Financial Pressures These have been a growing challenge for Brazilian companies, especially in a scenario marked by high interest rates and restricted access to credit.

In 2025, requests for judicial reorganization reached alarming numbers, reflecting the growing indebtedness among companies.

This article explores the causes and consequences of this phenomenon, analyzing the impact of the Selic rate and the challenges faced by small businesses, as well as highlighting the sectors most affected and possible solutions to improve the financial situation of companies in Brazil.

Financial Pressures on Brazilian Companies in 2025

In 2025, Brazilian companies will face a challenging scenario due to... high interest, restricted credit e growing debt.

With the Selic rate stagnant at 15% per year, organizations that leveraged themselves during periods of low interest rates are now facing difficulties in honoring their debts.

This situation resulted in a significant increase in requests for judicial reorganization, reaching a record 2.466 companies, as reported by Serasa Experian.

Furthermore, around 8 million CNPJs (Brazilian business tax IDs) are in default in Brazil, signaling a worrying scenario for the business sector.

In this context, the increase in indebtedness is noteworthy., increasing from R$1,4 trillion in 2020 to R$2,3 trillion in 2025. Companies need to deal not only with the burden of debt, but also with the difficulty of accessing financing, especially for small and medium-sized enterprises.

Credit restrictions are preventing the renewal of working capital, severely impacting the ability to maintain operations.

While the agricultural sector leads in bankruptcy filings, followed by retail and services, the challenge of maintaining financial sustainability affects all segments.

This reinforces the importance of improvements in corporate governance as a way to facilitate access to capital markets and mitigate the economic difficulties faced in the current scenario.

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Impact of a Stagnant Selic Rate

A high Selic rateThe interest rate, set at 15% per year, exerts significant pressure on the cash flow of Brazilian companies, especially those that leveraged themselves during periods of lower interest rates.

This scenario challenges the payment capacity The increasing debt and rising cost of working capital become an almost insurmountable obstacle.

With the cost of credit rising, many companies are finding it difficult to meet their financial obligations.

The agricultural sector, for example, was one of the hardest hit, with mass requests for judicial reorganization.

It financial leverageWhat once seemed like a viable strategy is now proving to be a heavy burden.

Access to credit also becomes more restricted, further hindering the economic stabilization of these companies.

This situation is exacerbated by the inability of small and medium-sized enterprises to maintain operations without jeopardizing their assets.

The prospects for change only emerge with the expected gradual reduction of the Selic rate, which may eventually facilitate financial relief, even if the effects are felt in the medium term.

According to the Central Bank of BrazilThe Selic rate is expected to remain high for quite some time, aiming to control inflation above the target, which prolongs this challenging scenario.

Record number of requests for judicial reorganization in 2025.

In 2025, Brazil reached a record of 2.466 companies requesting judicial reorganization, according to data from Serasa Experian.

This significant number reflects a challenging economic scenario, marked by high interest rates and restricted access to credit.

Among the sectors most affected are:

• agricultural
• Retail
• Services

The weakened fiscal situation contributed to the increase in the number of bankruptcy filings, especially after a prolonged period of stagnant Selic interest rates. 15% per year.

According to experts, the corporate governance of small and medium-sized enterprises needs significant improvements to facilitate access to capital markets during times of financial crisis.

An example of this scenario can be seen in the agricultural sector, which led the requests with 743 companies Seeking financial reorganization.

An expert comments:

"The surge in the number of bankruptcy filings reflects deep distortions in Brazil's corporate financing structure."

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Even with a recent cut in the Selic rate, the positive results may take time to significantly impact corporate finances and reduce indebtedness.

The challenges faced must be addressed with solid management strategies and constant innovation.

Growing Debt of Listed Companies

Between 2020 and 2025, the 248 listed Brazilian companies faced a significant increase in corporate debt, increasing from R$1,4 trillion to a staggering R$2,3 trillion.

This remarkable growth is mainly due to the rise in interest rates, which had been stagnant at 15% per year, significantly pressuring companies' cash flow.

This phenomenon has led to additional difficulties for companies that leveraged themselves during times of lower capital costs.

Furthermore, credit restrictions have intensified these difficulties, notably affecting small and medium-sized enterprises, which have faced obstacles in accessing capital markets and carrying out their operations. rolling over your debts.

Simultaneously, the global economic landscape and exchange rate volatility have amplified the challenges.

According to data from the Serasa ExperianDefault rates have reached record levels.

This underscores the urgency of improving corporate governance, promoting greater efficiency and financial resilience.

The following table illustrates the staggering growth of the debt:

Vintage	Debt Value
2020	R $ 1,4 tri
2025	R $ 2,3 tri

Challenges in Accessing Credit for Small Businesses

The economic scenario for Brazil in 2025 puts Small business facing significant challenges related to limited access to credit due to high interest rates.

With the Selic rate at 15%, the cost of credit has increased, compromising these companies' ability to obtain essential working capital for their daily operations.

Companies that leveraged themselves during periods of low interest rates now find themselves in a delicate situation..

Difficulties in meeting commitments create a cycle of default that intensifies the crisis.

The need to resort to judicial recoveryWhile often an unavoidable alternative, this ultimately jeopardizes business continuity, as maintaining operations without credit becomes an immense challenge.

Amid this scenario, the vulnerability of small businesses is exacerbated by bureaucracy and the cost associated with obtaining loans.

As mentioned in a report According to Moody's, "originations of riskier loans will decrease in 2025," making access to credit even more difficult.

"The perfect storm: high interest rates, restricted credit, and increased debt"—that's how the current environment can be defined.

Support organizations such as SEBRAE They are crucial in helping SMEs navigate these turbulent waters.

Improvement in Corporate Governance and Access to Capital Markets

The improvement in corporate governance It presents itself as an effective solution for the SMEs Brazilian women seeking access to capital market.

Implementing sound governance practices not only leads to more efficient internal management, but also attracts demanding investors. transparency and professionalism.

By improving governance, companies are able to offer clearer and more reliable data about their operations and finances. *“Investors seek transparency”* is an undeniable truth in this scenario, as they have more confidence in companies that follow rigorous governance standards.

For SMEs, this transparency can open significant doors, since access to capital markets offers a viable and less expensive alternative to traditional bank credit.

This allows companies to raise the necessary funds without the high costs associated with debt.

As pointed out by experts, the Transformation of SMEs through the capital market. It not only diversifies funding sources but also strengthens market positions, enabling sustainable long-term growth, even during times of crisis.

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Perspectives and Effects of the Selic Rate Cut

Selic rate cut 2025 brings positive expectations for the financial recovery of Brazilian companies, but the path will not be immediate.

With interest rates stuck at 15% per year until then, many companies faced difficulties, exacerbated by restricted credit and a growing level of indebtedness.

The agricultural sector, closely followed by retail and services, led the requests for judicial reorganization, with a record number observed in... 2025.

Lowering interest rates is seen as a vital measure to alleviate pressure on companies' cash flow.

However, experts warn that it will be necessarytime for the effects to consolidate.

Meanwhile, improved corporate governance can open doors for small and medium-sized enterprises to access capital markets.

An analysis by experts indicates that, even if the cost of credit may decrease, new investments will depend on restored market confidence.

Therefore, while the interest rate cut is a step forward, the journey towards... financial recovery Sustainable development will require careful monitoring and adaptation to new economic parameters.

In summaryFinancial pressures demand an immediate and effective response, especially for small businesses.

Improved corporate governance and access to capital markets are fundamental to facing current challenges and preparing the ground for the recovery of Brazilian companies.