3.3 The application of the Guarantee Fund in the creation of the female business

In the previous paragraphs it has been explained the implication that the application of an instrument such as the Guarantee Fund, would have on the financing system-enterprise relationship. In particular, against the well known phenomenon of the informative asymmetries, a widespread use of the Guarantee Funds could prove all its validity; in fact it could favour a most efficient resource allocation inside the financing system in general, and in particular the relationship bank/small and medium-sized enterprises.

In this prospective, the granting of guarantees on behalf of the Fund, which are destined to cover a part of the possible losses suffered in the financing operations, is subordinate to a pre-verification of the actual project validity.

In the previous national experiences, the use of this instrument has proven effects on the whole positive, where the operating context of the various guarantee central Funds is considered. With regard to this, however, it is to be pointed out that, aside for some exceptions, these Funds have activated prevalently traditional financing operations as a debt, with the exclusion of both those concerning the venture capital, and those financing forms accomplished through the use of innovative finance instruments.

But the Guarantee Fund's utility can also be analysed in function of the specific purpose to pursue, that is the establishment of new female entrepreneurship In fact, the main obstacle to the spreading of this activity is the lack of funds to allot towards new initiatives: this is due both to the insufficiency or absence of guarantee's forms to offer to the potential financers, and to an Italian social-cultural problem which penalises the female in the credit access. Therefore, a picture of substantial disfavour to activate financial circuits in support of the female entrepreneurship stands out, worsened by the scarce experience inherited by females in the entrepreneurial activity management.

In consideration of these limits, it could be supposed the establishment of a Guarantee Fund for the new female enterprises, aimed at supporting on one side, the financing operations and the acquisitions of sharings in the enterprises where the female figure prevails, and on the other side, aimed at incentivating an effective training activity, needed for the business management. This last point assumes particular importance if it is considered that females generally show an experience deficiency in the corporate management and, therefore, a phase of training on the accounting, organisational, financial and management aspects, would represent a complement for the characteristics of the resources' maturity and management, essential for any entrepreneurial activity.

The objectives which are intended to be pursued with this hypothesis are: a. to reduce significantly the existent difficulties above all in the start up and development phase of female business, connected to cultural and financial factors, with the purpose of realising the concept of equal opportunities also in entrepreneurial ambit; b. to avoid the wastes of economic resources bestowed in favour of enterprises as contributions with a government's and a community'source. Among the causes which have determined the failure of a part of the government's intervention forms it can be included the substantial unpreparedness of the person/entrepreneur requesting the facilitation.


In addition, it is to be pointed out that the operations and the intervention forms of the Guarantee Fund referenced to, in order to better pursue the purpose of favouring the female entrepreneurship, should be supported by an effective promotion of politics on the territory and by an adequate development and improvement of the infrastructures, with particular attention to the activities which take away precious time from the female to devote to the business management. The number of individuals involved in this initiative is to be conveniently extended, in order to be able to offer the female the real possibility of creating a new business, to provide for all the required aspects to keep it well and growing in time.