Garantiqa Creditguarantee Co. Ltd. (Garantiqa) was founded by the Hungarian State, Hungary’s most significant commercial banks, co-operative savings associations and some enterprise interest group associations in 1992 with the aim of operating as a catalyser in the lending processes of national small- and medium-sized enterprises and organisations established for the accomplishment of employer joint proprietor programs by undertaking absolute guarantee. On the 15th anniversary of the Company’s foundation, on 13th December 2007 the Hungarian Financial Supervisory Authority (PSZÁF) authorized an equivalent level operation to Garantiqa similarly to the operation of loan institutions for the first time among the financial enterprises operating in Hungary. This means and this is the acknowledgment of the fact that the management, inspection, risk management and capital need calculating procedures applied by our Company comply with the same requirements the loan institutions shall comply with. Our fundamental objective is still fostering the development of the SME sector, and this aim is not only supported by the absolute guarantee undertaking offered for loans, but we also undertake guarantee for any type of fund involvement: bank guarantee, lease and factoring transaction, involvement of venture capital and for European Union tenders.
