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THIRD TRI NATIONS SUMMIT ON
SMALL BUSINESS
Session II: Critical role of finance in
building competitive MSMEs
leading the way
Title: BRIDGING FINANCIAL
GAPS FOR MSME
PRESENTATION PLAN
• BRAZILIAN ECONOMIC MODEL UNDER
THE NEW UNCERTAINTY SCENARIO
• FINANCING SME IN THE BRAZILIAN
CONTEXT
• SEBRAE´S LEADING STRATEGY FOR
SUPPORTING MSE FINANCING:
REDUCING THE GAPS
THE BRAZILIAN
ECONOMIC MODEL
1. INFLATION TARGET
2. FISCAL RESPONSIBILITY
3. FLOATING EXCHANGE RATES
INFLATION (CPI)
12 months
18
17,24%
15
%
12
9
consenso
2008: 4,5%
6
Meta
4,5%
3
0
Jan
02
Jan
03
Fonte: IBGE, Bacen
Jan
04
Jan
05
Jan
06
Jan
07
Jan
08
Jan
09
PUBLIC SETOR DEBT/GDP
58
54
% PIB
50
46
42
38
Jan
02
Jul
40,6%
Jan
03
Jan
04
Jan
05
Jan
06
Jan
07
Jan
08
Fonte: BCB
FOREIGN EXCHANGE RESERVES
220
23 Set
206,1
US$ bilhões
165
110
abr
15,9
55
0
Jan
03
Jan
04
Jan
05
Jan
06
Jan
07
Set
08
Fonte: BCB
EXTERNAL VULNERABILITY
11
35
30
DEBT SERVICES/GDP
9
25
15
7
%
%
20
DEBT/GDP
5
10
5
3
0
-5
2000 2001 2002 2003 2004 2005
2006 2007
Ago
2008
1
Fonte: BCB
BRAZIL GDP GROWTH RATE
6,0%
6
AVG 99-03
1,9%
5
AVG 04-08
4,8%
%
4
3
2
1
0
-1
1T
99
1T
00
1T
01
1T
02
1T
03
1T
04
1T
05
1T
06
1T
07
Fonte: IBGE
2T
08
COMPARING REGIONS...
2006
2007
Estimated 2008 (oct/07)
estimated 2008 (atual)
estimated 2009 (atual)
6
5,1
5
3,9
%
4
3
2,9
2,8
1,2
2
0,8
1
0
EUA
Área Euro
Japão
Mundo
Fonte: FMI
CREDIT AS % OF THE GDP
140
120
% do PIB
100
80
60
40
37
20
0
Source: IMF
Summarizing
THE FAVORABLE IMPACTS
FOR MSME ...
1.ECONOMIC STABILITY
2.CREDIT EXPANSION
3.INEQUALITY REDUCTION
THE NEW SCENARIO
AND THE SME CONTEXT
BACKGROUND...
1. THE FINANCIAL CRISIS IS BASED ON THE LONG
PERIOD OF LOW INTEREST RATES IN THE U.S
2. SUBSTANCIAL INCREASE IN CREDIT AND REAL
ASSETS PRICES (SPECIALLY REAL STATE)
3. CREDIT EXPANSION WAS FOLLOWED BY
FINANCIAL INNOVATION THAT ALLOWED
LEVERAGE, WITHOUT PROPER SUPERVISION.
IMPACTS OVER THE BRAZILIAN ECONOMY
1. IN THE LAST FEW YEARS, BRASIL TOOK
ADVANTAGE OF THE FAVORABLE
SCENARIO TO INCREASE ITS CAPACITY
TO EXTERNAL SHOCKS.
2. ELIMINATION OF PUBLIC SECTOR
FOREIGN EXCHANGE INDEBTENESS HAS
INTERRUPTED AN OLD VICIOUS CICLE OF
EXTERNAL IMPACT CONTAMINATION
CHALLENGES FOR THE MODEL UNDER
UNCERTAINTY
1.
TO CONTINUE FOSTERING SUSTAINABLE ECONOMIC
GROWTH
2.
TO IMPLEMENT COUNTERCICLE CREDIT POLICIES
UNDER BANKING RISK AVERSION
3.
TO LOWER INTEREST RATES UNDER CURRENCY
APPRECIATION AND INFLATIONARY THREATEN
4.
TO DEEPEN ECONOMIC AND POLITICAL REFORMS
5.
TO SUSTAIN SOCIAL WELFARE EXPENDITURE FOR
LOWER GOVERNMENT REVENUES SCENARIO
WHY CREDIT IS SO HARD FOR
MSME IN DEVELOPING
COUNTRIES?
1. USUALLY FINANCIAL SECTOR IS THE MOST
REGULATED SECTOR
2. LOWER DEVELOPMENT STAGE MEANS
HIGHER ASSIMETRY AND LACK OF
INFORMATION.
3. FINANCIAL ACTIVITY STILL HIGHLY BASED
ON GUARANTEES INSTEAD OF BUSINESS
VIABILITY.
4. HIGH INCOME INEQUALITIES
5. LACK OF POLITICAL PRIORITY
IT GETS WORST FOR MSME….
•FINANCIAL TRANSACTIONS HIGH FIXED
COSTS FOR
•LACK OF GUARANTEES AND
DIFFICULTIES FOR RECOVERING
•NON RELIABLE ACCOUNTING DATA
•THE BUSINESS AND THE BUSINESSMAN
ARE THE SAME.
FINANCIAL MARKET AND THEIR TARGETS
LEGAL ADVANCES
• ALTERNATIVE DISTRIBUTION CANALS:
–BANKING CORRESPONDENTS
–CREDIT UNIONS
• ALTERNATIVE FINANCIAL PRODUCTS
AND SERVICES TO BUSINESS
SEGMENTS PREVIOUSLY NOT
ATTENDED.
SEBRAE´S STRATEGY FOR
SUPPORTING MSE FINANCING
SEBRAE IS NOT A FINANCIAL INSTITUTION !!!!
OUR MISSION IS:
TO INDUCE PROXIMITY BETWEEN FINANCIAL
SYSTEM AND SMALL BUSINESS TOWARDS
HIGHER CREDIT ACCESSMENT AND LOWER
FINANCIAL SERVICES COSTS
NEGOTIATION
GUARANTEES
INFORMATION
MICROFINANCE
INFORMATION
Micro
National
COSTS
SMALL BUSINESS
ACCESS
INFORMALS
HOW TO REDUCE INFORMATIONAL COSTS AND
CREDIT RISKS?
From the individual
analysis and to
business groups
INDIVIDUAL
FIRMS
COLLECTIVE
What are the advantagens of such
strategy for the MSE point of view?
Customized
products and
services
Better access
conditions
Closer relation with
the financial
institution
Collective demands
and commitement
What are the advantages of such
strategy for the Financial
Institution point of view?
Lower costs and
risks
Scale
Assimetry of
information
reduction
Learning process
PROGRAMS AND PROJECTS
• MICROFINANCE
– MICROCREDIT SUPPORT PROGRAM
– CREDIT UNIONS SUPPORT PROGRAM
• SPECIAL FUNDS AND PROJECTS
– CREDIT GUARANTEE PROGRAM
– VENTURE CAPITAL INVESTOR
• INFORMATION AND CLIENT ORIENTATION
FINAL CONSIDERATIONS...
WHY FINANCING IS SO CRITICAL
FOR BUILDING MSMEs
COMPETITIVENESS ?
• TO FOSTER INVESTMENT AND ECONOMIC
GROWTH, REDUCING INEQUALITIES
• TO STRENGHT CONSUMPTION AND LARGE
COMPANIES CHAIN VALUES.
• TO DEVELOP LOCAL AND SECTORIAL MSME
ARRANGEMENTS
• TO INDUCE INNOVATION
• TO PURSUE ECONOMIC STABILITY AMONG THE
BRAZILIAN FAMILIES PROMOTING SOCIAL PEACE.
Some remarks...
1. CREDIT IS NOT A PANACEA
2. TECHNICAL SUPPORT IS
DECISIVE FOR MSME
3. CONSISTENT PUBLIC POLICIES
4. PRIVATE AND 3RD SECTOR ARE
ALSO IMPORTANT PLAYERS IN
FINANCING MSME.
WWW.UASF.SEBRAE.COM.BR
ALEXANDRE GUERRA DE ARAUJO
[email protected]