CMN Regulates Fies Empreendedor and Desenrola Adimplentes

Overview

• The CMN approved the two regulatory resolutions on Friday, July 3, 2026, turning programs created by MP 1.373/2026 into actionable credit lines by defining pricing, terms and funding sources.
• Fies Empreendedor is a repayable credit line for students and ex-students in good standing with Fies to fund entrepreneurial activity and working capital with charges up to 11.19% a year, maximum terms of 60 months for individuals and 96 months for firms, and grace periods where interest cannot be capitalized.
• Desenrola Adimplentes was authorized to use up to R$3 billion of Union resources to help informal workers renegotiate debts under a 70/30 funding split that pays Union funds 1% a year while banks’ contributions are remunerated at the Selic rate and participating lenders return public funds at 1.25% a year or 0.50% when Banco do Brasil or Caixa act directly.
• The resolutions designate Banco do Brasil and Caixa Econômica Federal as the operating agents responsible for repaying and redistributing public funds and for running the programs, with final access rules to be issued by the Ministry of Finance and operational setup by the banks.
• If the ministry publishes the required portarias and the banks complete systems and procedures, the government expects disbursements to begin within weeks, a step that aims to expand credit access for graduates and informal workers while exposing the programs to budget limits and operational risk.