(Universidad Icesi, 2014-01-01) Castillo Bonilla, José Augusto; Girón, Luis Eduardo
This paper claims to establish and measure the impact that the guarantee provided by the National
Guarantees Fund (Fondo Nacional de Garantías) has on the flow of credit to Small and Medium Enterprise
(SMEs). Based on information provided by Asobancaria, Superintendencia Financiera and the National
Guarantees Fund for the period 2003: I to 2010: III, an econometric model was estimated using a dynamic
ordinary least square estimation. The empirical results show that the guarantee given by the National
Guarantees Fund influences in the volume of loans to the SMEs. However, its economic influence is not
significant.
