Post-COVID-19 SME Financing Constraints and the Credit Guarantee Scheme Solution in Spain

Journal of Banking Regulation, 2021

1 Pages Posted: 20 Nov 2020 Last revised: 8 Jul 2021

See all articles by Felix Corredera-Catalán

Felix Corredera-Catalán

Universidad de Sevilla

Filippo di Pietro

University of Seville

Antonio Trujillo‐Ponce

Universidad Pablo de Olavide - Department of Financial Economics & Accounting

Date Written: February 16, 2021

Abstract

Countries around the world are working hard to fight against the economic crisis caused by the coronavirus pandemic, with a special emphasis on small- and medium-sized enterprises (SMEs) due to their vulnerability and importance in the business ecosystem. This paper analyzes the Spanish guarantee model and the measures taken by regional governments in conjunction with the main mutual guarantee societies (MGSs) to mitigate the economic problems associated with the COVID-19 pandemic. We show that public administrations may use guarantee schemes as instruments to improve SME access to financing while limiting the burden on the public budget.

Keywords: COVID-19, Small- and medium-sized enterprises, Credit risk, Mutual guarantee societies, Bank financing

JEL Classification: G21, G23, G28

Suggested Citation

Corredera-Catalán, Felix and di Pietro, Filippo and Trujillo-Ponce, Antonio, Post-COVID-19 SME Financing Constraints and the Credit Guarantee Scheme Solution in Spain (February 16, 2021). Journal of Banking Regulation, 2021, Available at SSRN: https://ssrn.com/abstract=3732460 or http://dx.doi.org/10.2139/ssrn.3732460

Felix Corredera-Catalán

Universidad de Sevilla ( email )

c/ Avicena, s/n
Sevilla, 41009
Spain

Filippo Di Pietro

University of Seville ( email )

Sevilla
Spain

Antonio Trujillo-Ponce (Contact Author)

Universidad Pablo de Olavide - Department of Financial Economics & Accounting ( email )

Ctra. Utrera, Km.1
Sevilla, 41013
Spain

HOME PAGE: http://https://www.upo.es/investiga/banef/

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