The COSME Loan Guarantee Facility (LGF) is a window of the Single EU Debt Financial Instrument which supports European enterprises' growth and research and innovation (R&I).

LGF is part of COSME (Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises), an initiative launched by the European Commission and managed by EIF.

Through COSME LGF, EIF offers guarantees and counter-guarantees, including securitisation of SME debt finance portfolios, to selected financial intermediaries (e.g. guarantee institutions, banks, leasing companies, etc.) to help them to provide more loans and leases to SMEs. By sharing the risk, COSME guarantees allow the financial intermediaries to expand the range of SMEs they can finance, facilitating access to debt finance for many SMEs who might be having difficulties in accessing the traditional banking system.

LGF is a successor to the SME Guarantee Facility (SMEG), successfully implemented by EIF under the Competitiveness and Innovation Framework Programme (CIP) in the period 2007-2013.