November 24, 2017 / 11:37 AM / in a year

Brazil's state bank BNDES may lend to small, medium firms - report

SAO PAULO, Nov 24 (Reuters) - Brazilian state development bank BNDES is studying financing small and medium enterprises with loans of less than 20 million reais ($6.21 million), changing its policy of focusing on much bigger loans, an official told a national newspaper.

BNDES indirect operations director Ricardo Ramos told Valor Economico in a report published on Friday that the programme could involve offering “thousands of loans” by next year.

BNDES, a massive development bank that lends to sectors across the economy, has traditionally only extended loans above the 20-million-real threshold.

One of the first steps in the process will be establishing a legal framework for the loans and seeing if the bank could establish a partnership with other development banks, Ramos told the newspaper.

$1 = 3.22 reais Reporting by Gram Slattery; Editing by Edmund Blair

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