The increase in the tax on financial operations (IOF) aggravated the scenario of access to credit to the middle producer in Brazil, which already faces high costs due to the Selic rate and the lack of financing alternatives.
The warning was made on Thursday (29) during the 2nd Brazilian Congress of Capital Market Law, in Rio de Janeiro, by experts such as Fabricio Almeida, legal director of XP, and Renato Bunello, a lawyer specializing in financial market and agribusiness.
According to Almeida, the small producer can still access subsidized lines, while the large producer, with greater planning and guarantees, resorts to, or even structure operations with. The midfielder, which represents a relevant slice of national agricultural production, is trapped.
“With Selic at 14.75%, the cost was already prohibitive. Now, with the IOF of 3.95% about two -year loan operations, the credit became even more expensive,” said Almeida. “And he is not an investor overnight. For this producer profile, the market is still a distant path,” added Buranello.
Credit still concentrated
Experts explained that, even with agribusiness, access to these instruments requires legal structuring, governance capacity and scale – attributes that the midfielder producer often does not have.
“It is a market that requires preparation and relationship. Without technical assistance and minimal structure, it is difficult to structure an emission or even understand how to enter this ecosystem,” said Buranello.
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CVM: Agro is a “tractor” of the capital market
Present at the same event, the chairman of the Securities Commission (CVM), João Pedro Nascimento, recognized the challenges and reinforced the importance of agribusiness in the capital market. According to him, the sector represents about 25% of GDP, but only 3.5% of the moved volume in the regulated market – a sign that there is huge space for growth.
“Agro is a tractor. We planted the seeds, fertilized the way and now we started to reap,” said Nascimento. He also mentioned that the volume of agro emissions has grown 354% in the last two years, but that there are still structural obstacles, especially for medium producers.
Possible Paths
Experts have advocated the strengthening of simplified securitization mechanisms, stimulating collective credit structures and the use of Fiagro as an access tool for those who are still outside the formal market.
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“The solution is not only financial, it is institutional. It is necessary to foster associations, cooperatives, create bridges between market and producer,” concluded Buunello.
