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Posted on March 10, 2015
The cost to obtain a loan with Finep has diminished now that the agency has started accepting surety bonds in their credit operations. The surety bond has a cost equivalent to 1/3 of the annual cost of bank guarantees – which up until 2015 was the only option offerd by the agency in loans – from 1,5% to 6% of the guaranteed debt. Historically, one of the main problems for companies looking to get loans was in guarantees.
Another advantage of the surety bond over the bank guarantee is the fact that it doesn’t compromise the companies credit limit with banks for loans and working capital. The emission of a guarantee takes up the banks operational limit, as well as the company’s credit limit with that bank, directly impacting their Basel Index. In 2012, the IOF aliquot was voided in operations to acquire surety bonds, which further diminished their cost. Both are guarantees in which a third party assumes a certain obligation in case the debter doesn’t. However, the surety bond has the advantages of liquidity and health.
Finep was helped by specialized consulting, as well as benchmarking, to arrive at the final contract model, already approved and endorsed by insurance providers such as BTG Pactual and Swiss Re. It’s necessary that the insurance provider possesses a risk classification emitted by one of the following agencies: A.M. Best, Fitch Ratings, Standard & Poor’s and Moody’s.