Norgarante

What Norgarante does

Norgarante operates commercially as Garantia Mútua (legal name SGM - Sociedade de Garantia Mútua, S.A.), a Portuguese mutual guarantee society that issues financial guarantees to help micro, small and medium enterprises obtain bank credit on better terms. The mutualist model pools risk across member companies, and the organization issues guarantees covering five product categories: investment financing, treasury management, contractual guarantees, entrepreneurship support, and sector-specific solutions — the last notably serving tourism and social enterprises through dedicated lines. Cumulative figures as of April 2026 show 159,266 supported companies, €29,712 million in guarantees issued, €55,508 million in investment supported, 2,080,038 jobs supported, and a live portfolio of €3,888 million.

The company sits within Portugal's official development finance architecture under state-owned parent Banco Português de Fomento, with its guarantee framework co-financed by EU structural programs (Portugal 2020, Portugal 2030) and InvestEU. It operates a 22+ regional agency distribution network covering all of mainland Portugal plus the autonomous regions of Azores and Madeira, reaching customers through direct field sales advisors and banking channel partners. Revenue is generated primarily through guarantee fees and premiums on a case-by-case pricing basis determined by company profile, guarantee type, and risk assessment; the mutualist structure means returns are recycled into reserves rather than distributed externally.

The product catalog spans 11+ specialized lines including BPF Invest Export, InvestEU programmes (Sustainable Urban Mobility, Research/Innovation/Digitalization, SME and Small Mid-Caps), sustainable tourism lines, the Revive heritage-renovation programme, decarbonization and circular economy lines, and the Social Investe programme. In 2024 the company completed a fusion consolidating regional entities (Lisgarante, Garval, Açoresgarante) into a unified Garantia Mútua structure. Henrique Cruz serves as CEO.

Name

Norgarante

Legal name

SGM - Sociedade de Garantia Mútua, S.A.

Website

https://norgarante.pt

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

51–100 employees

Short description

Norgarante (Garantia Mútua) is a Portuguese mutual guarantee society that issues financial guarantees to help micro, small and medium enterprises access bank credit on better terms. It operates a 22+ regional agency network across Portugal under state-owned parent Banco Português de Fomento.

Ownership category

akta.pro rank

Product category

Mutual Guarantee / SME Credit Guarantee Services

NAICS

Other Nondepository Credit Intermediation (52229)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro industry

PRIMARYBPAGABAM

Microfinance, Financial Inclusion & Inclusive Markets

Business & Public Services/Nonprofit, NGO & Social Services/International Development & Poverty Alleviation

SECONDARYFSAKAGAA

Microloans & Working Capital Loans

Financial & Insurance/Lending & Consumer Finance/Small Business & Microenterprise Lending

SECONDARYFSAHAJAF

Direct Lending — Specialty Finance (Consumer/SME Lending Platforms)

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Private Credit & Direct Lending

Keywords

• Mutual guarantee services
• SME credit guarantees
• Financial guarantee products
• Bank credit facilitation
• Investment guarantee lines

Headquarters

HQ city

Porto

HQ country

Portugal

HQ region

Europe

Offices17 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Guarantee Fees: Revenue generated from guarantee premiums and fees charged to member companies in exchange for providing financial guarantees that facilitate access to bank credit.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Norgarante (Garantia Mútua) is a mutual guarantee society that issues financial guarantees to Portuguese micro, small and medium enterprises, enabling them to access bank credit on better terms by sharing risk with other entities. It sells a structured product catalog across investment guarantees, treasury management, contract guarantees, entrepreneurship support, and sector-specific solutions, distributed through 22+ regional agencies and delivered in partnership with Banco Português de Fomento and EU framework programs.

Product overview

Norgarante (Garantia Mutua - SGM) is a mutual guarantee system that operates as a multi-product financial services platform offering guaranteed access to credit for Portuguese businesses. The company provides a portfolio of guarantee products organized into five core categories: Investimento (investment guarantees), Gestao Tesouraria (treasury management), Garantias Contratuais (contract guarantees), Empreendedorismo (entrepreneurship support), and Oferta Setorial (sector-specific solutions). Under these categories, the company offers specialized product lines including BPF Invest Export, various InvestEU programs (Mobilidade Urbana Sustentavel, Investigacao Inovacao e Digitalizacao, PME e Small Mid-Caps), Linha Apoio Turismo + Sustentavel, Linha de Apoio ao Turismo 2021, Linha Revive, Linha para Descarbonizacao e Economia Circular, Linha Fomento PT2030 - Garantias, and Social Investe. These products are distributed through a network of 22 regional agencies across Portugal, including the Azores and Madeira archipelagos, and operate in partnership with the Banco Portugues de Fomento and under EU framework programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Investimento (Investment Guarantees) Financial guarantees to support business investment initiatives, enabling companies to access financing for growth and expansion projects. Targets Portuguese SMEs across all sectors.
• Gestão Tesouraria (Treasury Management Guarantees) Treasury management guarantees designed to support companies' daily operational cash flow needs and financial management. Targets Portuguese SMEs with day-to-day working capital requirements.
• Garantias Contratuais (Contract Guarantees) Contract guarantees to ensure fulfillment of contractual responsibilities or obligations, facilitating business transactions and partnerships. For companies needing performance/security guarantees in commercial deals.
• Empreendedorismo (Entrepreneurship Support Guarantees) Guarantees supporting entrepreneurship and self-employment creation, helping new businesses access financing. Targets founders, entrepreneurs, and self-employed individuals in Portugal.
• Oferta Setorial (Sector-Specific Solutions) Sector-specific solutions adapted to the characteristics of each industry sector, including tourism and social sectors. Tailored guarantee programs for industry verticals.
• BPF Invest Export Investment and export financing guarantee line developed under the Portuguese Development Bank (Banco Português de Fomento) framework. Supports export-oriented and investment activities.
• Linha Apoio Turismo + Sustentável (Sustainable Tourism Support Line) Sustainable tourism support line financing sustainable practices and investments in the tourism sector. Targets tourism SMEs pursuing sustainability initiatives.
• InvestEU - Mobilidade Urbana Sustentável European investment facility guarantees supporting sustainable urban mobility projects and initiatives. Targets companies and municipalities pursuing sustainable urban mobility projects.
• InvestEU - Investigação, Inovação e Digitalização European investment facility guarantees supporting research, innovation, and digital transformation projects. Targets R&D and digitalization initiatives.
• InvestEU - PME e Small Mid-Caps

Quantifiable outcome

• 159,266 companies supported cumulatively
• +3 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and secondary.

• Banco Português de FomentocoreStrategic or Co-development PartnerStrategic partner providing development banking services; co-branded initiatives including 'Juntos a acelerar a economia' (Together accelerating the economy); reference to BPF Invest Export and other co-developed guarantee products.
• União Europeia (European Union)coreStrategic or Co-development PartnerEU backing and co-financing through programs like InvestEU and Portugal 2020; provides guarantee framework and funding support for SME financing across multiple sectors including mobility, innovation, and sustainability.
• Portugal 2020coreStrategic or Co-development PartnerEU structural fund program providing co-financing and framework for mutual guarantee operations supporting Portuguese companies and economic development.
• IAPMEI (Agência para a Competitividade e Inovação)secondaryStrategic or Co-development PartnerPortuguese agency for competitiveness and innovation; partnership supporting entrepreneurship and SME development initiatives.
• Turismo de PortugalsecondaryStrategic or Co-development PartnerNational tourism board; co-developed tourism-specific guarantee lines including Tourism Support Line 2021, Tourism + Sustainable Support Line, and Revive Line.
• República Portuguesa (Presidência da República)secondaryStrategic or Co-development PartnerPortuguese Republic through the Presidency; institutional partnership providing backing for mutual guarantee system.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Others

• Coface: Global credit insurance and trade credit management provider. Operates in an adjacent risk-mitigation ecosystem — credit guarantees for businesses — though its model is insurance-based rather than mutual guarantee.
• Atradius: Global credit insurance and guarantee provider serving businesses across Europe. Comparable as a credit-risk intermediary for trade and commercial financing, though not operating a mutual guarantee model like Norgarante.

Broad incumbents

• Caixa Geral de Depósitos: Largest Portuguese state-owned bank with deep SME financing presence. Acts as both a potential partner and a competitor for Norgarante in providing credit access to Portuguese SMEs, with overlapping customer segments and public-policy alignment.
• Banco BPI: Major Portuguese commercial bank with a strong SME lending franchise and serving as a key banking partner for Norgarante's guarantee-backed loans. Operates in the same SME credit market, though as a depository lender rather than a mutual guarantee society.
• Bpifrance: French public investment bank that operates SME guarantee programs alongside broader financing, innovation and export services. Comparable to Norgarante through its public mandate for SME credit facilitation, though broader in scope and scale.

Direct peers

• CERSA (Compañía Española de Reafianzamiento): Spanish public re-guarantee company that supports the national network of mutual guarantee societies (SGRs) in providing guarantees to Spanish SMEs. Operates the same mutual guarantee model as Norgarante within the Iberian peninsula and is a natural regional peer.
• SIAGI: French mutual guarantee society that provides financial guarantees to SMEs to facilitate access to bank credit. Closely mirrors Norgarante's mutualist risk-sharing model and SME guarantee focus, making it the most directly comparable European peer.
• SGR-Cesgar (Confederación Española de Sociedades de Garantía Recíproca): Confederation of Spanish mutual guarantee societies serving SMEs across Spain's autonomous regions. Highly comparable in mutualist structure, SME focus, and regional distribution model to Norgarante's pre-merger regional entities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Norgarante