Effectiveness evaluation report, v. 04, n. 12, jun. 2022

Abstract

This report evaluates the impact of the BNDES countercyclical action for micro, small and medium-sized enterprises (MSME) in the Covid-19 crisis. The policies assessed were the Emergency Credit Access Program (FGI PEAC, in Portuguese), in its guarantee modality, which provided guarantees for non-earmarked loans through the Investment Guarantee Fund, and the BNDES Credit Small Enterprises line (CPE, in Portuguese), which offered loans via authorized financial institutions (a second-tier model of funding). These actions accounted for about two-thirds of the BNDES's countercyclical activities in 2020, and its instruments tend to remain in the list of forms of support to the Bank's MSMEs, which justifies the choice of these actions for evaluation. The cost-effectiveness analysis of these forms of support is the main objective of this report.