Resolution CMN No. 4141 — Establishes Conditions for Financing Subsidized by the Union

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 September 27, 2012, based on Article 4, item VI, of Law No. 4.595 of 1964, Article 1 of Law No. 12.096 of November 24, 2009, and Article 4 of Law No. 12.409 of May 25, 2011,

R E S O L V E D:

Art. 1. The necessary conditions for granting financing eligible for economic subsidy by the Union to the National Bank for Economic and Social Development (BNDES), under the modality of interest rate equalization, are established, observing the following:

I - Subprogram "Buses and Trucks":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations; public law legal persons, at the state, municipal, and Federal District levels;

b) financed items: acquisition or production of buses, trucks, chassis, tractor units, trailers, semi-trailers (including those of the dolly type), tanks and similar, new;

c) resource limit: up to R$61,800,000,000.00 (sixty-one billion and eight hundred million reais);

d) interest rate to the final beneficiary:

1. 7% (seven percent) per annum for operations contracted until June 30, 2010;

2. 8% (eight percent) per annum for operations contracted between July 1, 2010, and March 31, 2011;

3. 10% (ten percent) per annum for operations contracted between April 1, 2011, and April 15, 2012;

4. 7.7% (seven and seven-tenths percent) per annum for operations contracted between April 16, 2012, and May 22, 2012;

5. 5.5% (five and five-tenths percent) per annum for operations contracted between May 23, 2012, and August 31, 2012;

6. 2.5% (two and five-tenths percent) per annum for operations contracted between September 1, 2012, and December 31, 2012;

7. 7.7% (seven and seven-tenths percent) per annum for operations contracted from January 1, 2013;

e) repayment term: up to 96 (ninety-six) months for operations contracted until April 15, 2012, and up to 120 (one hundred and twenty) months for operations contracted from April 16, 2012, including 3 (three) or 6 (six) months of grace period for the principal;

II - Subprogram "Electric and Hybrid Vehicles":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations; public law legal persons, at the state, municipal, and Federal District levels;

b) financed items: acquisition of electric, hybrid, or other models with electric traction buses;

c) resource limit: up to R$500,000,000.00 (five hundred million reais);

d) interest rate to the final beneficiary:

1. 5% (five percent) per annum for operations contracted between April 1, 2011, and September 30, 2012;

2. 2.5% (two and five-tenths percent) per annum for operations contracted between October 1, 2012, and December 31, 2012;

3. 5% (five percent) per annum for operations contracted from January 1, 2013;

e) repayment term: up to 144 (one hundred and forty-four) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal;

III - Subprogram "Procaminhoneiro":

a) beneficiaries: individuals residing and domiciled in the country, individual entrepreneurs, limited liability individual companies, companies whose gross operational revenue/annual or annualized income is up to R$2,400,000.00 (two million and four hundred thousand reais), and leasing companies, provided that the lessee is an independent truck driver, individual entrepreneur, limited liability individual company, or company with gross operational revenue/annual or annualized income up to R$2,400,000.00 (two million and four hundred thousand reais), from the road freight transport segment;

b) financed items: acquisition or production of trucks, chassis, tractor units, trailers, semi-trailers (including those of the dolly type), tanks and similar, truck bodies, new or used; new tracking systems; property insurance and credit life insurance;

c) resource limit: up to R$10,200,000,000.00 (ten billion and two hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per annum for operations contracted until March 31, 2011;

2. 7% (seven percent) per annum for operations contracted between April 1, 2011, and April 15, 2012;

3. 5.5% (five and five-tenths percent) per annum for operations contracted between April 16, 2012, and August 31, 2012;

4. 2.5% (two and five-tenths percent) per annum for operations contracted between September 1, 2012, and December 31, 2012;

5. 5.5% (five and five-tenths percent) per annum for operations contracted from January 1, 2013;

e) repayment term: up to 96 (ninety-six) months for operations contracted until May 22, 2012, and up to 120 (one hundred and twenty) months for operations contracted from May 23, 2012, including 3 (three) or 6 (six) months of grace period for the principal;

IV - Subprogram "Capital Goods – Other Items":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations; public law legal persons, at the state, municipal, and Federal District levels;

b) financed items: acquisition or production of other capital goods and associated working capital, with the exception of those cited in items I, II, III, and VIII (the latter from November 1, 2012) of this article, as well as for the acquisition of capital goods under Article 9-J of Resolution No. 2,827 of March 30, 2001, within the scope of the School Road Program;

c) resource limit: up to R$75,600,000,000.00 (seventy-five billion and six hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per annum for operations contracted until June 30, 2010;

2. 5.5% (five and five-tenths percent) per annum for operations contracted between July 1, 2010, and March 31, 2011;

3. 8.7% (eight and seven-tenths percent) per annum for operations contracted between April 1, 2011, and April 15, 2012;

4. 7.3% (seven and three-tenths percent) per annum for operations contracted between April 16, 2012, and May 22, 2012;

5. 5.5% (five and five-tenths percent) per annum for operations contracted between May 23, 2012, and August 31, 2012;

6. 2.5% (two and five-tenths percent) per annum for operations contracted between September 1, 2012, and December 31, 2012;

7. 7.3% (seven and three-tenths percent) per annum for operations contracted from January 1, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal, whereby for financing operations with a value above R$100,000,000.00 (one hundred million reais), intended for the acquisition of capital goods, including support vessels, by the port, oil and gas, electricity, metro transport, and rail and maritime cargo transport sectors, the grace period is 3 (three) to 36 (thirty-six) months for the principal;

V - Subprogram "Capital Goods – Other Items – Micro, Small and Medium Enterprises":

a) beneficiaries: companies, with headquarters and administration in Brazil, associations and foundations, individual entrepreneurs, limited liability individual companies, whose gross operational revenue/annual or annualized income, or of the economic group to which they belong, is up to R$90,000,000.00 (ninety million reais);

b) financed items: acquisition or production of other capital goods and associated working capital, with the exception of those cited in items I, II, III, and VIII (the latter from November 1, 2012) of this article, as well as acquisition of capital goods under Article 9-J of Resolution No. 2,827 of 2001, within the scope of the School Road Program;

c) resource limit: up to R$20,500,000,000.00 (twenty billion and five hundred million reais);

d) interest rate to the final beneficiary:

1. 6.5% (six and five-tenths percent) per annum for operations contracted between April 1, 2011, and April 15, 2012;

2. 5.5% (five and five-tenths percent) per annum for operations contracted between April 16, 2012, and August 31, 2012;

3. 2.5% (two and five-tenths percent) per annum for operations contracted between September 1, 2012, and December 31, 2012;

4. 5.5% (five and five-tenths percent) per annum for operations contracted from January 1, 2013;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal, whereby for financing operations with a value above R$100,000,000.00 (one hundred million reais), intended for the acquisition of capital goods, including support vessels, by the port, oil and gas, electricity, metro transport, and rail and maritime cargo transport sectors, the grace period is 3 (three) to 36 (thirty-six) months for the principal;

VI - Subprogram "PER – Emergency Reconstruction Program":

a) beneficiaries: business companies, cooperatives, individual entrepreneurs, and individuals or legal persons characterized as rural producers, located in Municipalities affected by natural disasters that have had the situation of emergency or state of public calamity recognized by the Federal Executive Branch, in accordance with Law No. 12.340 of December 1, 2010, and listed in an act issued in accordance with the regulations;

b) financed items: working capital and investment projects;

c) resource limit: up to R$2,000,000,000.00 (two billion reais);

d) interest rate to the final beneficiary: 5.5% (five and five-tenths percent) per annum;

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal;

VII - Subprogram "Electric Energy":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations; public law legal persons, at the state, municipal, and Federal District levels;

b) financed items: acquisition of capital goods necessary for the development of projects in the electric energy sector whose installed power is greater than 10,000 megawatts;

c) resource limit: up to R$3,800,000,000.00 (three billion and eight hundred million reais);

d) interest rate to the final beneficiary: 5.5% (five and five-tenths percent) per annum;

e) repayment term: up to 360 (three hundred and sixty) months, including up to 108 (one hundred and eight) months of grace period for the principal;

VIII - Subprogram "Rural":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations; public law legal persons, at the state, municipal, and Federal District levels; individuals, residing and domiciled in Brazil, provided that they are rural producers and the investment is intended for the agricultural and livestock sector;

b) financed items: acquisition or production of agricultural capital goods and associated working capital;

c) resource limit: up to R$4,000,000,000.00 (four billion reais);

d) interest rate to the final beneficiary:

1. 2.5% (two and five-tenths percent) per annum for operations contracted between November 1, 2012, and December 31, 2012;

2. 7.3% (seven and three-tenths percent) per annum for operations contracted from January 1, 2013, for beneficiaries whose gross operational revenue/annual or annualized income, or of the economic group to which they belong, is greater than R$90,000,000.00 (ninety million reais);

3. 5.5% (five and five-tenths percent) per annum for operations contracted from January 1, 2013, for beneficiaries whose gross operational revenue/annual or annualized income, or of the economic group to which they belong, is up to R$90,000,000.00 (ninety million reais);

e) repayment term: up to 120 (one hundred and twenty) months, including 3 (three) to 24 (twenty-four) months of grace period for the principal, whereby for financing operations with a value above R$100,000,000.00 (one hundred million reais), intended for the acquisition of capital goods, the grace period is 3 (three) to 36 (thirty-six) months for the principal;

IX - Subprogram "Capital Goods – Export":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations from the capital goods sector;

b) financed items: production of capital goods intended for export (pre-shipment);

c) resource limit: up to R$23,400,000,000.00 (twenty-three billion and four hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per annum for operations contracted until June 30, 2010;

2. 5.5% (five and five-tenths percent) per annum for operations contracted from July 1, 2010, to March 31, 2011;

3. 9% (nine percent) per annum for operations contracted from April 1, 2011, to May 22, 2012;

4. 8% (eight percent) per annum for operations contracted from May 23, 2012, to December 31, 2012;

5. 9% (nine percent) per annum for operations contracted from January 1, 2013;

6. 7% (seven percent) per annum for financing operations intended for business companies, with headquarters and administration in Brazil, or their respective economic group, if applicable, with gross operational revenue/annual or annualized income up to R$90,000,000.00 (ninety million reais);

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

X - Subprogram "Consumer Goods – Export":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations from the consumer goods sector;

b) financed items: production of consumer goods intended for export (pre-shipment);

c) resource limit: up to R$7,000,000,000.00 (seven billion reais);

d) interest rate to the final beneficiary:

1. 7% (seven percent) per annum for operations contracted until June 30, 2010;

2. 8% (eight percent) per annum for operations contracted from July 1, 2010;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

XI - Subprogram "Export – Micro, Small and Medium Enterprises":

a) beneficiaries: companies, with headquarters and administration in Brazil, associations and foundations, with annual gross operational revenue up to R$90,000,000.00 (ninety million reais);

b) financed items: production of capital goods and consumer goods intended for export (pre-shipment);

c) resource limit: up to R$500,000,000.00 (five hundred million reais);

d) interest rate to the final beneficiary:

1. 5.5% (five and five-tenths percent) per annum for operations contracted between July 1, 2010, and March 31, 2011, in financing for the production of capital goods intended for export;

2. 7% (seven percent) per annum for operations contracted from April 1, 2011, in financing for the production of capital goods intended for export;

3. 8% (eight percent) per annum for operations contracted from July 1, 2010, in financing for the production of consumer goods intended for export;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

XII - Subprogram "Technological Innovation":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations;

b) financed items: technological innovation projects seeking the development of new or significantly improved products or processes (at least for the national market) that involve technological risk and market opportunities;

c) resource limit: up to R$800,000,000.00 (eight hundred million reais);

d) interest rate to the final beneficiary:

1. 3.5% (three and five-tenths percent) per annum for operations contracted until March 31, 2011;

2. 4% (four percent) per annum for operations contracted between April 1, 2011, and April 15, 2012;

e) repayment term: up to 120 (one hundred and twenty) months, including up to 36 (thirty-six) months of grace period for the principal;

XIII - Subprogram "Innovative Capital":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations;

b) financed items: development of capacity to undertake innovative activities on a systematic basis, comprising investments in tangible capital, including physical infrastructure, and in intangible capital;

c) resource limit: up to R$400,000,000.00 (four hundred million reais);

d) interest rate to the final beneficiary:

1. 4.5% (four and five-tenths percent) per annum for operations contracted until March 31, 2011;

2. 5% (five percent) per annum for operations contracted between April 1, 2011, and April 15, 2012;

e) repayment term: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal;

XIV - Subprogram "Parts, Components and Components":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations;

b) financed items: acquisition of parts, components, and components of national manufacture, as well as technological services, such as items for incorporation into machines and equipment in the production or development phase;

c) resource limit: up to R$500,000,000.00 (five hundred million reais);

d) interest rate to the final beneficiary: 5% (five percent) per annum;

e) repayment term: up to 36 (thirty-six) months, with grace period for the principal at BNDES's discretion;

XV - Subprograms "Proengenharia/Innovation Production":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations;

b) financed items:

1. engineering projects in the sectors of capital goods, defense, automotive, aeronautical, aerospace, nuclear, oil and gas, chemical and petrochemical, and in the supply chain of the oil and gas and shipbuilding industries;

2. technological innovation projects that present a proven market opportunity contracted until April 15, 2012; and

3. investment projects necessary for the absorption of the results of the technological innovation process contracted until April 15, 2012;

c) resource limit: up to R$2,000,000,000.00 (two billion reais);

d) interest rate to the final beneficiary:

1. 7% (seven percent) per annum, in operations contracted between April 1, 2011, and April 15, 2012;

2. 6.5% (six and five-tenths percent) per annum, in operations contracted between April 16, 2012, and May 22, 2012;

3. 5.5% (five and five-tenths percent) per annum, in operations contracted between May 23, 2012, and December 31, 2012;

4. 6.5% (six and five-tenths percent) per annum, in operations contracted from January 1, 2013;

e) repayment term: up to 96 (ninety-six) months, with grace period for the principal at BNDES's discretion;

XVI - Subprogram "National Technology":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, foundations, and public law legal persons, at the state, municipal, and Federal District levels;

b) financed items: production or acquisition of information technology and automation goods, and associated working capital, covered by Law No. 8.248 of October 23, 1991, that comply with the Basic Productive Process (PPB) and that are developed in the country in accordance with Ordinance No. 950 of December 12, 2006, of the Ministry of Science and Technology;

c) resource limit: up to R$1,000,000,000.00 (one billion reais);

d) interest rate to the final beneficiary:

1. 5% (five percent) per annum for operations contracted between April 1, 2011, and September 30, 2012;

2. 2.5% (two and five-tenths percent) per annum for operations contracted between October 1, 2012, and December 31, 2012;

3. 5% (five percent) per annum for operations contracted from January 1, 2013;

e) repayment term: up to 96 (ninety-six) months, with grace period for the principal at BNDES's discretion;

XVII - Subprogram "Transformers":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations;

b) financed items: investment projects intended for the constitution of technological and productive capacity in sectors of high knowledge and engineering intensity related to goods not produced in the country and that induce chaining and gains in productivity and quality, observing the provisions of § 9 of Article 1 of Law No. 12.096 of November 24, 2009;

c) resource limit: up to R$8,000,000,000.00 (eight billion reais);

d) interest rate to the final beneficiary: 5% (five percent) per annum, in operations contracted from April 16, 2012;

e) repayment term: up to 144 (one hundred and forty-four) months, with grace period for the principal at BNDES's discretion;

XVIII - Subprogram "Innovation":

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations and foundations;

b) financed items: Innovation Investment Plan, including the capacity of companies to innovate, research and development infrastructure, and potentially disruptive or incremental innovations in product, process, and marketing;

c) resource limit: up to R$2,000,000,000.00 (two billion reais);

d) interest rate to the final beneficiary: 4% (four percent) per annum, in operations contracted from April 16, 2012;

e) repayment term: 120 (one hundred and twenty) months, including up to 48 (forty-eight) months of grace period for the principal.

§ 1. The total of the financings to be subsidized by the Union will be subject to the limit of R$224,000,000,000.00 (two hundred and twenty-four billion reais), with BNDES resources.

§ 2º The limit per beneficiary, or the economic group to which it belongs, and the payment frequency shall be defined at the discretion of BNDES.

§ 3º The operating agents shall be BNDES and the financial institutions accredited by it.

§ 4º The risk of the operations shall be borne by BNDES, in contracts concluded directly by it, and by the financial institutions accredited by it, in other cases.

§ 5º The deadline for contracting the operations shall be until December 31, 2013, except for the financing referred to in item VI of this article, which may be contracted until December 31, 2012.

Art. 2º The conditions necessary for the granting of financing eligible for economic subsidy by the Union to the Studies and Projects Financing Agency (FINEP), under the modality of interest rate equalization, are established, observing the following distribution:

I - Subprogram “Technological Innovation”:

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: projects of a technological nature seeking the development of new or significantly improved products or processes (at least for the national market) and involving technological risk and market opportunities;

c) resource limit: up to R$1,500,000,000.00 (one billion and five hundred million reais);

d) interest rate to the final beneficiary:

1. 3.5% (three and five-tenths percent) per annum for operations contracted until March 31, 2011;

2. 4% (four percent) per annum for operations contracted from April 1, 2011;

e) repayment period: up to 120 (one hundred and twenty) months, including up to 36 (thirty-six) months of grace period for the principal;

II - Subprogram “Innovative Capital”:

a) beneficiaries: companies, with headquarters and administration in Brazil, individual entrepreneurs, limited liability individual companies, associations, and foundations;

b) financeable items: development of the capacity to undertake technological innovation projects systematically, resulting in an expansion of innovative capacity, comprising investments in tangible capital, including physical infrastructure, and in intangible capital;

c) resource limit: R$1,500,000,000.00 (one billion and five hundred million reais);

d) interest rate to the final beneficiary:

1. 5% (five percent) per annum for operations contracted until September 30, 2012;

2. 4% (four percent) for operations contracted from October 1, 2012;

e) repayment period: up to 96 (ninety-six) months, including up to 24 (twenty-four) months of grace period for the principal.

§ 1º The total of the financing to be subsidized by the Union shall adhere to the limit of R$3,000,000,000.00 (three billion reais), with resources from FINEP.

§ 2º The limit per company and the payment frequency shall be defined at the discretion of FINEP.

§ 3º The operating agent shall be FINEP itself.

§ 4º The risk of the operations shall be borne by FINEP.

§ 5º The deadline for contracting the operations shall be until December 31, 2013.

Art. 3º This Resolution enters into force on the date of its publication.

Art. 4º Resolution No. 3,759, of July 9, 2009, is hereby repealed.

Alexandre Antonio Tombini
President of the Central Bank of Brazil