Apoyo a la financiación de PYMESel reafianzamiento de CERSA a los sistemas regionales de garantías

Abstract

In our country, the guarantee system is developed primarily at a regional level. Thus, Autonomous Communities offer different kind of support to the guarantee societies (SGRs) operating in their territories, both in the amount of resources supplied to their systems as in the form of channeling them to the SGRs. However, the counter-guarantee systemis operated at a national level, through the Refinancing State Company, CERSA, which directly supports SGR depending on the intensity of their activity. The aim of this paper is to analyze the impact that the counterguarantees provided by CERSA have on the SGRs, as well as the degree of utilization that each CCAAmakes of this instrument of state support to facilitate financing to SMEs