巴西网约车融资扩至二手车，中资车企二手车出口迎窗口期

Brazil’s federal government has expanded its financing program of up to R$30 billion for ride-hailing drivers and taxi drivers to allow the purchase of used vehicles, rather than only new ones as originally planned. The change was included in a provisional presidential decree issued on Wednesday (15) addressing the restructuring of rural debt. Food inflation weighs on May retail sales Brazil’s services slump in May driven by transportation weakness The decree also sets the terms for loans from the National Fund for Scientific and Technological Development (FNDCT) to the Brazilian Innovation Agency (Finep) under the agricultural machinery and equipment financing program launched this year. Valor learned that the expansion is intended to improve access to credit for workers who face greater difficulty obtaining financing, as banks have been reluctant to lend to this group because it is considered higher risk. The provisional decree that created the credit line originally allowed financing only for new motor vehicles “that meet environmental, social, and economic sustainability criteria.” Under the revised rules, used battery-electric and flex-fuel hybrid vehicles manufactured from 2024 onward will also be eligible. As Valor previously reported, before the program was launched on June 19, private-sector lenders had shown little interest in participating because of the higher credit risk associated with the target audience and the limited profitability they saw in the segment. To reduce that risk, the provisional decree establishing the Move Motoristas program authorized the use of the Investment Guarantee Fund (FGI), which began backing the credit line on July 2. It also made vehicles eligible for guarantees under the Emergency Credit Access Program (Peac), which supports lending to small and medium-sized businesses. Behind the scenes, private-sector representatives advocated an additional capital injection into the FGI to expand guarantee coverage and encourage banks to participate. Their assessment was that greater risk-sharing by the fund would be essential to attract lenders, since the financed vehicle itself serves as collateral but is expected to undergo intensive use, increasing the credit risk. In addition, many potential borrowers have only recently gained access to the banking system, and many will still need to go through the government’s Desenrola debt renegotiation program before qualifying for financing. According to these industry sources, without additional funding for the FGI, guarantees for vehicle financing would compete with Peac operations, potentially limiting the scale of the new program. Within the government, however, there has been no consensus on the need to increase the fund, which received a R$2 billion capital injection at the end of April to support lending to small and medium-sized businesses. Government officials expect that extending the program to used vehicles will make it easier for borrowers to obtain financing. Regarding the financing program for agricultural machinery and equipment, the rural debt provisional measure establishes that FNDCT loans to Finep will accrue interest based on the Reference Rate (TR) and will have a 15-year amortization period with annual installments.