The Monegasque Credit Guarantee Fund

The government, in conjunction with the banks, has backed the creation of a guarantee fund to support the development of economic activity in the Principality.

This fund aims to ensure support from banks in the form of funding for projects to establish, transfer or expand a company.

Terms and conditions of intervention

• Financing limited to 80% of the total financial requirement excluding taxes (50% for the intangible assets of a business)
• Minimum of 50.000 € for eligible loans 
• Maximum of 1.000.000 € guarantee per case
• Guaranteed quota: 65
• Commission rate fixed at 0.30% of the unamortised outstanding amount of the guaranteed portion of the loan

Procedure for intervention by Fund

The Monegasque banking institution which is approached for a loan may, if it judges that the guarantees presented by the applicant company are insufficient, seek the involvement of the credit guarantee fund by making a request to the Department of Budget and Treasury

The Department of Budget and Treasury will then refer the request to:

• BPIFrance Financement, the organisation which reviews the file
• Monaco Association for Financial Activities (AMAF), which is responsible for administrative management of the Fund 

Details of the current procedure can be found in the document opposite:

BPIFrance Financement:

• Verifies, in conjunction with the Monaco Government, that the case meets the Fund’s eligibility criteria
• Reviews the file presented by the bank on the basis of an economic and financial analysis using its own study tools and aids
• Sends the conclusions of its study as well as the full reviewed file (study and opinion) to the Management Committee

As the "administrator", the AMAF:

• Convenes the Management Committee which reviews requests and decides where to commit funds
• Validates the conditions for committing funds in each case
• Provides the secretariat for the Management Committee, etc.

The Management Committee is comprised as follows :

• The President, a representative of SNF (Société Nationale de Financement) or his/her deputy
• A representative of the banks nominated by the AMAF (Monaco Association for Financial Activities)
• A member of the Council of the Institute of Chartered Accountants
• A representative of the "administrator", in an advisory capacity
• A representative from the bank which has submitted the request, in an advisory capacity

In addition, whenever a case is presented to the Department of Budget and Treasury, the following documents are required:

• Fiche de renseignements

  XLS49 kB
• Modèle de présentation d'un dossier

  DOC38 kB

Further information can be obtained from the Department of Budget and Treasury.