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Garantiqa surety stock reaches HUF 570 bln in 2017

The surety stock of Garantiqa Hitelgarancia rose 28% to HUF 570 billion last year, the state-owned credit guarantor said on Wednesday. The company will continue to focus on financing SMEs.

Garantiqaʼs surety stock rose by HUF 46 billion in 2015, HUF 76 bln in 2016, and HUF 127 bln in 2017, said CEO Éva Búza, cited by national news agency MTI.

Last year guarantees from the company, which is part of the state-owned Hungarian Development Bank (MFB) group, helped more than 30,000 SMEs secure HUF 700 bln of loans.

Garantiqa will continue to target SMEs that have difficulty getting financing, Búza said. A recent survey by the MFB shows that around one-quarter of viable micro businesses and SMEs can get only limited financing or no financing at all from the commercial banking sector, she added.

Garantiqa celebrated its 25th anniversary in 2017. Over the years it has signed 400,000 contracts on guarantees for a total of some HUF 5,000 bln of loans.