Garantia por carteira: proposta de modelo adaptado para os fundos garantidores no Brasil

Abstract

The guarantee funds have been used in Brazil to offer complementary guarantees for the financing of MSMEs, contributing to credit access improvement. Operational aspects of these funds have proved to be costly both to its managers and to the banks that originate the financing, especially due to requirements like follow-up of each operations defaulted and imposed minimum recovery procedures. This theoretical article suggests an alternative model structured by portfolio, using a more precise and structural distinction between individual guarantees and portfolio guarantees, aiming to reduce the work required of originators and improve credit recovery, however keeping the necessary controls to assure fund sustainability. As final remarks, some actions to achieve safe implementation of the suggested model, are discussed, considering the current Brazilian institutional environment, characterized by low confidence and ampliation of control processes and effectiveness evaluation over public entities, that manage guarantee funds in Brazil.