coffee grower with minimum loss of 10% of the crop due to weather events	7.00%

” (NR)

Art. 7. Section 6 (National Program to Strengthen Family Agriculture - Pronaf) of Chapter 7 of the MCR shall enter into force with the following changes:

“Table 1: Financial Charges for Financing under the National Program to Strengthen Family Agriculture (Pronaf)
Purpose/Beneficiary	Effective interest rate up to (% p.a.)		Compliance Bonus and Additional Conditions
Fixed	Post-fixed(*)
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 remuneration for technical assistance	0.5%	-	a) compliance bonus of 40% (forty percent) on each principal installment paid by its due date.
3 - Investment Credit: beneficiaries classified in Group “A” whose financing project includes remuneration for technical assistance	0.5%	-	a) compliance bonus of 42.857% (forty-two and eight hundred fifty-seven thousandths percent) on each principal installment paid by its due date.
4 - Investment Credit: PNRA beneficiaries with annual gross family income up to R$20 thousand, 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 debt installment paid by its due date; b) beneficiaries who have already reached the limit with right to compliance bonus may access new credits under the conditions of the Pronaf Productive Rural Microcredit Program – Group “B” (MCR 10-13), except regarding the compliance bonus, which in this case will not be applied, and provided the criteria for classification of that credit line are met.
Working Capital Credit (MCR 10-4)
1 - cultivation of rice, beans, cassava, cowpea beans, wheat, peanuts, garlic, tomatoes, onions, yams, taro, sweet potatoes, potatoes, pineapples, bananas, açaí, pupunha, cocoa, baru, cashew nuts, oranges, tangerines, vegetables, yerba mate, medicinal, aromatic and condiment herbs; of other products included in agroecological base production systems or in transition to agroecological base systems	3.00%	-	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 sum up to a value of up to R$20,000.00 per borrower in each agricultural year	3.00%	-
3 - livestock financing for beekeeping, dairy cattle farming, fish farming, sheep farming and goat farming and ecologically sustainable extractive exploration	3.00%	-
4 - acquisition of animals for rearing and fattening; operations for corn cultivation, which, combined, exceed the value of R$20,000.00, per borrower in each agricultural year; and other crops and livestock	4.50%	-
Investment Credit - Pronaf More Food (MCR 10-5)
1 - adoption of conservation practices for use, management and protection of natural resources, including correction of soil acidity and fertility and acquisition, transport and application of inputs for these purposes	3.00%	-1.72% + FAM	-
2 - formation and recovery of pastures, hayfields and other forage species, production and conservation of forage, silage and hay for animal feed	3.00%	-1.72% + FAM	-
3 - implementation, expansion and reform of water collection, storage and distribution infrastructure, including acquisition and installation of water reservoirs, electrical infrastructure and equipment for irrigation	3.00%	-1.72% + FAM	-
4 - acquisition and installation of protected cultivation structures, including automation equipment for these crops	3.00%	-1.72% + FAM	-
5 - construction of silos, expansion and construction of warehouses for storing grains, fruits, tubers, bulbs, vegetables and fibers	3.00%	-1.72% + FAM	-
6 - acquisition of milk cooling tanks and milking machines	3.00%	-1.72% + FAM	-
7 - ecologically sustainable extractive exploration	3.00%	-1.72% + FAM	-
8 - other ventures and purposes of the Program	4.50%	-0.29% + FAM	-
Investment Credit - Pronaf Agroindustry (MCR 10-6)
1 - all beneficiaries and purposes of the Credit Line	4.50%	-0.29% + FAM	-
Investment Credit - Pronaf Forest (MCR 10-7)
1 - all beneficiaries and purposes of the Credit Line	3.00%	-1.72% + FAM	-
Investment Credit - Pronaf Semi-Arid (MCR 10 - 8)
1 - all beneficiaries and purposes of the Credit Line	3.00%	-1.72% + FAM	-
Investment Credit - Pronaf Women (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 Oriented Productive Microcredit (PNMPO)	0.50%	-	a) compliance bonuses established in items “a” and “b” of the Pronaf Productive Rural Microcredit Program (Group “B”), in this table, apply.
2 - other beneficiaries: adoption of conservation practices for use, management and protection of natural resources, including correction of soil acidity and fertility and acquisition, transport and application of inputs for these purposes	3.00%	-1.72% + FAM	-
3 - other beneficiaries: formation and recovery of pastures, hayfields and other forage species, production and conservation of forage, silage and hay for animal feed	3.00%	-1.72% + FAM	-
4 - other beneficiaries: implementation, expansion and reform of water collection, storage and distribution infrastructure, including acquisition and installation of water reservoirs, electrical infrastructure and equipment for irrigation	3.00%	-1.72% + FAM	-
5 - other beneficiaries: acquisition and installation of protected cultivation structures, including automation equipment for these crops	3.00%	-1.72% + FAM	-
6 - other beneficiaries: construction of silos, expansion and construction of warehouses for storing grains, fruits, tubers, bulbs, vegetables and fibers	3.00%	-1.72% + FAM	-
7 - other beneficiaries: acquisition of milk cooling tanks and milking machines	3.00%	-1.72% + FAM	-
8 - other beneficiaries: ecologically sustainable extractive exploration	3.00%	-1.72% + FAM	-
9 - other beneficiaries: other ventures and purposes of the Program	4.50%	-0.29% + FAM	-
Investment Credit - Pronaf Youth (MCR 10-10)
1 - all purposes and beneficiaries of the Credit Line	3.00%	-1.72% + FAM	-
Industrialization Credit - Pronaf Family Agroindustry Industrialization (MCR 10-11)
1 - all purposes and beneficiaries of the Credit Line	4.50%	-	-
Credit for Integration of Partnership Shares - Pronaf Partnership Shares (MCR 10-12)
1 - all purposes and beneficiaries of the Credit Line	4.50%	-	-
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 debt installment paid by its due date: I - 25% (twenty-five percent); and II - 40% (forty percent), when the financing is for an enterprise located in the semi-arid area of the Superintendency for the Development of the Northeast (Sudene); b) the 40% compliance bonus can only be applied when the PNMPO methodology is adopted and when investment credits are for projects that include financing for 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 livestock; V - agroindustry for diversification and value addition to production; VI - irrigated agriculture in the semi-arid region.
Investment Credit - Pronaf Agroecology (MCR 10-14)
1 - all purposes and beneficiaries of the Credit Line	3.00%	-1.72% + FAM	-
Investment Credit - Pronaf Bioeconomy (MCR 10-16)
1 - for silviculture, understood as the act of planting or maintaining forest plantations generating different products, timber and non-timber	4.50%	-0.29% + FAM	-
2 - for other purposes	3.00%	-1.72% + FAM	-
Investment Credit - Pronaf Productive Oriented (MCR 10-17)
1 - all purposes and beneficiaries of the Credit Line	3.00%	-1.72% + FAM	a) fixed compliance bonus of R$3,300.00, which may be increased to R$4,500.00 when the credit is for financing enterprises in municipalities in the North region, granted proportionally to each debt installment (principal and charges) paid by its due date.

“ (NR)”

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

“Table 2 – Credit Limits for Financing under the National Program for Strengthening Family Agriculture (Pronaf), respecting the indebtedness limits provided for 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$9,000.00				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 remuneration for technical assistance				R$30,000.00				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 situation 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 remuneration for technical assistance				R$31,500.00
4 - Investment Credit: beneficiaries of PNRA with annual gross family income up to R$20 thousand, as per 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 be applied, and provided that 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 the settlement of 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 previously financed one or for livestock working capital operations; c) the following are not counted for the purpose 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 in a rural property owned by the borrower or a third party			R$60,000.00								a) limit per agricultural year; b) when the construction or renovation occurs on a third-party property, the CPF of both must appear as holders in a valid DAP, observed that each borrower may have only one operation “pending” for this purpose; that the economic viability of the activities developed in the borrower’s productive unit must be defined in the technical project for payment of the credit; and that, in the case where the object of the financing 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 the construction or the housing to be renovated, for a period of no less than 25 (twenty-five) years.
2 - swine farming, poultry farming, aquaculture, carciniculture (crustacean farming) and fruit farming			R$400,000.00								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 implements 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 the individual operations and the beneficiary’s participation in the collective operation does not exceed the limit of up to R$400,000.00 for activities of swine farming, poultry farming, aquaculture, carciniculture and fruit farming per beneficiary and per agricultural year, or up to R$200,000.00 for other enterprises and purposes.
3 - other enterprises and purposes			R$200,000.00
Investment Credit - Pronaf Agroindustry (MCR 10-6)
1 - natural person			R$200,000.00								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$200,000.00 per condominium 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 benefitting, 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 network agroindustries, or, when it is the case of 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$400,000.00
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 regularity 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 applies, regarding the risk of the operation.
2 - other purposes, except for beneficiaries classified in Groups “A”, “A/C” and “B”			R$33,000.00
3 - beneficiaries classified in Groups “A”, “A/C” and "B": all purposes			R$18,000.00
Investment Credit - Pronaf Semiárido (MCR 10 - 8)
1 - all purposes and beneficiaries of the Credit Line					R$24,000.00		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 value of the credit must be destined to planting, cultural practices and implementation, expansion, recovery or modernization of other production infrastructures and agricultural and non-agricultural services, in accordance 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 regularity of the financed enterprise and payment capacity; d) the option provided for in MCR 10-1-23 may be applied, regarding the risk of the operation.
Investment Credit - Pronaf Mulher (MCR 10-9)
1 - beneficiaries classified in Groups "A", "A/C" and "B"	R$3,000.00									a) for beneficiaries classified in Groups "A", "A/C" and "B": I - limit per beneficiary, regardless 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$9,000.00, or R$18,000.00 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 to Pronaf (DAP) to the financial agent, are eligible for new credits under the same conditions of the Section Microcrédito Produtivo Rural - Group “B” (MCR 10-13), except regarding the compliance bonus, which in this case will no longer be applied; b) in the 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 the financing for the purposes provided for in items 4 and 5, the additional condition of letter "b" referring to 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 the 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 regularity of the financed enterprise and payment capacity; f) limit per agricultural year for the purposes provided for in items 3, 4 and 5.
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$6,000.00
3 - other beneficiaries: construction or renovation of housing	R$60,000.00
4 - other beneficiaries: swine farming, poultry farming, aquaculture, carciniculture (crustacean farming) and fruit farming	R$400,000.00
5 - other beneficiaries: other purposes	R$200,000.00
Investment Credit - Pronaf Jovem (MCR 10-10)
1 - young person aged between 16 and 29 years, member of a family unit classified in Pronaf	R$20,000.00									a) up to 3 (three) financings may be granted for each beneficiary, with the contracting of the new credit being conditioned on the prior settlement of the previous financing; b) the option provided for in MCR 10-1-23 applies, regarding the risk of the operation.
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, observed 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 the credit operations contracted by the same borrower may not exceed the limits defined for this credit line; c) in the credit for cooperative, 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 Microcrédito Produtivo Rural - Group “B” (MCR 10-13)
1 - beneficiaries whose financing projects adopt the methodology of the National Program for Oriented Productive Microcredit (PNMPO)	R$6,000.00									a) limits per beneficiary, regardless 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$9,000.00 or, when the PNMPO methodology is applied, R$18,000.00; 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 to Pronaf (DAP)" to the financial agent, are 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 be applied.
2 - other beneficiaries	R$3,000.00
Investment Credit - Pronaf Agroecology (MCR 10-14)
1 - swine farming, poultry farming, aquaculture, carciniculture (crustacean farming) and fruit farming		R$400,000.00							a) limit per agricultural year.
2 - other purposes		R$200,000.00
Investment Credit - Pronaf Bioeconomy (MCR 10-16)
1 - all purposes		R$200,000.00				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 same family production unit may contract up to 2 (two) financings; d) 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 regularity of the financed enterprise and payment capacity.
Investment Credit - Pronaf Produtivo Orientado (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 also upon presentation of a technical assistance report confirming the regularity of the financed enterprise and payment capacity.

” (NR)

Art. 8º Section 7 (Programs with BNDES Resources) of Chapter 7 of the MCR shall be amended as follows:

“Table 1: Financial Charges for Financing of Programs with BNDES Resources
Beneficiary/Purpose	Effective interest rate up to (% a.a.)
Fixed	Post-fixed(*)
Agropecuary Cooperatives Capitalization Program - Procap-Agro (MCR 11-2)
1 - rural producers, natural or legal persons, and singular and central cooperatives of agropecuary, 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 that they are formed exclusively by cooperatives of agropecuary, agroindustrial, aquacultural or fishing production: share integration and working capital	8.00%	3.05% a.a. + FAM
Irrigated Agriculture and Protected Cultivation Financing Program – Proirriga (MCR 11-3)
1 - all financeable items	7.50%	2.58% + 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	7.50%	2.58% + FAM
Modernization of Agricultural Tractor Fleet and Associated Implements and Combines Program – Moderfrota (MCR 11-5)
1 - rural producers and their cooperatives whose gross operational revenue/annual or annualized income, or of the economic group to which they belong, is up to R$45,000,000.00	8.50%	3.53% + FAM
Cooperative Development Program for Value Addition to Agropecuary Production – Prodecoop (MCR 11-6)
1 - singular cooperatives of agropecuary, agroindustrial, aquacultural or fishing production 2 - central cooperatives formed exclusively by cooperatives of agropecuary, agroindustrial, aquacultural or fishing production 3 - members, for share integration linked to the project to be financed	8.00%	3.05% a.a. + 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 reserve, permanent preservation areas, recovery of degraded areas and implementation and improvement of sustainable forest management plans (ABC Environmental)	5.50%	0.67% + FAM
2 - rural producers and their cooperatives, including for pass-through to members: other purposes	7.00%	2.10% + FAM
Technological Innovation Incentive Program in Agropecuary Production – Inovagro (MCR 11-8)
1 - rural producers and their production cooperatives: all financeable items	7.00%	2.10% + FAM
Program for Construction and Expansion of Warehouses – PCA (MCR 11-9)
1 - rural producers and their production cooperatives whose total capacity of storage units existing on the date of credit contracting, per beneficiary, does not exceed 6,000 tons: financing of one or more grain storage units that together do not exceed 6,000 tons	5.50%	0.67% + FAM
2 - rural producers and their production cooperatives: other investments	7.00%	2.10% + FAM

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

“Table 2: Credit Limits for Financing of Programs with Resources from the National Bank for Economic and Social Development (BNDES)
Beneficiary / Purpose	Value	Additional Condition
Cooperative Capitalization Program for Agricultural Cooperatives - Procap-Agro (MCR 11-2)
1 - rural producers, natural or legal persons: integration of partnership shares	R$45,000.00	a) global credit limit per associate 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: integration of partnership shares of social capital 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 integration of partnership shares, observing MCR 11-2-3-“d”.
Irrigated Agriculture and Protected Cultivation Financing Program – Proirriga (MCR 11-3)
1 - all financeable 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 financeable items: collective enterprise	R$9,900,000.00
Agricultural Modernization and Natural Resources Conservation Program - 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
Modernization of Agricultural Tractor Fleet and Associated Implements and Combines Program - Moderfrota (MCR 11-5)
1 - rural producers and their cooperatives whose gross operational revenue/annual or annualized 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 agricultural production, agro-industrial, aquaculture or fishing cooperatives; 3 - associates, for integration of partnership shares linked to the project to be financed	R$150,000,000.00	a) in one or more operations, observing the financing cap 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 associates	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; c) when it comes to collective projects intended for the utilization of biogas for electricity generation and biometane production, the credit limit may be raised to R$20,000,000.00, per agricultural year, respecting the individual limit per participant of R$5,000,000.00, and observing the following conditions: I - biogas and biometane must be produced solely from excrement and waste originating from animal production own to the participants of the collective project; II - the electricity and biometane produced must be destined exclusively for own use.
Program for Incentive to 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

” (NR)

Art. 9º This Resolution enters into force on July 1, 2021.

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