CESGAR is the Association of financial entities that provide guarantees to facilitate the access to finance of small and medium-sized companies and self-employed workers. CESGAR is a national umbrella organisation of 18 Mutual Guarantee Societies, the first of which had been created in 1979. The usually guarantee covers 100% of the bank loan.
CESGAR plays a central role in the activity of Sociedades de Garantía Recíproca (SGR, Mutual Guarantee Societies) by being their central negotiator with the Government, with the Central Bank and with competition authorities.
The system of Public support is based on certain limited tax exemptions and mainly on counter-guarantees granted by CERSA at a rate (30 to 75%) that depends on political priorities such as innovation and types of operations such as investments.
|Year of creation|
individual entities or association
|Type of scheme|
guarantee or counter-guarantee
guarantee or counter-guarantee or co-guarantee
i.e. fully mutual, funded by SMEs, banking associations, fully public, fully private, private-public, mixed models
|Private-public mixed models|
Private / Public (in %)
|71% private, 29% public|
of single guarantee entity or association: i.e. fund, development bank, development agency, cooperative or mutual societies, bank, foundation, association, limited company, etc.
of members of an association: i.e. fund, development bank, development agency, cooperative or mutual societies, bank, foundation, association, limited company, etc.
|Structure / Network|
i.e. central scheme with regional offices, central scheme only, association network
|Regional by autonomous community|
i.e. local, regional, national
i.e. agriculture, industry, crafts, retail, liberal professions, cooperatives, etc.
|Agriculture, Industry, Crafts, Retail, Liberal professions, Cooperatives|
|Size of businesses supported|
i.e. large companies, SMEs, micro-enterprises, independent/self-employed
|SMEs, Micro-enterprises, Independent/Self-employed|
i.e. mono-product banking licenses, financial intermediary statute, non-supervised. For associations, please state statute of members
|Under supervision of the Bank of Spain|
|Profit / Non-profit oriented|
dividends to public shareholders are not considered as profit orientation
|Do you benefit from a counter-guarantee at local, regional or national level?|
Local level or Regional level or National level
|Regional and National level - CERSA Compañia española de Reafianzamiento|
|Are you/your members financial intermediary for EU-programmes?|
CIP/COSME or Structural funds or Progress or RSI/RSFF Horizon 2020
|CIP/COSME and RSI/RSFF Horizon 2020|
|Types of guarantee products provided by your organisation/your members||Loan default guarantees, Working capital loan guarantees, Leasing guarantees, Project guarantees, Export guarantees|
|Other SME support instruments offered by your organisation/your members|
Subsidized loans or Mezzanine financing or Venture capital or Coaching or Mediation services
|Subsidized loans, Mediation services|
|Is the activity subject to state aid regulation?||Yes|
|Do you (your members) use..?|
De minimis or GBER or Regional guidelines or Notification
|De minimis and Regional guidelines|
|Do you (your members) dispose of an internal rating/scoring system?||Yes|
|Do your guarantees provide deponderation (capital relief) for member banks subject to capital requirements (Basel agreement)?||Yes|
|Do you (your members) benefit of a public counter-guarantee that allows deponderation (capital relief)?||Yes|
|Report on SME Financing 1-2016 (SP)|
application/pdf | 746 KB