EIF Working Paper 2019/056: The real effects of EU loan guarantee schemes for SMEs: a pan European assessment

    Release date: 24 June 2019

The paper provides a pan-European assessment of EU credit guarantees to SMEs. Summarising previous research studies, this paper investigates the firm-level economic impact of around one million guaranteed loans under the EU MAP and CIP programmes from 2002 to 2016. These loans represented a total amount of EUR 22bn spanning through 19 European countries – approximately 60% of all loan amounts guaranteed under these programmes.

The results from this meta-analysis show that guaranteed loans provided by the EIF under the MAP and CIP programmes effectively boosted firm growth and increased survival chances of beneficiaries. The effects are particularly visible for SMEs that, as predicted by theory, are the most likely to face financing constraints.

The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.


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