Brazil Offers Zero Interest Loan, But Red Tape Makes It Hard to Get Money.

Brazil’s Ministry of Cities has US$ 154 million in this year’s budget to offer in the form of a line of housing credit for projects that qualify for the Solidary Credit Program, created to serve segments of the low-income population organized in cooperatives and associations.

The ministry’s projects manager, César Ramos, informed that the interest-free loans will mainly be approved for the country’s North and Northeast regions, where the housing deficit is greatest.

"Nearly 35% of the country’s housing deficit, for example, is concentrated in the Northeast. It is important for resources to be invested in the Northeast in the same proportion," Ramos explains.

He points out that the loans can be used for housing construction, property legalization, or the purchase of construction materials. "The line of credit is intended for individuals who earn up to three minimum wages (US$ 397)."

The Solidary Credit Program is meant solely for individuals organized in associations, cooperatives, or other non-profit groups, even though the loans are personal

The Ministry of Cites plans to hold various regional training seminars to expedite the formulation of projects. Last year most of the money was not used because people were not able to create the projects they were supposed to.

Agência Brasil

Tags:

  • Show Comments (2)

  • Bad Credit Loan

    Agree
    I simply have to agree with the previous poster. The Brazilian government isn’t know to be all that transparent and as such any money made free will probably never see itself to the general public, rather to the ultra rich people that control the government and the industries.

    [url]http://www.creditrelease.com[/url]

  • Guest

    Red tape ? Red tape ?
    Is there red tape in Brazil ?

    Smile…

    No doubt that money flows much faster into the hands of corrupted politicians and civil servants, than money “SUPPOSED” to go for housing credits for the low income population.

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

US Deere Opens New Factory in Brazil

Deere & Company from Moline, Illinois, said October 13 that it will build a ...

Brazil Can’t Make Its Mind on Transgenics

Marina Silva, Brazilian Minister of Environment is calling for a definitive ruling on transgenetic ...

Brazilians Trying to Make Sense of the Mercosur

The Mercosur (Southern Cone Common Market) will be discussed on a series of seminars, ...

Dilma, Marina, Heloí­sa, 3 Women Who Wish to Be Brazil’s Next President

Brazil's southeastern state of São Paulo governor José Serra and main reference of the ...

Brazilian Bank Lends US$ 265 Million for Sugarcane Plastic

Brazilian petrochemical company Braskem will receive financing of 555.6 million Brazilian reais (US$ 265 ...

European Painters Worth US$ 50 Million Stolen During Brazil’s Carnaval

A spectacular robbery of art works by Picasso, Matisse, Monet and Dali marred the ...

Activist Bishop Dom Luciano Honored by Brazilian Congress

Dom Luciano Mendes de Almeida received tribute this past May 17 in BrasÀ­lia, the ...

A Friendly Advice to Brazil’s Kaká: Keep Jesus off the Soccer Field

There has been a curious religious phenomenon in Brazilian football in the last decade ...

Brazil’s Industry Output Is Up 3.2% Thanks to Exports

Brazilian industrial production increased in 12 of the 14 areas included in the Regional ...

World’s Top Chicken Exporter Brazil Prepares War on Bird Flu

Although Brazil still has not had a single case of bird flu, the country ...