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In 2008, the volume of guarantees of enterprise loans issued by KredEx was EEK 357 million in total, i.e. 2% more than during the previous year. “Taking into account economic developments and, above all, the developments in financial sector where volume of issuable loans diminished, even a small increase is an important sign for us, proving the significance of KredEx in providing access to enterprise capital”, said Mr Andrus Treier, KredEx manager. Entrepreneurs’ and banks’ interest in KredEx products increased significantly in the second half of the year when – due to extremely cautious loan market – an additional guarantee by KredEx often determined the bank’s financing decision. With the help of KredEx loan and leasing guarantees as well as bank guarantees, entrepreneurs borrowed from banks more than EEK 605 million in total with the aim to create 1,207 new jobs. Within enterprise guarantees, 30 start-up loan guarantee agreements for EEK 9 million were concluded, enabling beginning entrepreneurs to borrow EEK 12 million in total. As of areas of activity, most of KredEx loan guarantee were used by enterprises related to metal products manufacturing (11% of the volume of the guarantees issued during the year), wood processing and timber products (10%), building activities (9%), other business activities (8%), electrical energy, gas and water supply (7%), health and social welfare (7%). Individual weights of other areas of activities remained under 5%. In 2008, KredEx received 410 enterprise loan applications and 90 additional applications to amend the existing guarantee agreements. The summary amount of loan guarantees was EEK 486 million. With banks, 342 agreements were concluded: in total, investment loan guarantees were issued for EEK 146 million, guarantees for operating loans and overdrafts for EEK 123 million, leasing guarantees for EEK 12 million and sureties of bank guarantees for EEK 76 million. Compared to the previous year, 2008 saw significant weight of operating loans and overdrafts as well as the weight of sureties of bank guarantees – up to 55% of the total volume. The weight of investment loan decreased as much. Since 2001, KredEx has guaranteed 1,301 bank loans and leasing transactions for by small and medium-sized enterprises for ca EEK 4 billion in total. The guarantee volume issued is ca EEK 2 billion. KredEx has assisted in creating of over 6,300 new jobs. KredEx is a financial institution established with a purpose to improve the financing opportunities of small and medium-sized enterprises, manage export-related credit risks, enable people to build or renovate their home and to develop an energy-saving way of thinking. The KredEx enterprise loan guarantees are shared-cost ones from the European Regional Development Fund.
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