Corredera-Catalán, Félixdi Pietro, FilippoTrujillo-Ponce, Antonio2024-05-032024-05-032021-03-01Journal of Banking Regulation 22, 250–260 (2021)10.1057/s41261-021-00143-7https://hdl.handle.net/10433/20611This is a post-peer-review, pre-copyedit version of an article published in J Bank Regul 22, 250–260 (2021). The definitive publisher-authenticated version is available online at: https://doi.org/10.1057/s41261-021-00143-7Countries around the world are working hard to fight against the economic crisis caused by the coronavirus pandemic, with a special emphasis on small- and medium-sized enterprises (SMEs) due to their vulnerability and importance in the business ecosystem. This paper analyzes the Spanish guarantee model and the measures taken by regional governments in conjunction with the main mutual guarantee societies (MGSs) to mitigate the economic problems associated with the COVID-19 pandemic. We show that public administrations may use guarantee schemes as instruments to improve SME access to financing while limiting the burden on the public budget.enAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/COVID-19SMEsCredit riskMutual guarantee societiesBank financingjournal articleopen access