Based on the relative importance of the state in Brazilian development, which is reflected in the allocation of funding and subsidized loans for investments, this work analyzes these subsidy mechanisms in the Northeast, which has the lowest per capita income and the highest number of extremely poor people, using development theories and the historical process of the Brazilian economy as a foundation. The focus is on the constitutional financing fund for the Northeast (FNE), managed by Banco do Nordeste, which has not had clear impacts at the federal level on improving income indicators, employment, and the development of the most vulnerable states in which it operates. In this context, the results of the FNE in Maranhão will be analyzed, which exhibits the same allocation dynamics as the other northeastern states. Furthermore, it is noted that a large portion of the funds disbursed is concentrated on large enterprises, while a relatively small portion goes to micro and small businesses. There are also discrepancies between the objectives and guidelines legally established in the FNE's charter and the fact that most attention is given to those with the greatest capacity to support micro and small enterprises.