VHeadline Venezuela News reports: Venezuela's Reciprocal Guarantee Fund (SRG) -- a Ministry of Finance (Hacienda) institution -- has, for the last 15 years, been the cornerstone of a national financial system that supports and contributes to the growth of small regional and medium industries. Effectively in a mixed public-private partnership, the fund is a mutual banking system with contributions by the Venezuelan State, the nation's Banking, Guilds and regional development agencies.
But business sectors in the under-developed industrial region of Guayana are now questioning the apparent the paralysis of the SGR since cooperatives and small to medium region enterprises are seriously affected by not having access to conventional business credits or guarantees.
In an article in today's local newspapers, the former president of the Bolivar Industrial Federation (Fedeindustria) and SGR director, Pedro Pablo Figarella, says that current "inconveniences" have prompted work stoppages after the appointment of the new president of the Venezuelan Corporation of Guayana (CVG) and Basic Industries & Mines (Mibam) Minister, Rodolfo Sanz, earlier this year.
Figarella says "Minister Sanz has paralyzed company guarantees ... he must expedite the bonds for the organizations concerned ... since last Wednesday we've had no SGR president to address the financial needs of cooperatives and small businesses."
Because of this, Figarella says that business sectors have had to out source awarded contracts, for example to Aragua State where the operative SGR has designated around 20% in expenditure for notaries. In the first half of 2008 some 214 bonds and financial transactions were approved amounting to Bs.F 5,901,902.77 which included CVG-Ferrominera, CVG-Bauxilum, Hidrobolivar, Almacaroni, CVG-Carbonorca, CVG-Venalum, Bolivar State Governance, CVG-Proforca, CVG-Ferrocasa, PDVSA Oil, PDVSA Gas etc.
Caroni Chamber of Commerce & Industries (Camcaroni) president, Carlos Gil, says that efforts should be directed towards consolidation of alternatives for the business sector in view of the (economic) situation that Venezuela has found itself in ... "it is necessary to facilitate access to the different financial mechanisms and tools that allow companies to develop and grow."
The SRG is is primarily set up to grant bank loans to cooperatives, micro and small business, EPS, individuals and new businesses to participate in procurement of supplies, work and services or financial guarantees to facilitate access to credit. It is a mutual guarantee fund, dedicated to the timely issuance of bonds and guarantees, targeted at medium and small manufacturing, tourism, services, export and trade businesses, to facilitate and boost access to financing and processes for allocating contracts with public and private sectors. It was founded in 1990 with capital resources provided by the Ministry of Finance (Hacienda), private banking, Fedeindustria, Apymi (small businesses) and further capital contributed by 196 founding partners. Subsequently, the SRG has addressed the establishment of financing, negotiating agreements and conventions favorable for small and medium industries within different financial institutions. There is also a non-reimbursable contribution from the Andean Development Corporation (CAF), which helps finance automated system studies for project evaluation and administrative procedure manuals.
Currently, Venezuela's Reciprocal Guarantee Fund (SRG) has more than 12 billion bolivars in operational management capital contributed in September 2001 by the Venezuelan State.
VHeadline Venezuela News
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