São Paulo, 2 – The Ministry of Agriculture informs that from July 2020 to June 2021 R$ 4.4 billion were released from the Coffee Economy Defense Fund (Funcafé), or 81.5% projected. “Of the total resources released, R$3.74 were contracted with borrowers, meaning an application rate of 85% compared to that assumed by financial agents,” said the folder in a note. During the harvest, R$ 5.42 billion were contracted with the financial agents that operated with the fund. 31 banks and credit cooperatives operated with Funcafé, with approximately 26,700 beneficiaries having access to credit, either in direct operations or through production cooperatives.
“Credit lines destined to financing Commercialization and Working Capital were the ones that had the best performance, reaching, respectively, 93.2% and 92.3% of the volume released to financial agents. Followed by the FAC – Financing for the Acquisition of Coffee, with 85.6% and the Agricultural Costing, which applied the corresponding to 70% of the volume made available”, said Agriculture.
The Coffee Plant Recovery program expanded its participation to support producers who had losses in their crops due to the drought that hit some producing regions. “This financial movement was one of the best in recent harvests, despite the difficulties last year due to the limitations imposed in the fight against the pandemic. This shows that the coffee sector knew how to adapt to this crisis without losing its dynamics”, said Silvio Farnese, director of Marketing and Supply at the Secretariat of Agricultural Policy.
According to Agriculture, in this harvest, Funcafé has R$ 5.9 billion for the sector, which corresponds to an increase of 8.9% compared to the previous harvest. The contracting procedures with the 33 financial agents that will operate with the Fund are in the final stage. Debuting this year are Caixa Econômica Federal, Banco de Brasília and Cresol, which will sign a contract with Funcafé. “Also for the first time the interest rate will be the same for all credit lines, set at 7%. In the last harvest, the FAC and Working Capital contracts for the industry operated with 6.75%, or one and a half percentage points above the others, which were 5.25%.”
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