Evaluation the Credit Guarantee Programs for New Technology-Based Firms (NTBFs) in Iran and providing Policy Solutions

The stable and easy access of New Technology-Based Firms (NTBFs) to financial resources is of particular importance due to their significant role in the development of the knowledge-based economy. Surveys show that among the indirect intervention measures, credit guarantee programs have received more attention from governments to facilitate the financing of NTBFs due to the need for limited budget and appropriate leverage effect. In the current research, using the survey method, more than 400 companies were studied to check the status of credit guarantee programs of  NTBFs in Iran. Based on the results of the research, the evaluation and validation system and guarantees and collaterals are the most important challenges of the mentioned companies in the field of financing. Also, the weakness, lack or absence of evaluation and validation system, ease of access to financial resources, diversity in guarantee tools, intermediate institutions in the field of technology, provision of guarantees and collaterals and intervention and support of the government are recognized as the main challenges to the success of credit guarantee programs for NTBFs. Therefore, improvement of government policies, development of guarantee tools and models, creation of a centralized and reliable credit risk database and networking to facilitate interactions were extracted and recommended