EnglishThe SME Credit Guarantee Fund (Fondul National de Garantare a Creditelor pentru IMM - FNGCIMM SA) reported an end-2007 portfolio of 2,367 guarantees with an aggregate maximum limit of 721.6 million RON. The overall number of issued guarantees exceeded 4,000 at the end of 2007, which is approximately two times more than in end-2006.
In 2007, FNGCIMM issued guarantees with a total value of approximately 1,200 million RON for loans worth over 2,300 million RON. The turnover increased by 43% from 7,501,720 RON to 10,762,384 RON. The gross profit reached some 9,254,000 RON. Overall revenues almost doubled from 2006 reaching 42,939,443.25 RON.
Fund officials believe the good progress is a result of the banks" improved confidence in FNGCIMM and better understanding of the advantages of the credit guarantees offered by FNGCIMM. The cost of a FNGCIMM guarantee is about 1.5% - 2.5% per year. For the banks, the unconditional, irrevocable guarantees offered by the Fund lead to an increase in the number of customers and the overall lending volume.
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