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Mutual guarantee societies

Reciprocal guarantee companies (RGCs) are non-profit financial entities regulated by the Bank of Spain and with a specific field of action (by autonomous region or sector). Their main objective is to gain access to credit for small and medium-sized enterprises and improve their financing conditions by extending guarantees before financial entities.

  • Characteristics


    • Access to financing for companies that due to a lack of guarantees cannot secure this
    • Best conditions in terms of interest rates and terms thanks to agreements between RGCs and Banco Sabadell . This reduces financing costs for the SME
    • Obtain a guarantee , provided that the project is viable as a whole in the opinion of the team analyzing it 


    Any small or medium-sized enterprise can obtain a RGC guarantee, provided it needs financing and is a participating member.

    Each RGC defines the criteria for being Participating Members. The most usual means is by acquiring shares in the RGC equivalent to a percentage of the RGC guarantee amount that would be paid upon maturity


    Guaranteeable operations and situations

    • Companies with high share and concentration of risk in the bank and that cannot access new amounts without additional guarantees
    • Companies recently set up without actual economic and activity data
    • Companies with high working capital needs and technical guarantees
    • Companies with high working capital needs (by sector)
    • Capital restructuring
    • Self-employed persons who pay taxes by module and therefore do not avail of accounting records that justify income, although he/she has a good payment record
    • Real estate purchases linked to business activity with financing of up to 100% of the appraisal value
    • Company and members without sufficient equity solvency or with previous mortgage encumbrances, but who have a viable project, though lacking in guarantees
    • Guarantees relating to purchases of land (swap guarantees, deferred payments, etc.) from homebuyers (payment to account guarantees) or builders (technical guarantees presented to councils)

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  • SGR List

    Currently Banco Sabadell  has signed collaboration agreements with almost all of the reciprocal guarantee companies, providing coverage to the vast majority of the autonomous regions.

    Field of action by autonomous region 

    Field of action by autonomous region
    Andalusia Garántia, S.G.R.
    Aragon Avalia Aragón, S.G.R.
    Asturias Asturgar, S.G.R.
    Balearic Islands Isba, S.G.R.
    Canary Islands Avalcanarias, S.G.R.
    Cantabria Sogarca, S.G.R.
    Castilla-La Mancha Aval Castilla la Mancha, S.G.R.
    Castilla y León, Galicia, La Rioja and Madrid Iberaval, S.G.R.
    Catalonia Avalis de Catalunya, S.G.R.
    Extremadura Extraval, S.G.R.
    Galicia Afigal, S.G.R.
    Galicia Sogarpo, S.G.R.
    Madrid Avalmadrid, S.G.R.
    Murcia Undemur, S.G.R. (AVALAM)
    Navarre Sonagar, S.G.R.
    Basque Country/La Rioja Elkargi, S.G.R.
    Valencia S.G.R. Comunidad Valenciana

    Field of statal action


    Field of action for autonomous region
      Crea, S.G.R.