en.Wedoany.com Reported - GCB Management Company, using CVM Resolution 88, has accumulated BRL 100 million in structured Agribusiness Receivables Certificates (CRA) operations for medium-sized rural producers over seven months, with financing covering debt restructuring, irrigation investments, and agricultural expansion.
CVM Resolution 88 allows for smaller-scale, lower-cost, and less bureaucratic issuances compared to CVM Resolution 160, opening space for medium-sized enterprises to access the capital market. GCB's agricultural progress comes at a time of restricted rural credit, which the company attributes to two strategies: referrals among producers and face-to-face meetings between fundraisers and investors.
A recent case is the BRL 20 million CRA issued for producer Wolney Wagner de Siqueira of Canaã Farm in Goiás State. The farm has a total area of just over 1,000 hectares, of which 800 hectares are arable, planted with soybeans, corn, and tomatoes. Funds will be used for liability restructuring and installing new center pivot irrigation systems to address the increasing irregularity of rainfall in the region in recent years. Victor Moura, DCM Director at GCB, stated that during the transaction, the GCB team visited the farm to discuss agricultural operations and investment plans with the producer. During the meeting, Siqueira also arranged a face-to-face meeting between the management company's executives and the company responsible for installing the irrigation equipment to discuss the installation schedule and payment process.
Moura noted that trust is built gradually and that on-site visits are crucial. Although Canaã Farm is one of the smallest farms financed by the management company in terms of area, its low leverage and relatively high existing irrigation levels drew attention. Irrigation improves production stability, reduces climate dependence, and enhances collateral quality. The CRA Fazenda Canaã has a 48-month term, with an expected yield of CDI + 5% per annum, semi-annual interest payments, and annual principal repayments.
Since December, GCB has conducted a series of issuances, including financing for producers and agricultural groups in Bahia, Maranhão, Pará, and São Paulo states. In 2025, GCB structured a BRL 11 million CRA for Sojal, a BRL 2.7 million CRA for Rio Bonito, and a BRL 30 million CRA for Avanço Agrícola. Two CRAs in 2026 stand out: one of BRL 30.5 million for the Rizzi Group and another of BRL 15 million for Lazarotto Agro. Moura stated that a significant portion of current demand is related to liability restructuring, with 70% to 80% of transactions including a debt restructuring component. Of the BRL 100 million in structured transactions, approximately BRL 60 million has already been effectively paid, with the remainder contingent on the completion of contractual phases. The management company plans to achieve BRL 1 billion in structured transactions over the next two years, including BRL 500 million in CRAs and an equal amount in CRIs (Real Estate Receivables Certificates).
On the investor side, demand is shared between GCB's own funds and individual investors. Institutional investors are attracted to transactions backed by agricultural entity assets. As initial transactions return funds to investors on schedule, the risk perception of individual investors is beginning to change. The management company is already structuring two to three additional CRAs, expected to be launched in the coming months, and is preparing to develop a new credit segment for livestock farming. Founded in 2009 by Gustavo Blasco, GCB is an investment firm focused on private credit, having accumulated BRL 3 billion in credit provided and approximately BRL 2.5 billion in assets under custody.
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