CMN Resolution No. 5,297 — Provision of Working Capital Loans Using Funds from the National Civil Aviation Fund (FNAC)

Resolution No. 5,297

RESOLUTION
CMN No. 5,297, OF APRIL 23, 2026

Provides for the granting of loans for working capital using resources from the National Civil Aviation Fund – FNAC.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on April 23, 2026, based on Article 4, caput, item VI, of the aforementioned Law and on Article 63, § 13, of Law No. 12,462, of August 4, 2011,

R E S O L V E S:

Art. 1º A line of reimbursable financing is created through the granting of loans for working capital using resources from the National Civil Aviation Fund – FNAC to providers of domestic regular air transport services, in accordance with the regulation of the FNAC Management Committee – CG-FNAC.

Art. 2º The reimbursable financial support through the granting of loans for working capital using FNAC resources shall observe the following conditions:

I - financial charges for borrowers, as remuneration to the FNAC, of 4% a.a. (four percent per year);

II - financial charges for borrowers, as remuneration for financial institutions:

a) of the official financial agent, thus considered the financial agent of the FNAC defined by law, shall be:

1. in direct operations, up to 4.5% a.a. (four and five-tenths percent per year); and

2. in indirect operations, up to 0.9% a.a. (nine-tenths percent per year), when dealing with operations with beneficiaries that have annual income or Gross Operating Revenue – ROB of up to R$300,000,000.00 (three hundred million reais), and up to 1.2% a.a. (one and two-tenths percent per year), when dealing with operations with other beneficiaries; and

b) of authorized financial institutions, in indirect operations, shall be up to 3.8% a.a. (three and eight-tenths percent per year);

III - the repayment term shall be up to sixty months, including up to twelve months of principal grace period; and

IV - the credit risk of the operations shall be assumed:

a) by the official financial agent, in direct operations; or

b) by the authorized financial institution, when acting as a financial agent in indirect operations.

§ 1º The official financial agent shall remain responsible, vis-à-vis the FNAC, for the fulfillment of financial obligations related to the principal value and charges as remuneration to the Fund arising from the operations carried out, regardless of the mode of operation.

§ 2º The financing interest rate shall be calculated by converting the charges provided for in items I and II of the caput into factors, and their subsequent multiplication.

§ 3º The official financial agent may charge borrowers for credit reservation or commissions, usually practiced in its operations, due to the request for services or other activities, as provided in the contract, observing the incidence hypotheses and values disclosed on its official internet page.

§ 4º The financings referred to in this Resolution shall not have guarantees from the Union.

Art. 3º Observing the provisions of this Resolution and meeting the guidelines established by the CG-FNAC within its competence, the official financial agent shall structure the financing contracts according to applicable internal policies and normative acts.

Art. 4º The granting of financing with FNAC resources for the working capital line shall be conditioned on the borrowers' compliance with the counterparty prohibition on the payment of dividends or interest on equity, the distribution of accumulated resources in a Balance Sheet item as a reserve of any type, the payment of loans to shareholders or other companies of the same economic group, the repurchase of shares, and any other form of resource distribution to partners or shareholders above the mandatory minimum, in accordance with corporate legislation, proven by means of a declaration signed by legal representatives of the borrowers, presented by the twelfth month following the date of signing the financing contract.

§ 1º The prohibition referred to in the caput shall be observed during the financial years covered by the financing grace period, not applying if the borrower opts to waive this period and start amortizing the principal on the same date scheduled for the start of interest payments, in which case the same payment periodicity for both shall be observed from then on.

§ 2º Non-compliance with the mandatory counterparty referred to in the caput shall result in the substitution of the financial charges to the FNAC, referred to in Art. 2, caput, item I, the retroactive difference, calculated between the contracting date and the date of detection of non-compliance, shall be demanded in a single installment, within sixty days, from the date of receipt of the payment notification by the borrower, with dilution in the outstanding balance prohibited, and shall be carried out using the higher of the following rates, calculated on the date of detection of non-compliance:

I - the Selic rate, or another index that may replace it, observing the provisions of a specific contractual clause; or

II - the charges provided for in Art. 2, caput, item I, plus two percentage points per year.

§ 3º In the case of proof of non-compliance with the mandatory counterparty referred to in the caput, the borrower shall permanently lose the right to the financial charges referred to in Art. 2, caput, item I.

Art. 5º For financings for the credit line addressed in this Resolution, the use of resources for the contracting of contractual guarantees, including guarantee insurance, related to the respective financings, shall be admitted.

Art. 6º This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO

President of the Central Bank of Brazil