IADB helps finance MSMEs in Espírito Santo state during COVID-19
The Brazilian state of Espírito Santo will support the financial sustainability of micro, small and medium-sized enterprises against the COVID-19 crisis with a $30 million loan approved by the Inter-American Development Bank.
The loan has an amortization period of 25 years, with a grace period of five and a half years and an interest rate based on LIBOR.
The program will provide liquidity to MSMEs through loans for working capital granted by the Banco de Desenvolvimento do Espírito Santo S/A, through a line of financing called a Giro Emergencial. The funds will help MSMEs in the state's 78 municipalities.
The goal is to preserve production and jobs created by MSMEs, particularly in the sectors hardest hit by the pandemic, such as manufacturing, retail trade and services.
