The growth of business financing in Galicia, favored for an anticipated and longer validity period of Igape lines in 2024strengthens the participation and dynamism of the Sogarpo (Reciprocal Guarantee Company) in a year in which it will even surpass the magnitudes of 2020, when the support and incentives to overcome the effects of the pandemic in the business sector reached 62 million euros, the amount of guarantees granted by the company.
As of September 30, its granted value already amounted to 53.9 million, or 56.7% more than in the first three quarters of 2023, while the induced investment approached 67.2 millionwith an increase of 56.1% in inter-annual comparison.
The amount of almost 54 million accumulated and injected into the Galician economy, during the period from January to September, exceeds the operations of the SGR in full years and with strong growth of 46.1 million over the whole of 2023 or 42.1 million in 2022.
The 663 guarantees granted by Sogarpo during the first three quarters represent 18% more than a year ago and allowed it to consolidate 6,860 jobscompared to 4,047 over the same period of 2023 (increase of 69.5%). The entity also highlights the financing of 499 companies, or 108 more (increase of 27.6%).
The continuity of IGAPE lines throughout the year and their activation from the first month of the year are responsible for most of the notable growth achieved by SGR. from southern Galicia. The company has granted 383 guarantees for the Igape lines, for an amount of 43.2 million and with an induced investment of 51.4 million, in the three variables, tripling the 2023 volumes.
Efficient route
This close source of financing, the result of collaboration between Igape and Sogarpo, enabled the consolidation of 5,403 jobs in total until September of 380 companies. The corporate financing lines linked to the Xunta allow the two Galician SGRs to lead the growth of the sector’s activity at the national level in 2024.
Furthermore, the reinforced Igape agreement makes Sogarpo one of the two reciprocal guarantee companies in the country which lead portfolio growth in force in the accumulation of the first three quarters.
Actually, the living risk of society In just nine months, it went from 164.6 million to 187.3 million, up 13.7% year-on-year, and is heading towards the 200 million range. The investment induced by the current guarantees exceeds 300 million (+8.2%) and the consolidated jobs are more than 23,000 (+11.2%).
