European Court of Auditors publishes special report on the effectiveness of the SME Guarantee facility
Small and medium sized enterprises (SMEs) represent 99 % of all enterprises and provide 75 million jobs in the European Union. According to the Observatory of European SMEs, access to finance is a problem for SMEs in Europe. The public sector has an important role to play in supporting the SME sector, in particular the provision of suitable financing. The SME Guarantee (SMEG) facility is a financial instrument managed by the European Investment Fund on behalf of the European Commission and provides guarantees or counter guarantees to financial intermediaries for loans granted by financial institutions to SMEs aimed at increasing the supply of debt financing.
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