Interest rates are the main obstacle to accessing credit, point out industries

In a survey by the National Confederation of Industry (CNI), 71% of industrialists pointed out that interest rates are the main obstacle to contracting short and medium term financing. 2,022 entrepreneurs were interviewed about credit conditions between September 2022 and February 2023.

Another 25% criticized the demand for real guarantees and 16% cited the lack of adequate lines for the company’s needs.

Regarding contracting and renewing short and medium-term financing, 47% reported that they did not contract or renew it, 6% were unable to do so and 28% contracted or renewed the financing. In the case of long-term credit, the results were: 58% did not look for it and 14% took it out.

According to the survey, 69% of the industries got an amount equal to what they needed and 21% received less than the requested amount, with small and medium-sized companies being the most affected. About a third of industries renewed credit under worse conditions, such as interest rate, grace period and number of installments.

According to CNI, the results show that financial institutions are more selective and demanding in granting credit, making it more expensive and restricted for industries. Due to this scenario, a significant portion of entrepreneurs gave up seeking financing.

Most companies (36%) point to the reduction of taxes levied on credit, including the Tax on Financial Operations (IOF), as a way to solve the problem. Other suggestions are to expand credit lines, simplify the requirements imposed by banks and leverage the capital market and the performance of fintechs in granting credit.