Born in the midst of the pandemic with the aim of helping small entrepreneurs face the financial consequences of the lockdown , and also playing a key role in supporting those affected by the floods in Rio Grande do Sul in 2024, the Estímulo impact fund closed 2025 with more than R$ 400 million in loans and plans to expand its reach in 2026.
The goal is to expand its operations in the Northern regions, in areas affected by climate emergencies, and also among women entrepreneurs, seeking to reach audiences and territories where it believes it will have a significant impact on improving conditions.
With two existing funds, Estímulo is preparing a specific fund for the Amazon region, which until now has been served by the Brazil Fund. The idea for this fund is to raise resources from development banks, which is expected to make the process more time-consuming due to the necessary approvals.
“Our first two funds were raised during times of emergency, when a lot of capital donated by families and businesses arrived quickly,” Lucas Conrado, CEO of Estímulo, told NeoFeed .
“This third vehicle arrives more structured, with our expertise, but it takes time to raise capital. So, 2026 will be for structuring this model, mainly focusing on development banks,” he adds.
Created in 2020 with the support of business figures such as Abílio Diniz , Luciano Huck, and Ticiana Rolim Queiroz, Estímulo aims to increase the volume of loan origination by 23% by the end of the year, but in a selective manner.
“We are thinking about how to look at our AuM [assets under management], not in terms of increasing it too much, but in terms of origination, so that it is more qualified, lending to those who and where we are critical to entrepreneurs,” says Conrado.
The projected increase for 2026 represents lending an additional R$ 94 million to micro and small entrepreneurs. According to Conrado, the expected growth for this year is anchored in the increased capital of the two funds, both FIDCs – the Fundo Brasil, launched during the pandemic and currently managing R$ 88 million in assets, and the Retomada, created to operate in Rio Grande do Sul , with assets under management of approximately R$ 56 million.
He revealed that the expectation is to raise R$ 20 million for the Retomada fund, without specifying the amount for the Fundo Brasil, in a blended finance model, combining private and philanthropic resources. In August of last year, a partnership was announced with Sebrae, which, through the Guarantee Fund for Micro and Small Enterprises (Fampe), allocated R$ 6 million to guarantee operations of the Fundo Brasil.
Conrado points out that the election period may make it difficult to raise funds, but believes that the credit model developed in recent years, which allows for more precise selection of entrepreneurs, may help in negotiations.
Over the past five years, Estímulo has offered accessible credit to more than 6,100 small entrepreneurs, 92% of whom are in low-income areas, in addition to training in financial management and marketing, all digitally.
The operations have an average ticket size of R$ 66,000, with conditions that vary according to the fund – in Brazil, interest rates starting at 1.99% per month, a two-month grace period, and installments in up to 24 payments; in the Retomada fund, interest rates starting at 0.99% per month, reduced installments for six months, and installments in up to 36 payments.
Data from the Estímulo transparency report indicates that, in the first quarter of 2025, the portfolio's profitability reached 17%, with interest income of 24%. The historical default rate is 10.98%. The senior tranche of the Brazil Fund yields 105% of the CDI (Brazilian interbank deposit rate), with a term of three years.
