Analysis of the Spanish System of Mutual Guarantee Societies: Comparative study by Autonomous Regions

Abstract

In the context of the current economic and financial downturn, the barriers to bank credit for the small and medium-sized enterprises (SMEs) have become more and more insurmountable. Faced with this situation and given the relevance of these types of enterprises in the Spanish economy, alternative financing is necessary to try to solve the financial problem of the SMEs. The Mutual Guarantee is one of these alternatives to the traditional bank financing. To this end, this Final degree paper deals with studying further this system and analysing the evolution of the activity carried out by various SGR during the period 2004-2013. In this way, it sets out to determine whether the financial downturn has been a deciding factor in promoting this means of financing. However, the results of this study show that the economic deterioration has impacted negatively on the activity of the SGR.