Credit guarantees consortia (Confidi) and access to the credit market for SMEs: evaluation on the limits of the system and re-form perspectives

Abstract

The paper aims at providing some insights into the developments affecting the collective credit guarantee system. Long considered central players in the credit chain supporting SMEs, given their structure and mutualistic function, the credit guarantee consortia (Confidi) have in recent years reported some difficulty in performing their function efficiently. The legal and economic reasons underlying this phenomenon, including the unresolved relationship with the Fondo PMI, are analysed, as are the trends in the sector, which seem to have been noted by the legislator, and the prospects that may open up.