The effects of mutual guarantee societies on the SME's debt.

Efectos del aval de las sociedades de garantía recíproca en la deuda de las PYMES.

SMALL business; SMALL business finance; CREDIT; COMMERCIAL credit; BANKING industry; CORPORATE debt; ECONOMICS

The aim of this paper is to analyze the effect of a guarantee received from a Mutual Guarantee Society on the cost and availability of credit for small and medium sized enterprises. A sample of SMEs that were guaranteed in 2010 is analyzed. The results show that, in general, SMEs that obtained financing guaranteed by a Mutual Guarantee Society enjoy greater access to bank financing than those not financed in this manner. [ABSTRACT FROM AUTHOR]

El objetivo de este trabajo es analizar el efecto que tiene el aval recibido por parte de una Sociedad de Garantía Recíproca en el coste y la disponibilidad crediticia de las pequeñas y medianas empresas. Para ello se analiza una muestra de pymes que han sido avaladas en el año 2010. Los resultados obtenidos ponen de manifiesto que en general las pymes que han obtenido financiación avaladas por una Sociedad de Garantía Recíproca disfrutan de un mayor acceso a la financiación bancaria que las que no se financian con este tipo de operaciones. [ABSTRACT FROM AUTHOR]

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