This paper provides a policy-oriented summary of a recent report to the European Commission’s DG for Internal Market, Industry, Entrepreneurship and SMEs. The econometric study assesses the real performance effects of EU-guaranteed loans to SMEs disbursed in the Benelux, Italy, and the Nordic countries (Denmark, Finland, Norway and Sweden), during the years 2002 to 2016. The aim of this Working Paper is to investigate the effects of guaranteed loans granted between 2002 and 2016 under the European Union’s MAP and CIP programmes managed by the European Investment Fund (EIF) on the growth of small and medium sized enterprises (SMEs) located in Italy, the Benelux and Nordic countries (Denmark, Sweden, Finland and Norway).

The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.