The Fund of Small Business Credit Assistance of Moscow was founded by the Government of Moscow (represented by the Department of Support and Development of Small Enterprises of the city of Moscow) on 13 March, 2006 on the basis of the order of the Government of Moscow of 17 January, 2006 No 35-ПП " On formation of a non-commercial organization – the Fund of Small Business Credit Assistance of Moscow".
The Fund of Small Business Credit Assistance of Moscow was formed in order to develop the system of guaranteeing credits and loans for small and medium enterprises of Moscow.
The goals of activity of the Fund are provision of small and medium enterprises with equal access to credit and other financial resources, development in Moscow of the small and medium business crediting system, system of guarantees and sureties on obligations of small and medium enterprises based on credit agreements, loan agreements, development of the infrastructure for financing of small and medium business on the repayment basis in the form of credits and loans.
Operating activity of the Fund is providing guarantees on obligations of small business enterprises and organizations of infrastructure of support of small and medium business enterprises for creditors, based on credit, loan and leasing agreements, bank guarantee agreements and other agreements as required by civil legislation of the Russian Federation.
In 2010, Expert RA, one of the leading rating agencies in the Russian Federation, assigned to the Fund of Small Business Credit Assistance of Moscow the guarantee coverage rating "А++" (exclusively high rating of reliability of guarantee coverage). In 2011, 2012 and 2013 this rating was confirmed. The Fund of Small Business Credit Assistance of Moscow is the only guarantee fund among all guarantee funds registered in the Russian Federation which has the highest guarantee coverage rating ("А++").
Nowadays small and medium business in Russia develop rapidly and becomes one of the leading powers of the modern economy. Administration of all levels substantially supports the development of SME at many directions. Nevertheless, lack of funding is still one of the major problems of business. However, getting a credit is not so easy, and this problem becomes a serious obstacle on the way of a growing company. For simplifying the process of getting financing by small business enterprises, Moscow Government founded a guarantee fund at the beginning of 2006, The Fund of Small Enterprise Credit Assistance of Moscow which is supposed to provide equal access of small enterprises to credit and other financial resources.
More than seven years' history of the Fund, demonstrate great volume of guarantees provided by the Fund and credits given under these guarantees. At the same time significant (over 3800) number of small business enterprises registered on the territory of the Russian Federation who addresses the Fund for help and got it testify to high efficiency of such a form of support of enterprises.
Since 2012 the Fund is the member of European Association of Mutual Guarantee Societies (AECM).
At the beginning of activity of the Fund, 10 commercial banks cooperated with the Fund. Now 45 banks joined the program and this number is constantly growing.