Brazilian Government releases BRL 381 million to aid small entrepreneurs in Tourist Industry

BRASILIA, Brazil - March 20, 2020 - PRLog -- Brazil's Ministry of Tourism (MTur) will provide financing at lower interest rates and a longer grace period to micro, small and medium-sized companies through its General Tourism Fund (Fungetur). The capital interest will be reduced from 7% to 5% per year, and the grace period for the payment of installments will go from 6 months to 1 year.

The announcement comes in reaction to the impact of the coronavirus on the Brazilian travel industry. Currently, Fungetur has BRL 381 million available for loans. The Fund's financing has a limit of BRL 10 million per request and will be granted through 17 accredited financial institutions.

The Brazilian Federal Government announced the release of BRL 15 billion for informal workers during the coronavirus crisis. Around BRL 200 per month will be granted over the next 90 days. To receive this benefit, workers need to enroll in CadÚnico (Single Registry for Social Programs). Senator Eliziane Gama intends to present a bill to create a temporary program to assist informal workers in situations of public calamity.

The Government also instituted a "Crisis Committee for Supervision and Monitoring" to implement strategies against the spread of COVID-19 (http://www.turismo.gov.br/%C3%BAltimas-not%C3%ADcias/1340...) in the country. The committee is made up of 20 ministers of state and representatives of bodies such as the Attorney General's Office, the Central Bank, Banco do Brasil, BNDES and Caixa Econômica Federal, will organize governmental actions to combat the spread of the disease.

Led by the Chief Minister of the Civil House of the Presidency of the Republic, Walter Braga Netto, the group will act in a coordinated way with the Interministerial Executive Group on Public Health Emergency of National and International Importance. The Ministry of Tourism, Marcelo Álvaro Antônio, a member of the new committee, stresses the importance of joining efforts to minimize the impacts of the disease.