Trujillo-Ponce, Antoniodi Pietro, FilippoCorredera-Catalán, FélixMandras, Giovanni2024-04-232024-04-232024-02-26Policy Studies, 2024, 1–23.10.1080/01442872.2024.2323071https://hdl.handle.net/10433/20552Proyectos de investigación SEJ-555Credit guarantee schemes have emerged as one of the preferred choices for policy makers concerned about financing small and medium-sized enterprises (SMEs). This article assesses the economic impact of a credit guarantee scheme by using data from a Spanish regional guarantee company for the years 2019 and 2020. We employ an input–output (IO) model, which is a robust methodology that has not been previously used in this type of study. Our findings confirm that a credit guarantee scheme has a positive impact on economic growth, as evidenced by increases in output, gross domestic product (GDP), and employment. We also evaluate the support measures implemented by the regional government to reduce the liquidity shortfalls experienced by SMEs during the COVID-19 pandemic, corroborating that during crises, government financial support policies to guarantee systems yield positive macroeconomic effects in the region in which they are implemented.enAttribution-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nd/4.0/SME financingCredit guarantee schemeMutual guarantee societiesFinancial support policiesEconomic additionalityInput–output modeljournal articleembargoed access