Presidential candidate Flávio Bolsonaro (PL) has proposed using state lender Caixa Econômica Federal to carry out a broad debt renegotiation program aimed at low-income households and micro and small businesses. The measure is part of the campaign's strategy in the second round to reach working-class voters and local business owners burdened by high borrowing costs.

The plan is coordinated by Daniella Marques, who previously headed Caixa and now leads Flávio's economic advisory team. The proposal seeks to use the public bank's branch network to offer discounted interest rates on overdue balances, extended loan maturities, and debt consolidation packages designed to free up working capital for small merchants and service providers.

Commercial liquidity squeeze

The debt burden weighs on both ends of Brazil's retail supply chain. Figures from credit bureau Serasa Experian for 2026 show that over 72 million individuals and approximately 6.5 million small businesses hold overdue debts. When end consumers fall behind on retail credit and utility bills, small merchants suffer immediate cash flow losses, hindering their ability to pay wholesale suppliers and pushing them into high-interest overdraft lines.

According to Flávio's economic team, deploying Caixa as a restructuring vehicle is intended to remove credit registry blocks, allowing small enterprises to regain access to commercial bank facilities. The campaign plans to scale up debt settlement models previously tested at the state bank, targeting lower debt refinancing costs without requiring direct fiscal subsidies from the federal budget.

For manufacturers and wholesale distributors, clearing delinquent retail accounts stabilizes receivables and lowers counterparty risk across the supply chain. For low-income consumers, reduced debt payments restore disposable income for daily purchases of food and basic services, although the real impact will depend on the final interest rates and repayment windows offered by Caixa.