On Thursday, the 25th, President Jair Bolsonaro (PL) sanctioned Law 14,438/22, which releases a credit line of up to R$ 4,500 for Individual Microentrepreneurs (MEI).

The sanctioned text is part of MP 1,107/22 approved by the National Congress releasing up to R$ 1,500 in loans for individuals. The measure was published in the Official Gazette of the Union.

The Digital SIM (Digital Microcredit Simplification for Entrepreneurs) was also created with approval. The government's objective is to offer help to small business owners to formalize, in addition to providing loans with reduced interest rates. It is estimated that around 4.5 million entrepreneurs who currently do not have access to this financial system will be covered.

Withdrawal amounts can only be granted to individual microentrepreneurs who have obtained technical professional qualification from Sebrae (Brazilian Support Service for Micro and Small Businesses).

Credit will also be prioritized for women until reaching the minimum number of 50% of credit granted. For an individual, it is necessary to be carrying out a productive activity or be an urban, rural, individual or collective service provider. MEI must participate in the PNMPO program (National Productive Microfinance Program).

According to the measure, all banks are free to grant the loan as long as they have a guarantee from the FGM (Microfinance Guarantee Fund). Interest must reach 3.6% am and the term must not exceed 24 installments.

Caixa SIM is a program launched by Caixa in March this year, which aims to allow citizens to request a loan through the Caixa Tem App.

To take out credit, 3 steps are required: 

A period of 10 days is required for the credit to be released and the user must update their registration data in the application. It is also necessary to indicate the purpose of the loan.

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