What is the SME financing guarantee fund?

What is the SME financing guarantee fund? The so-called "financing guarantee" refers to the behavior of a third-party institution to increase credit for a debt financing. When the guarantor fails to perform the debt liability to the creditor, he shall bear the guarantee liability stipulated in the contract according to law. There are some policy financing guarantee institutions and commercial guarantee institutions in the market. The national guarantee financing fund is a state-level financing guarantee institution initiated by the Ministry of Finance and commercial banks. It is a quasi-Public Offering of Fund mainly oriented to "small three innovations" (small and micro, "agriculture, countryside and farmers", entrepreneurial and innovative enterprises). On March 28th, the executive meeting of the State Council decided to set up a national financing guarantee fund. The national enterprise credit information publicity system shows that the national financing guarantee fund was established on July 26th. How does the national financing guarantee fund operate? 1) The state-guaranteed financing fund is a limited liability company, and the registered capital is mainly subscribed by the Ministry of Finance and commercial banks; 2) Quasi-public welfare nature, that is, the national financing guarantee fund does not pay dividends in principle, and adopts the operating principle of "government support, market operation, guaranteed profit and controllable risks"; 3) The national financing guarantee fund adopts a market-oriented operation mode; 4) National financing guarantee fund, the main business model is re-guarantee and equity investment, with a view to forming a government-led guarantee system. What is the significance of setting up a national financing guarantee fund? The national financing guarantee fund will bring subtle but far-reaching significance in the following aspects. First of all, in the process of financial deleveraging, there are some signs of "duality" in the credit market. Private enterprises and small and medium-sized enterprises with low credit rating have difficulty in financing. It is unrealistic to rely solely on banks to expand risk appetite. The establishment of national financing guarantee fund can provide qualified small and medium-sized enterprises and small and micro enterprises with targeted government credit enhancement, thus alleviating the increasingly serious credit duality problem in reality to some extent. Secondly, after the complex financial system (off-balance-sheet financing) is broken, the simple on-balance-sheet loans are not enough to support all kinds of financing needs, and the development of inclusive finance in a broader sense has become a real problem. For an inclusive financial system similar to the American Small and Medium Enterprise Investment Plan (SBIC), financing guarantee is an important part. Third, as far as policy is concerned, we also hope to have a reliable "grasping hand" in the credit market. The national financing guarantee fund can play the role of stabilizer when financial risks increase and prevent the transmission of financial risks; This will also help to achieve some policy-oriented goals, such as getting rid of virtual reality or supporting new industries. The establishment of the national guarantee financing fund can be regarded as one of a series of actions of policy to repair the credit environment. Policy signal and policy direction is an important issue. One of the clues of policy adjustment since May is countercyclical hedging, including reducing RRR, expanding on-balance sheet credit and stabilizing finance. The second clue that is easy to be overlooked is to repair the credit environment, such as guiding support for low-and medium-credit bonds and guiding financial support for small and micro enterprises. In a sense, the national guarantee financing fund belongs to one of the basket policies of the latter link. In fact, secured financing is also a kind of loan, which is just a special kind of government support. Its biggest feature is that it is a non-profit organization between enterprises and commercial banks, which is linked by credit certificates and asset-liability certificates, and provides guarantees through guarantee institutions, that is, credit ratings. In this way, many small enterprises in Khan can get better development.