Credit guarantee schemes have rarely been the subject of rigorous research; consequently, policy makers across the EU lack a reliable impact assessment of these programs on final SME beneficiaries. This analysis estimates the economic impact at final beneficiary level of the Multi-Annual Program for enterprises and entrepreneurship EU SME Guarantee Facility in Central, Eastern and South-Eastern European Countries in the period 2005-2012. The findings suggest that the EU SME Guarantee Facility has been successful in bringing significant positive effects on beneficiary firms in these countries, in particular with regard to employment and turnover.