The basic interest rate in Brazil, which was 10.50% in September 2024, rose to 15.0% by June 2025, before retreating to 14.75% in the same month, remaining at that level until the end of the period. This movement directly impacted the supply and dynamics of private credit throughout the year.
Meanwhile, the real growth of new loans suffered a significant slowdown, falling from 15.4% in 2024 to 9.2% in 2025. The total volume of new financing to companies in the country reached R$ 4.3 trillion, representing a 7.0% increase compared to 2024. In this scenario, the expansion of bank credit to the business sector dropped from 17.6% to 9.5% over one year.
In the fourth quarter of 2025, the growth rate of bank credit to companies was 5.5% compared to the same period of the previous year, reflecting a more subdued trend in lending. Free credit, a modality without specific purpose, grew only 7.3% in the year, well below the 18.1% increase recorded in 2024, while directed credit, with funds linked to specific programs, grew 9.4% against 9.0% in the previous year.
On the other hand, the share of directed credit in the total allocated to companies rose from 12.7% in 2024 to 34.1% in 2025, showing greater reliance on this type of financing. However, interest rates showed significant increases: free credit for companies rose from 21.7% per year in December 2024 to 25.2% at the beginning of 2025. Meanwhile, interest on directed credit went from 7.0% to 7.6% in the same period.
Overall, the corporate capital market also showed important changes. Between 2015 and 2025, the stock of private securities issued by companies advanced from 22.5% to 100.3% of business bank credit. However, new securities issuances fell by 0.75% in 2025 compared to 2024, despite the issuance of receivables certificates more than tripling in the period.
Thus, direct debt securities issuances recorded a decline in the year, after considerable growth in 2024. The conclusion of the process still depends on analyzing the impact of these movements on corporate financing over the coming months, especially considering variations in interest rates and the availability of credit in the market.
Factors That Influenced Corporate Financing in 2025
The Institute for Studies on Industrial Development (Iedi) released a study showing how the increase in the Selic rate in 2025 raised the cost of credit for companies and families, contributing to the shrinkage of the financing market. This interest rate hike made access to loans more difficult, especially for small companies that faced greater credit restrictions.
In addition, the increase in trade tariffs implemented by the Trump administration during the same period negatively impacted global economic expectations, creating a less favorable environment for investments and productive activity. This situation weakened the demand for new financing in Brazil, directly reflecting in lower credit demand.
There was also a growth in default rates, which was more pronounced among families and smaller companies. Household indebtedness reached historically high levels, putting pressure on consumption and consequently affecting the dynamics of personal and commercial credit. As a result, free credit supply registered a marginal growth of only 1.0% in the last quarter of 2025.
In the corporate scenario, directed credit accounted for a small share, representing only 8% of total new financing. Specifically in the banking segment, this share was 9.92%. On the other hand, large companies preferred to seek resources in the capital market in order to reduce costs compared to bank loans, in a move that reflected the search for more competitive financial alternatives.
Overall, the combination of high interest rates, increased trade tariffs, and worsening internal and external economic conditions limited the growth of corporate credit in 2025. The slowdown in lending, especially in the free credit line, shows that the financial environment became more restrictive, affecting the investment and expansion capacity of companies in the country.
