Sebi introduces changes to FPI rules, requiring fee payments in rupees

Individual microentrepreneurs (MEIs), including self-employed truck drivers, now have a new way to access credit intended for the purchase of new vehicles, thanks to the publication of a Provisional Measure (MP) by the federal government.

Correction of the Provisional Measure

The federal government released MP 1.371/2026, which makes adjustments to the wording of MP 1.354/2026 and expands the scope of financing operations guaranteed by the Guarantee Fund for Investments (FGI).

With this change, MEIs are explicitly included among the beneficiaries of this line of credit, which has guarantees of up to R$ 2 billion provided by the FGI. Previously, the version edited in May restricted the reinforcement to small and medium-sized enterprises, even though MP 1.354/2026 already provided for expanding the use of the fund to finance road freight workers. This ambiguity created uncertainty about the inclusion of individual microentrepreneurs.

Objective and Application of Financing

The new MP, published on June 24, is described by the government as having a purely descriptive nature, as it does not modify values, conditions, or the scope of extraordinary credit, only adapts the text to the original purpose of the program. The financing is intended for the purchase of new vehicles, such as trucks, buses, and minibusses, which are considered vital assets for professionals dependent on transportation, covering everyone from service providers and commercial representatives to delivery people and truck drivers.

Impact on Interest Rate

The inclusion of MEI in the FGI impacts the reduction of interest rates due to the risk calculation performed by banking institutions. Microentrepreneurs, often without a solid credit history or assets to offer as collateral, are classified as higher-risk borrowers, which results in high interest rates or denial of financing. The FGI, managed by the National Bank for Economic and Social Development (BNDES), acts to fill this gap by covering part of potential defaults, functioning as the guarantee that the MEI itself does not possess.

By having less risk incorporated into the transaction, the financial institution reduces the expected loss and gains room to lower the rate and facilitate credit approval. Before this correction, the imprecise wording generated doubts about the applicability of this coverage to MEIs, which could lead banks to treat these clients without collateral, resulting in higher costs.

Prospects and Legal Validation

Rodrigo Soares, president of Sebrae, emphasized that the update eliminates the legal uncertainty surrounding the measure and offers greater support to banks when granting financing. He told the Sebrae News Agency that 'the FGI functions as a guarantor, reducing risk for banks and, consequently, potentially contributing to lower interest rates for the borrower.' Soares also mentioned that self-employed transporters and MEIs have always been part of the target audience, but the lack of explicit provision in the previous version could provoke resistance from financial institutions. However, the effective reduction of interest rates will depend on how each accredited bank makes the line available.

It is important to note that, despite being in effect, MP 1.371/2026 needs to be approved by both the Chamber of Deputies and the Federal Senate to be transformed into law and maintain its validity.