The impact of Implementing a New Rating System for the Framework Covenant on the Guarantee and Counter-Guarantee Coverage Level for SME Loans on the Access to Finance

Dumitru Nancu ()
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Dumitru Nancu: „Ovidius” University of Constanta

Ovidius University Annals, Economic Sciences Series, 2015, vol. XV, issue 2, 505-510

Abstract: The National Credit Guarantee Fund for Small and Medium Enterprises IFN SA (abbreviated as FNGCIMM SA – IFN in Romanian) was established in December 2001 by GD no. 1211/2001, in order to support the entrepreneurs’ activities (SMEs (small and medium enterprises), cooperative enterprises and natural persons authorized to do business under the law in force). As a joint-stock company whose sole shareholder is the Romanian State, represented by the Ministry of Finance, the Fund is a state instrument used in order to implement those policies that support the development of SMEs, which represents a priority of the national economic and social policies. The National Credit Guarantee Fund for Small and Medium Enterprises IFN SA is a financial instrument managed by the Ministry of Public Finances, providing guarantees and counter-guarantees to financial intermediaries, for the loans granted to SMEs by financial institutions, in order to increase the financing offer by the loans granted to SMEs.

Keywords: new rating model; Framework Covenant; Guarantee Coverage Level. (search for similar items in EconPapers)
JEL-codes: O (search for similar items in EconPapers)
Date: 2015
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