中小企业小额贷款英文文献及翻译 第4页
2 Designing Loan Guarantee Programs
Generic Features of Loan Guarantee Schemes
All loan guarantee programs involve at least three parties: borrower, lender, and guarantor. The motives of the three participants differ. The borrower is often an SME seeking debt capital. Typically, the borrower approaches a lender for a business loan. The lender is most often a private financial institution seeking to profit from the loan transaction. Faced with information asymmetry, lenders look for signs of creditworthiness from borrowers. For new or small businesses the high costs of evaluation may prompt the lender to refuse the loan application. Alternatively, the parties may resort to a third-party guarantee of the loan. The guarantor, usually a government or a trade association, seeks to facilitate access to debt capital by providing lenders with the comfort of a guarantee for some material portion of the debt. This generic arrangement implies an agency relationship between the guarantor and the lender.
The lender acts as a delivery agent for the guarantor; however, lender and the guarantor have different objectives. The guarantor must align its objective (facilitating credit) with the lenders' profit-maximization motives. Typically, guarantors can manage the following parameters. 本文来自辣.文'论^文·网
1. The degree of discretion in credit decisions. In some jurisdictions (e.g., Canada), the lender decides which borrowers receive guaranteed loans. In others (e.g., the UK), the guarantor reviews—at least notionally—each application.
2. The level of the guarantee. This also varies by jurisdiction and within jurisdictions. For example, when the U.S. SBA introduced its “Preferred Lender” program in 1982, the guarantee was for 75% of the debt compared with the 90% in effect for the (then) usual SBA-guaranteed loans.
3. Fees. Typically, guarantors set fees in an attempt to recover costs of honoring defaults or to preserve the integrity of the pool of capital that, in some implementations, often lies behind the guarantees.
4. Eligibility criteria. In most implementations, guarantees may not be permitted for certain purposes of borrowing. In Canada, for example, guarantees are not available for loans used to support working capital.
To illustrate variations on these themes, it is instructive to review selected international implementations of loan guarantee arrangements.
3 An International Perspective
Canada: The Small Business Loans Act
The Small Business Loans Act (SBLA) has provided for federally-guaranteed term loans through approved lenders since its inception in 1961. Borrowers negotiate for a loan from an approved lending institution to obtain an SBLA-guaranteed loan. Lenders have full discretion regarding the loan decision and the invocation of the guarantee within the terms of eligibility. Unlike loan guarantee schemes in the United States and the UK, the role of the Canadian government is passive. The Industry Ministry is responsible primarily for maintaining registration of the loans and, in the event of default, it honors the guarantee. 毕业论文
http://www.751com.cnThe SBLA program provides exclusively for guarantees of term loans where the proceeds are used to finance land, premises, equipment, and certain other items. Proceeds may not be used to finance working capital, share acquisition, refinancing, and intangibles (including franchise and operating permits). In April 1993 the Canadian federal government amended the Act in a variety of ways. These changes included:• temporarily increasing the level of the guarantee from 85% to 90%;4
• widening eligibility to firms with annual revenues of up to $5 million (the previous limit was set at $2 million) and to firms in sectors such as finance, insurance, mining, and the professions;
• increasing the maximum loan size from $100,000 to $250,000;
• providing for a higher interest rate spread of up to 1.75% over prime.
• As a partial result of these changes, lending volume under the terms of the Act increased
from an annual dollar volume of approximately $500 million in 1993 to $3.5 billion during 1994. By 1997, cumulative lending was in excess of $10 billion, and the terms of the program were again reviewed.
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