Brazil’s development bank, BNDES, has introduced a new line of credit to support exports of innovative capital and consumer goods and IT services.

The product, called Exim Pré-embarque Empresa Inovadora, aims to improve the competitiveness of innovative Brazilian companies by helping them access international markets. It is targeted at companies with an annual revenue of up to R$300mn (US$75mn), including micro-enterprises (MSMEs), SMEs and midcaps.

Selection criteria include having financed the acquisition of technological services through BNDES programmes, having a patent or valid patent application, or having received previous support from BNDES for innovation, among others.

Supporting innovation has been a strategic priority for BNDES, but this new product extends this agenda to the export sector.

Exim Pré-embarque Empresa Inovadora will consist of loans of up to 36 months, at Brazil’s long-term interest rate (currently at 7.5% a year), which will be carried out indirectly through accredited financial institutions.

The fee charged by BNDES for the loan will be 1.6% a year for MSMEs and 2% a year for midcaps, plus the negotiable remuneration of the financial agent.