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Brazil government to offer 9B reais in credit to SMEs

The Brazilian government will lend 9 billion Brazilian reais to small and mid-sized enterprises to drive job creation and economic growth in the recession-struck country, according to an Oct. 4 statement.

The move is part of a series of measures planned by the government for SMEs, which are deemed "the national champions of employment," per the statement. Other measures include the reduction of bureaucracy, training and consultancy.

In October, the government will hold a weeklong event in which seven financial institutions will offer 8 billion reais in new loans and 1 billion reais of financing for debt negotiations.

The offering institutions include Caixa Econômica Federal, Banco do Brasil SA, Banco Santander (Brasil) SA, Itaú Unibanco Holding SA, Banco Bradesco SA, Banco do Nordeste do Brasil SA and Banco da Amazônia SA.

As of Oct. 4, US$1 was equivalent to 3.13 Brazilian reais.