based on 2014 results

AK&M Rating Agency presents the 2014 comparative review (ranking) of guarantee institutions (funds) of Russian federal subjects.

 

AK&M Rating Agency presents an up-to-date ranking of guarantee institutions providing infrastructure support to small and medium-sized businesses in the regions of the Russian Federation.

Our review has shown a weaker growth of regional guarantee funds' activity in 2014, which reflects the current state of the SME sector in Russia.

In 2014, the total portfolio of effective sureties provided by guarantee institutions decreased by 3%. Only 32 funds of 60 expanded their loan books whereas 90% of the guarantee institutions increased their lending performance the year before. As a result, consolidated guarantee capital multiple across the data selection reviewed was 121% as of January 1, 2015 decreasing by 15 p.p. in one year, an evidence of the guarantee institutions' failure to use budgetary resources as efficiently as before.

The Central Bank of Russia's policy to make the banking system healthier turned out to be a severe test for funds. One fund in seven worsened its capitalization positions, in many respects due to the loss of deposits with credit institutions which forfeited licenses of the Bank of Russia

The financial performance of guarantee institutions also deteriorated. Average-weighted balance loss ratio was 3.75%, an impairment by 0.69 p.p. compared with the previous year. However, this ratio is better than the overdue loan debt percentage in the non-financial sector, according to the Central Bank of Russia estimates (4.3%) – an indication of the generally high quality of guarantee funds' risk management systems.

The comparative review of guarantee funds was based on their performance in 2014. The ranking list comprises 60 guarantee institutions (against 52 funds six months earlier). As usual, the basic background information was directly provided by the guarantee institutions agreeing to be officially ranked by AK&M Rating Agency. Besides, we used additional data accumulated from public sources (the Federal State Statistics Service, the Bank of Russia, etc.).

According to the existing comparative analysis methodology, AK&M Rating Agency ranked the guarantee institutions by an integral index factoring in both the funds' efficiency in attracting off-budget resources for the financing of SME businesses in the region and the exposure to potential risks related to the possible liquidity loss or financial destabilization of the guarantee institution.

Unsurprisingly, the previous year's top 10 leaders maintained their positions. The guarantee funds of Russia's two capitals, Khanty-Mansi autonomous area - Yugra, Stavropol Krai, Rostov and Chelyabinsk regions are on top of the ranking list. As Sverdlovsk Regional Business Support Foundation made its way into the top 10, the guarantee institutions of Perm Krai and the Republic of Buryatia occupied the 8th and 9th position, respectively. Some of the leaders saw a minor decline in the integral index compared with the fist half of 2014 in the wake of a reduction in the portfolio of effective sureties and the growth of relative loss ratio.

The key feature of the guarantee funds on the bottom of the ranking is the low guarantee capital multiple indicating these funds' underperformance in attracting off-budget resources for the financing of small and medium-sized businesses in the region. Nevertheless, this group of funds has a good potential for expanding the surety portfolio and strengthening their positions on the ranking.

 

Ranking of regional guarantee funds

(based on 2014 results)

Ranking position

Region

Regional guarantee institution (fund)

Integral index

Fund performance estimation criteria

Region estimation criteria

Previous ranking position

Surety portfolio, million RUB

Guarantee capital, million RUB

Loss ratio (relative)

Arrears on SME loans

Region position in AK&M 2013 creditworthiness ranking

1

Moscow

Fund of Small Business Credit Assistance of Moscow

5.564

9,088.8

8,661.1

7.40%

4.45%

1

1

2

St. Petersburg

Nonprofit organization "Small-scale business crediting assistance fund"

2.749

3,150.6

3,000.0

1.89%

5.66%

4

2

3

Khanty-Mansi autonomous area – Yugra

Entrepreneurship Support Fund of Yugra

1.689

1,874.8

1,603.6

1.16%

7.28%

3

3

4

Stavropol Krai

State unitary enterprise "Guarantee Fund for Supporting Small and Medium-sized Businesses of Stavropol Krai"

1.537

2,539.5

877.4

2.56%

8.09%

40

4

5

Rostov region

Non-profit organization "Guarantee fund of Rostovskaya oblast"

1.387

1,914.5

1,557.9

2.59%

8.59%

15

5

6

Chelyabinsk region

Nonprofit organization "Small Business Lending Assistance Fund of Chelyabinsk region"

1.075

1,441.1

783.5

1.75%

9.35%

19

6

7

Sverdlovsk region

Sverdlovsk Regional Business Support Foundation

0.930

1,160.8

745.1

0.60%

11.45%

10

-

8

Perm Krai

JSC Perm Guarantee Fund

0.723

979.9

714.0

1.47%

12.68%

9

7

9

Republic of Buryatia

Guarantee Fund lending assistance to small & medium-scale businesses of the Republic of Buryatia.

0.659

837.0

343.0

0.85%

7.50%

46

8

10

Tula region

Nonprofit organization "Tula regional Small Business Support Fund "

0.635

826.0

586.3

0.97%

9.81%

26

12

11

Khabarovsk Krai

Nonprofit organization "Guarantee Fund of Khabarovsk Krai"

0.560

768.2

285.0

1.63%

6.34%

34

13

12

Penza region

Guarantee Fund of Penza region OJSC Guarantor.

0.518

743.5

363.2

2.45%

5.21%

69

19

13

Sakha Republic  (Yakutia)

Nonprofit organization "Small Business Development Fund of the Sakha Republic (Yakutia)"

0.502

889.1

380.6

4.62%

10.43%

38

11

14

Ryazan region

GFRO (Nonprofit organization "Guarantee Fund of Ryazan region" )

0.500

738.4

431.0

2.18%

9.29%

51

9

15

Vladimir region

Fund of development of small and average business of Vladimir region (FDSA)

0.485

604.5

439.0

1.90%

5.27%

22

15

16

Voronezh region

Guarantee fund of the Voronezh region

0.440

537.4

243.4

1.39%

5.37%

30

20

17

Udmurt Republic

Guarantee Fund for support of lending to small and medium-sized businesses of the Udmurt Republic

0.431

604.2

448.0

2.29%

7.96%

44

-

18

Novgorod region

Novgorod Fund of Small Business Support

0.409

533.0

252.0

1.30%

6.01%

54

21

19

Zabaykalsky Krai

Limited liability company "Guarantee Fund of Zabaykalsky Krai"

0.408

999.3

244.1

1.16%

3.01%

58

-

20

Tambov region

Tambov regional state unitary enterprise "Fund for Support of Lending to Small and Medium-sized Businesses of Tambov region"

0.407

558.4

398.1

2.62%

4.53%

49

18

21

Samara region

State unitary enterprise "Guarantee Fund for Business Support of Samara region"

0.384

602.9

454.9

4.11%

9.73%

13

10

22

Ulyanovsk region

Nonprofit organization " Ulyanovsk Regional Surety Fund"

0.374

492.6

278.0

0.98%

8.68%

41

17

23

Smolensk region

Nonprofit organization "Smolensk Regional Business Support Fund"

0.345

601.5

645.2

0.65%

19.28%

66

24

24

Kemerovo region

The State Fund of the Kemerovo Region for Business Support

0.324

494.8

328.6

1.15%

14.91%

39

23

25

Altai Republic

OJSC Housing Mortgage Lending Agency of the Altai Republic

0.314

433.9

221.4

0.42%

6.49%

78

-

26

Altai Krai

Nonprofit organization "Altai Guarantee Fund"

0.312

428.3

588.0

0.00%

11.05%

32

25

27

Kaliningrad region

Guarantee Fund of the Kaliningrad region

0.310

445.3

331.7

1.24%

11.27%

47

22

28

Krasnoyarsk Krai

OJSC Krasnoyarsk Regional Agency for Assistance to Small and Medium-sized Businesses

0.308

401.2

552.9

1.43%

6.45%

15

-

29

Kostroma region

State enterprise "Guarantee Fund for Business Support of Kostroma region"

0.252

327.0

155.0

0.76%

6.57%

63

32

30

Tver region

Nonprofit organization "Fund for Support of Lending to Small and Medium-sized Businesses of Tver region"

0.244

352.9

360.6

1.62%

9.41%

59

26

31

Sakhalin region

Autonomous institution "Business Development Assistance Fund"

0.237

259.6

251.6

0.57%

6.71%

7

34

32

Bryansk region

Supporting fund for small and medium enterprises of Bryansk region "Bryansk Guarantee Fund"

0.234

290.1

309.1

0.00%

7.04%

57

30

33

Kamchatka Krai

Guarantee Fund for Business Development of Kamchatka Krai

0.230

418.8

316.1

1.67%

19.20%

58

29

34

Volgograd region

Nonprofit partnership "Regional Guarantee Fund"

0.228

438.7

300.0

5.73%

10.45%

40

-

35

Murmansk region

Non-commercial organization "Small and Medium size Business Development Fund of the Murmansk region" (NCO FORMAP)

0.215

367.5

196.7

4.89%

9.13%

28

37

36

Irkutsk region

SME Assistance Fund "Irkutsk Regional Guarantee Fund"

0.209

400.1

779.7

4.56%

4.81%

11

41

37

Amur region

Nonprofit organization "Fund for Support of Lending to Small and Medium-sized Businesses of Amur region"

0.206

268.5

195.3

1.15%

4.85%

67

28

38

Leningrad region

Stock Company "Credit Guarantee Agency" (SC CGA)

0.191

259.5

264.0

0.99%

12.92%

14

27

39

Chuvash Republic

Autonomous nonprofit organization "Guarantee Fund of the Chuvash Republic"

0.177

289.4

397.8

4.27%

3.83%

44

40

40

Kurgan region

Nonprofit organization "Guarantee Fund for Small Business of Kurgan Region"

0.170

230.0

185.5

1.86%

6.83%

51

-

41

Belgorod region

Belgorod Guarantee Fund for Assistance to Lending

0.168

215.5

296.9

0.36%

6.13%

45

-

42

Lipetsk region

Nonprofit organization "Lipetsk Regional Small and Medium-sized Business Support Fund"

0.166

261.8

205.8

1.51%

16.74%

23

38

43

Mari-El Republic

Fund for small and middle business support of Mary El Republic

0.151

227.0

165.0

0.70%

12.51%

68

39

44

Republic of Dagestan

Fund for Support of Lending to Small and Medium-sized Businesses of the Republic of Dagestan

0.142

205.6

255.4

0.43%

6.53%

76

44

45

Republic of Mordovia

Autonomous institution "Guarantee Fund of Credit Support of the Republic of Mordovia"

0.142

274.8

210.2

4.16%

8.55%

80

36

46

Kaluga region

Nonprofit organization "State Business Support Fund of Kaluga region"

0.140

252.8

540.4

2.53%

4.44%

34

-

47

Saratov region

OJSC Guarantee Fund for Small Businesses of Saratov Region

0.133

196.0

160.0

2.65%

6.95%

61

33

48

Orenburg region

Nonprofit organization "Guarantee Fund for Small and Medium-sized Businesses of Orenburg region"

0.133

267.5

445.3

3.60%

13.12%

29

42

49

Vologda region

Noncommercial partnership " Agency of city development "

0.104

243.9

234.5

5.12%

19.80%

49

-

50

Republic of North Ossetia - Alania

Guarantee Fund of the Republic of North Ossetia-Alania

0.090

179.0

154.5

0.01%

20.68%

82

43

51

Karachay-Cherkess Republic

Republican state unitary enterprise "Guarantee Fund for Business Support of the Karachay-Cherkess Republic"

0.071

106.2

100.0

0.94%

9.86%

76

-

52

Komi Republic

OJSC "Guarantee Fund of the Komi Republic"

0.041

171.5

36.5

1.06%

7.22%

21

50

53

Pskov region

Autonomous nonprofit organization "Fund for Guarantees and Business Development of Pskov region"

0.038

98.6

188.5

2.18%

19.07%

71

49

54

Republic of Adygea

Autonomous institution of the Republic of Adygea "Small Business Development Agency"

0.028

76.0

111.8

8.11%

7.06%

55

48

55

Republic of Khakassia

Nonprofit organization "Guarantee Fund of the Republic of Khakassia"

0.026

39.1

67.2

0.37%

6.03%

64

51

56

Yamalo-Nenets autonomous area

Nonprofit organization "Guarantee Fund for Small Business Support of Yamal-Nenets autonomous area"

0.023

75.9

338.9

3.48%

6.36%

4

-

57

Magadan region

Nonprofit organization "Magadan Region Fund for Small and Middle Business Support"

0.015

48.1

194.8

2.73%

7.97%

28

-

58

Kursk region

Nonprofit organization "Regional centre of supporting small and middle enterprises"

0.002

19.9

85.1

11.94%

5.00%

27

52

59

Tyva Republic

Nonprofit organization "Fund for Business Support of the Tyva Republic"

0.000

0.2

22.6

0.00%

2.79%

75

-

60

Sevastopol city

Nonprofit organization "Sevastopol Business Support Fund"

0.000

0.0

n/a

0.00%

6.52%

-

-




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