Brazil’s National Bank for Economic and Social Development (BNDES) said it will provide an additional BRL10bn ($1.85bn) in credit to companies hit by the 50% tariff imposed by the United States on Brazilian exports, Xinhua reported.

The move complements the federal government’s “Sovereign Brazil” plan, which includes BRL40bn ($7.4bn) in loans.

Of this, BRL30bn ($5.55bn) comes from the Export Guarantee Fund (FGE) and BRL10bn from BNDES itself, the bank said in a statement.

“The funds will finance working capital and investments for the adaptation of productive activities, the acquisition of machinery and equipment, and the search for new markets,” BNDES added.

The plan provides BRL30bn in credit for firms that suffered a loss of export capacity and revenue of more than 5%. In addition, BRL22.5bn ($4.17bn) will be allocated in guarantees for micro, small and medium-sized enterprises.

Access to the financing requires maintaining employment levels, calculated from official records before and after the loan, with a four-month grace period.

BNDES President Aloizio Mercadante compared the US tariffs’ effects with past crises. “The difference is that now the impact is distributed throughout the country and represents a significant loss of income, especially among exporters to the United States,” he said.

According to the Ministry of Finance, the tariffs cover 694 Brazilian products, equivalent to 44% of export value in 2024.