IFC is providing a $150 million loan to Banco Santander Brasil to boost access to finance for small and medium enterprises (SMEs).

SMEs represent 99 percent of all companies in Brazil. They are engines of job creation, generating 54 percent of formal jobs and accounting for 27 percent of the country’s gross domestic product. In the first   three quarters of 2017, they generated more than 389,000 new jobs. 
IFC’s financing consists of a one-year $150 million loan from IFC’s own-account denominated in Brazilian local currency, which can be renewed twice for a total of up to three years.

Santander Brasil is a leading source of financing for SMEs in the country, having registered a 2.2% growth in its SMEs portfolio in the last 12 months (until September).  In addition to a wide range of financing options to SMEs, Santander also offer them the Programa Avançar, comprised of training, guidance and information to help SMEs expand their businesses, including to international markets, among other features.