Ефективност на гаранционните инструменти на Европейския инвестиционен фонд за подкрепа на малките и средни предприятия
Effectiveness of the European Investment Fund’s Guarantee Instruments in Supporting Small and Medium-sized Enterprises

Author(s): Mihaela Atanasova
Subject(s): Politics / Political Sciences, Politics, Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: SMEs; financing; guarantee instruments; efficiency
Summary/Abstract: Small and medium-sized enterprises (SMEs) are vital to the European Union. Despite their significant contribution, SMEs often face challenges in accessing finance. In response, the European Investment Fund (EIF) has developed targeted financial instruments aimed at improving their access to credit through banks, guarantee institutions, and other intermediaries. Among these instruments, credit guarantees play a key role in addressing market failures related to information asymmetry, lack of collateral, and limited credit history of SMEs. Research shows that guaranteed loans lead to substantial growth in assets, sales, and employment, especially among small and young firms. Moreover, they reduce the likelihood of bankruptcy and stimulate innovation, demonstrating the effectiveness of guarantee mechanisms as a tool for sustainable SME growth in Europe.

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