SP Government announces credit of R$ 4 billion for financing of vehicles

The governor of Sao Paulo, Jose Serra, has announced last Nov. 11th a R$ 4 billion credit line sponsor for 15 different car companies banks. This money is coming from the State Bank Nossa Caixa and is now available and the institutions may grant credit to people interested in buying vehicles across the country. It comes as a help for the credit line of equal value relief last week by Banco do Brazil. Institutions that decide take this credit will have 18 months to return the value. Funding will be taken directly by banks through deposits. The agreement aims to put money in the market and facilitate the purchase of vehicles to ensure the continued production and the equivalent level of employment. The president of Anfavea (National Association of Automobiles Manufacturers), Jackson Schneider, celebrated the decision. He says there was "rapid response" of the federal government, through the Banco do Brasil and Caixa Economica Federal, and now the State Government, through Nossa Caixa.
"We sell almost 70% through the credit. The credit moves our market and our labor force", he said.

Source: G1

Agreement was signed at the Bandeirantes Palace (Photo: Milton Micha)