Context and Processing

President Luiz Inácio Lula da Silva recently sanctioned Bill No. 847/2025, transforming it into the Law 15.184/2025. This law, initiated by the Senate (proposed by Senator Jaques Wagner, PT/BA), was approved without modifications by the Chamber of Deputies in July and sanctioned sin vetoes in early August.

What changes with the new law?

Law 15,184/2025 amends Law No. 11,540/2007 (FNDCT law) to improve the allocation of resources from the National Fund for Scientific and Technological Development (FNDCT). In practical terms, the change allows the use of the accumulated financial surplus of the FNDCT, the surplus resources from previous years, for the granting of repayable loans through FINEP. Previously, legislation and fiscal rules imposed a limit: a maximum of 50% of the resources allocated annually to the FNDCT could be used for credit operations (financing to companies), reserving the remainder for non-repayable investments (such as scholarships, grants, and public notices). This annual limit remains in effect for each year's current budget; however, the new law authorizes that surplus amounts from previous years, which were left unused, now be directed towards reimbursable financing of innovation projects. It is important to highlight that this authorization valid until 2028, In other words, it is a temporary measure, indicating that until then the government intends to leverage these pent-up resources in favor of innovation, revisiting the policy after this period.

In short, the law unlocks previously idle FNDCT resources, making it possible to significantly expand long-term credit lines for research, development and technological innovation in companies, without negatively impacting public accounts. Since these are loans that will be repaid in the future and use money already available in the fund, there is no increase in the primary fiscal deficit. On the contrary, this initiative is expected to generate financial returns for the FNDCT itself in the long term, strengthening the fund for new investments in the future.

Impacts and benefits for innovative companies

For innovative companies, especially those focused on technological development, the sanction of this law is a excellent news. In practice, it is estimated that about R$ 22 billion in additional resources from the FNDCT they will now be able to irrigate financing via Finep. This represents a significant increase in the supply of credit. public focused on innovation, which can benefit companies of all sizes

shipping – startups, small and medium-sized technology-based companies, to large industrial companies with R&D projects. Some key impacts and opportunities include:

• More financing lines available: With billions more available, Finep will expand programs and launch credit calls for innovative projects. There will be greater availability of loans with attractive terms (long terms, grace periods, possibly subsidized interest) to support research initiatives, new product development, adoption of advanced technologies, and other innovative improvements in companies.

• Encouraging innovation in all regions: One of the government's stated goals is to bring science to the interior of Brazil and promote innovation throughout the country. The increased credit sponsored by FINEP will support projects in various states and sectors, including those aligned with the strategic missions of "New Industry Brazil," a reindustrialization program focused on sustainable technologies, energy transition, digitalization, healthcare, defense, and other areas. For companies, this means financing opportunities aligned with priority public policies, leveraging investments that also serve these strategic goals.

• Strengthening partnerships and the innovation ecosystem: With more resources, collaboration between companies, universities, and research institutes is expected to be stimulated. Projects that might previously have been postponed due to lack of funding are now likely to come to fruition. This also favors the hiring of qualified researchers (masters and PhD holders) by companies to carry out funded R&D projects, a benefit both for corporate innovation and for the creation of highly skilled jobs.

• Competitiveness and market gain: From the CFO's perspective, increasing investments in innovation with the support of low-cost credit can improve a company's competitiveness in the medium and long term. Innovative products, more efficient processes, and new technologies developed with FINEP support can result in increased future revenue and reduced operating costs, justified by affordable financing. In high-tech sectors, this financial support reduces the risk inherent in innovation and facilitates decision-making to invest in bold projects that provide a competitive edge.

In short, innovative companies now have a much larger volume of capital financeable for your projects. This reduces dependence on

own cash or commercial bank credit (which typically has higher interest rates and shorter terms) for innovation, research, and development initiatives. For the CFO, this measure offers an interesting funding alternative with a potentially positive impact on the capital structure and return on investment in innovation.

Additional resources for Finep: how much, how and when?

A crucial question is how and When will these extra FNDCT resources actually reach companies via Finep?. Now that the law has been passed, there is no longer any legal barrier – which means that the government, through the MCTI and the Ministry of Finance, can open supplementary or special budget credits that will formally allocate the fund's surplus to new financing operations. In other words, Finep will be able to gradually increase its credit budget, using "surpluses" from previous years according to the demand for financing and the project execution capacity.

It is estimated that the amount is around R$ 20 to 22 billion available. However, it's unlikely that all of this money will be released at once. The most likely scenario is a phased implementation: part of the funds will be authorized in 2025 for already structured programs or projects ready for contracting, and the remainder will be distributed over the following years until 2028. This controlled distribution makes sense to ensure sound fiscal management and effective application; after all, projects need to be analyzed and monitored by FINEP, which requires time and planning.

O timing exact date will depend on government decisions. The expectation, expressed by MCTI authorities, is start the release process immediately after the sanctionAs this issue is a priority for the country's reindustrialization and innovation agenda, it is plausible that Finep will announce new credit lines or strengthen existing ones in the coming months (for example, programs targeting strategic sectors such as clean energy, electric mobility, digital transformation, agritech, healthcare, among others). Interested companies should pay attention to official Finep announcements and financing notices that may be released.

In terms of form of arrival of resources, it should be emphasized that this is not an injection of funds from the National Treasury, but rather the use of funds already belonging to the FNDCT. In other words, the fund's cash flow already has this money available, accumulated from previous years (from various legal sources, such as a portion of oil royalties, contributions from energy and telecom companies, etc.). What the law did was authorize Finep to move this dammed money in the form of loans. Therefore, from a flow perspective, Finep will be able to approve financing based on this new legal limit and, according to the

contracts are signed, resources will be released from the fund to the contracting companies.

Final considerations

For the financial directors of innovative companies, the sanction of Law 15.184/2025 represents a positive milestone in innovation financing in Brazil. In addition to demonstrating the federal government's commitment to advancing science and technology (even in the face of fiscal constraints), the measure opens up concrete opportunities for the private sector to invest in innovation with public support. CFOs and managers should evaluate their innovation project portfolios in light of this new credit availability: projects that were previously unfeasible or postponed due to lack of resources can now become reality with FINEP's support.

Naturally, there will continue to be criteria and merit analysis for financing approval; Finep usually requires sound business plans, the company's technical and financial capacity, and adherence to strategic areas. Therefore, preparation and planning are essential. A good way forward is to begin mapping the company's innovative projects that fit into national ST&I priorities and could be presented for financial support.

In conclusion, the release of R$22 billion in credit for innovation by 2028 tends to strengthen the Brazilian innovation ecosystem, stimulating applied research and industrial competitiveness. Companies that successfully leverage this momentum by integrating public funding into their innovation strategy will be able to gain market advantage, sharing risks with the government, and reaping the rewards in the form of new products, more efficient processes, and sustainable growth. For the CFO, it's about balancing boldness and prudence: leveraging this available capital strategically, aiming to position the company at the forefront of innovation, but with financial responsibility and a focus on long-term results. Thus, the enactment of Bill 847/2025 is not just a normative act—it is an invitation for companies and the government to work together to build a more innovative and prosperous future.