Resolution CMN No. 3681 — Establishes New Conditions for Concessions of Loans and Financing Eligible for Federal Subsidies under REVITALIZA for Working Capital Operations

RESOLUTION NO. 3681

Establishes new conditions for the granting of loans and financing eligible for economic subsidy by the Union within the scope of REVITALIZA destined for working capital operations.

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 January 29, 2009, based on Articles 4, item VI, of Law No. 4,595, of 1964, and Article 2 of Law No. 11,529, of October 22, 2007,

RESOLVES:

Art. 1. Of the total resources of the National Bank for Economic and Social Development (BNDES) destined for 2009, to be applied in loans and financing subsidized by the Union, as referred to in item b of item II of Article 1 of Resolution No. 3,596, of July 31, 2008, with wording given by Resolution 3,670, of December 17, 2008, R$200,000,000.00 (two hundred million reais) shall be applied under the following conditions:

I - beneficiaries: companies operating in the fruit sector (fresh and processed);

II - resources (total and source): the total of the financing and loans to be granted based on BNDES resources, applied directly or by financial institutions accredited by it, in working capital operations subsidized by the Union, shall be subject to the limit of R$200,000,000.00 (two hundred million reais);

III - financial agents: BNDES and financial institutions accredited by it;

IV - financial charge and repayment term: effective interest rate of 11% p.a. (eleven percent per year) and repayment term of up to 36 (thirty-six) months, including up to 12 (twelve) months of grace period for the principal, for working capital operations;

V - payment frequency:

a) interest: in quarterly installments during the grace period and monthly after the grace period;

b) principal: in monthly installments;

VI - operational risk: of BNDES, in operations carried out directly by it, and of the financial institutions accredited by it, in other cases;

VII - disbursement limit per economic group, observing the provisions of BNDES regulations: 20% (twenty percent) of Gross Operating Revenue, limited to R$10,000,000.00 (ten million reais);

VIII - guarantees:

a) in direct operations: only bank guarantee;

b) in indirect operations: negotiated between the beneficiary and the financial agent;

IX - contracting period: until December 31, 2009.

Art. 2. This resolution enters into force on the date of its publication.

Brasília, January 29, 2009.

Alexandre Antonio Tombini
President, substitute