Organizational and economic mechanism for providing credit guarantees to small and medium-sized businesses in Finland

Issue № 8, 2021, article № 3, pages 25-35

Section: International relations and world agricultural experience

Language: Russian

Original language title: ОРГАНИЗАЦИОННО-ЭКОНОМИЧЕСКИЙ МЕХАНИЗМ ПРЕДОСТАВЛЕНИЯ КРЕДИТНЫХ ГАРАНТИЙ МАЛОМУ И СРЕДНЕМУ БИЗНЕСУ В ФИНЛЯНДИИ

Keywords: STATE SUPPORT, RUSSIA, SMALL AND MEDIUM-SIZED ENTERPRISES, FINLAND, STATE GUARANTEES, ORGANIZATIONAL AND LEGAL FRAMEWORK FOR GUARANTEEING LOANS, GUARANTEE PRODUCTS

Abstract: The article analyzes the experience of Finland in supporting small and medium-sized enterprises (SMEs) on the basis of providing state guarantees for loans from financial organizations. The organizational and economic mechanism of providing state guarantees is considered. The system of guaranteeing loans to small and medium-sized businesses in Finland is based on the current legislation on the functioning of special state guarantee, financial and insurance funds and companies. The provision of state guarantees to SMEs is carried out through a special state financial company "Finnvera" (Finnvera), which is the official export credit agency of Finland (ECA). The company's share capital is fully owned by the state. The company's activities are built on self-sufficiency. The state subsidizes Finnvera, including for operations related to the compensation of losses on guaranteed loans. The company's management is based on strict control by the state and public organizations over the distribution of financial resources and decision-making on financing SMEs, which contributes to the fulfillment of the company's statutory tasks. The company closely cooperates with creditor banks on the basis of concluding agreements. The company has a wide range of warranty products designed for the creation and development of small and medium-sized businesses. The creation of the state guarantee company has contributed to the development of small businesses in Finland, which today provides production of 50% of GDP. SMEs employ 50% of all employees in the country, and up to 60% of new jobs are created annually with their help. The article considers the organizational and legal aspects of the development of the national guarantee system for supporting small and medium-sized businesses in Russia.

Authors: Medvedeva Nina Afanasevna