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Garantiqa guarantee stock rises by 11%

Garantiqa Hitelgarancia, a state-owned guarantor of mainly SME loans, signed 15,532 contracts for guarantees of a combined HUF 189 billion in the first half of 2009, both 11% more than in the same period a year earlier.

The value of guarantees for big loans grew to HUF 52 billion from 35 billion. Guarantees for microloans for SMEs came to HUF 80 billion. The value of guarantees on revolving credit for Széchenyi Card holders rose 9% to HUF 64.8 billion, but the number of contracts inched up just 2%.

As the result of lobbying in Brussels, Garantiqa has expanded its guarantee activities to cover up to HUF 2.5 billion per contract for investment, development, environmental protection or R&D loans. The EU has also mandated Garantiqa to offer up to €500,000 in support, in the form of guarantees, to SME’s that are suffering the effects of the financial and economic crisis until 2010. (MTI-ECONEWS)