Banking regulator green-lights new SGR

Monday, January 24, 2011

Banking regulator SBIF has authorized AVAL PYME, Chile's 10th reciprocal guarantee provider (SGR), to operate in the country, a press release from the regulator reads.

SGRs - sociedad de garantia reciproca - were created in 2008 with the aim of facilitating SMEs' access to financing from banks and other financial institutions. Under this system, SMEs pay a fee to the SGR, which in return provides them a guarantee certificate that can be used to search for the best loan conditions available in the market.

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