ANNOUNCED AS TEMPORARYNo
On March 13, 2013, the Brazilian government, alongside with the Brazilian National Development Bank (BNDES) and the Funding Authority for Studies and Projects (FINEP), launched and financed the program INOVA Firms. This program's main goal is to innovate new technologies and make Brazilian companies more competitive. Based on this announcement, sectoral programs will be launched at the discretion of BNDES and last for a predetermined period of time where companies may apply.
The program achieves this by targeting new sectors through time and giving their companies temporal benefits by 1) financing R&D, 2) financing companies directly as shareholders, or 3) providing loans at subsidised interest rates. Involved governmental entities may also guarantee future demand for their goods in some cases.
Only companies who are based in Brazil may apply for these benefits and the financed projects must be undertaken on Brazilian territory. The BNDES and FINEP may finance up to 90% of the eligible program's costs.
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