At event in São Paulo, Fundo Vale looked back on the beginning of a partnership that culminated in a study and support for a new thesis

On August 13, Estímulo – an impact fund that offers financial support, education and connections to small entrepreneurs – celebrated five years of activity with a special event at Casa Manioca in São Paulo. The event brought together investors, donors, entrepreneurs and strategic partners, and looked at Estímulo’s social and economic impact over the last few years.

During the meeting, Gustavo Luz, Fundo Vale’s director, looked back on the beginning of his institution’s relationship with Estímulo. “Our partnership was born during the pandemic, one of the most challenging moments in our recent history. We saw this project as an innovative and agile response to the crisis, providing facilitated credit and personalized education to small- and medium-sized entrepreneurs throughout Brazil. The initiative, which received donations from Vale and other companies, was essential to keeping thousands of businesses alive, protecting jobs and strengthening the economy at a time when every bit of support made all the difference,” he said.

After the critical period of the COVID-19 pandemic, the business model proved sustainable: as loans were repaid, Estímulo was able to reinvest the funds, supporting new entrepreneurs and attracting private investors – a cycle that solidified a legacy of impact. This success allowed Estímulo to expand its activities to thematic funds, such as the climate fund for Rio Grande do Sul, launched in 2023.

Betting on the Amazon: A new thesis emerges from partnerships and future vision

In 2024, during the IDB Invest Sustainability Week (SW24) held in Manaus, a new convergence of paths took place. At a meeting between Vinícius Poit, CEO of Estímulo, and Gustavo Luz, the desire was born to apply the blended finance approach to the Amazon’s social and environmental challenges.

With support from Fundo Vale and Itaú, Estímulo began a study in the first half of 2025 on the potential of credit as a tool to reduce pressure on the forest and promote small businesses in the Amazon.

The study involved several key players on the social and environmental agenda, who helped shape a specific thesis for the region. Subscribe to our newsletter and check out the results of the Amazon impact thesis in the next edition!