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%
|
-
|
-
|
