Agency of credit guarantees began it's activity

On June 30, 2014 the deputy minister of economic development of the Russian Federation Eugeny Elin gave start to work of the Agency of Credit Guarantees (ACG). The new organization was headed by Galina Izotova. JSC Non-bank Deposit and Credit Organization Agentstvo creditnykh garanty is created according to the order of the Government of the Russian Federation of May 5, 2014 No. 740-r for expansion of possibility of the enterprises of small and average business (MSP) in receiving long-term credit resources on own development. AKG plans to give out by 2019 guarantees on the credits for small and medium business almost on 350 billion rubles, and taking into account regional guarantee funds this sum can come nearer to 580 billion rubles. In the current year AKG plans to give out guarantees for the sum of 51,2 billion rubles, taking into account regional funds - nearly 180 billion rubles. The authorized capital of Agency makes 50 billion rubles.

The agency carries out functions of Federal guarantee fund and is created for realization of measures of guarantee support of small and average business. It provides counterguarantees to the regional guarantee organizations for the credits to small and medium-sized enterprises. And in cases when the size of the credit exceeds possibilities of regional guarantee agencies on crediting, AKG provides direct guarantees to subjects of small and average business. Thus, it is planned to solve systemically problems of economic development of increase in a share of sector of MSP in economy structure, in structure of investments into fixed assets and to increase in quantity of created or modernized high-performance workplaces.