Brazil cuts interest rates on small business loans
Sao Paulo: Brazilian President Dilma Rousseff has announced here a reduction in the interest rate on public loans for owners of small businesses from 8.0 percent to 5.0 percent.
"The question of small businesses is indispensable for the country's future and present," said Rousseff during the ceremony installing the new board of directors of the Sao Paulo state Federation of Trade Associations.
The change in the government lending program is scheduled to take effect in late May.
Rousseff emphasized "the short amount of time" it required to mobilize the several sectors that achieved the reduction.
"The government has an unquestionable commitment to small businesses," the president emphasized in commenting upon the 3 million businessmen registered in the Individual Microentrepreneur program.