Access to financing for SMEs in Madrid, will be enhanced 80 million, following the agreement of the Governing Board of Governors of the Community of Madrid, which establishes the conditions for refinancing public credit risks of the Mutual Guarantee Societies (MGS).
The refinancing is to provide cover and ensure the risk of these companies resulting from the granting of guarantees to continue providing credit to small and medium enterprises. The SGR under this resolution must be domiciled in the Madrid region, have a minimum than 5,000 participating members and formalize the refinancing through an agreement for up to 80 million euros in 2011.
With this new measure, the Community of Madrid reinforces its commitment to boost the economy, eliminate barriers and remove obstacles for enterprises to generate economic activity and employment.
The refinancing allows coverage to provide operations that formalizes the mutual guarantee to SMEs, so that reinforces its solvency. This instrument is an effective tool to use funding, relying on public-private collaboration. This prints greater scope for funding, which can reach more SMEs and freelancers and lowers the cost of the guarantee for them, thanks to the positive effect on the solvency ratio of the SGR, which is essential in these times of severe national economic crisis being experienced by Spain, and makes strengthening the role of the SGR as tools to channel funding to these businesses, which constitute 99% of companies in Madrid and generate 83% of jobs in the private sector.
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Madrid
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