Sistema nacional de garantia mútua como mecanismo de apoio às pequenas e médias empresas

Abstract

The Portuguese business sector is composed by more than 99% for micro, small and medium enterprises (SMEs) characterized by a high dependence on borrowed capital and a weight of bank credit in its capital structure in the order of 30%, so a restriction or modification of this source of funding has a significant impact in the business activity and the national economy. Due to the worsening of the sovereign debt crisis of the euro area countries, with consequent budgetary constraints which led to a significant economic contraction, financial institutions were forced to review its credit policy by the theme of the business credit was increasing of importance over the past few years. This paper proposes to examine the role of the national mutual guarantee system (NMGS) as a mechanism to support microenterprises and SMEs and facilitator in obtaining a loan, and assess its relevance with reference to the particularly adverse conditions experienced in recent years, characterized by strong and prolonged restrictions on access to credit, affecting in particular small and medium enterprises. This support mechanism for companies to obtain credit will be analyzed in this document as to its importance to all stakeholders (financial system, founding shareholders and mutual), theoretical assumptions that validate the use of this tool, run the NMGS, system development, analysis mechanism in the European context, its impact on lending in recent years and the advantages compared to other mechanisms.

Date of Award	22 May 2015
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luís Guilherme Marques Bernardes (Supervisor)