Fundo Constitucional de Financiamento do Norte (FNO): um estudo sobre a eficácia dos financiamentos empresariais na cidade de Porto Velho–RO

Abstract

The general objective of this research was to analyze whether the financing carried out by companies in Porto Velho-RO, with the resources of the Northern Constitutional Fund (FNO), managed by Banco da Amazônia (BASA), were effective and produced positive results as leverage financial impact on your billings and profits. The effectiveness of financing is measured by the indicator called financial leverage, which can measure the degree of effectiveness of financing, in companies that raise funds from third parties and invest in their operating activities. The methodology adopted in this research included a multi-case study applied in three companies, which took resources as FNO financing, located in the city of Porto Velho, Rondônia (RO). Company 1 belongs to the branch of activity focused on the sale of packaging and party items; Company 2 is in the wholesale, marketing and distribution of horticultural products; and Company 3 is in the hotel services business. As research techniques, semi-structured interviews, document analysis and on-site observations were used. As a main result, it is highlighted that the effectiveness of the financing was attested by means of percentage increases of 20% (Company 1), 8% (Company 2) and 12% (Company 3), in the billings, according to reports described by the interviewees of the companies participating in the research and documentary observations. Company 1, for example, although there was a 29% reduction in the indicator considering the beginning and end of the measures, it presented positive percentages of the Degree of Financial Leverage (GAF), starting in 2014 with R$ 1.52 and ending in 2018 with R$ 1.08. However, companies highlighted some obstacles to obtaining financing, among which stand out bureaucratic obstacles and banking conditions required for access to FNO financing. At the end of the research, it was possible to infer that the research reports, combined with the documentary and on-the-spot observations made, revealed the effectiveness in the reflexes produced by the financing, in particular, in increasing revenue. As a suggestion to the companies that participated in the research, and to others that want to know if their financing is, in fact, producing financial leverage or not, it is recommended to use the GAF indicator to monitor effectiveness.