Loan and Guarantee Funds

Introduction 7

Chapter I. Capital gap – a barrier for development 13
1. Regional and local development 13
2. Capital gap in small and medium enterprises 15
2.1. Capital gap – phenomenon explained 15
2.2. Theoretical approaches to capital gap 19
2.3. Measurement of the capital gap 20
3. Guarantee and loan schemes as policy instruments for support of small and medium enterprises 21

Chapter II. Loan and guarantee funds in Poland – attempt at closing the capital gap 23
1. Economic transformation in Poland 23
2. Loan funds in Poland 26
3. Guarantee funds in Poland 29
4. Role of loan and guarantee funds in closing the capital gap in Poland 37

Chapter III. Development and business models of loan and guarantee funds in Poland 45
1. Phase I: 1992–2003 49
2. Phase II: 2004–2013 56
3. Phase III: 2014–2020 62

Chapter IV. Loan and guarantee schemes and funds in chosen European countries 71
1. France 73
2. United Kingdom 74
3. Turkey 75
4. Austria 77
5. Czech Republic 78
6. Germany 79
7. Hungary 80
8. Slovakia 81
9. Italy 82
10. Comparative analysis of guarantee and loan schemes in Europe 83

Chapter V. Performance of loan and guarantee funds in Poland – an approach to assessment and evaluation 87
1. Dimensions of performance and research questions 87
2. Guarantee funds’ and loan funds’ performance in the context of regional development level 89
3. Stability of loan and guarantee funds 92

Conclusions, study limitations and further research 105
References 109
List of tables 121
List of figures 123
Appendix 1. Key information on guarantee funds in Poland (active on the day 1.01.2018) 125
Appendix 2. Key information on loan funds in Poland (active as of 31.01.2020) 133