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Financing Preferences of European SMEs

In spite of being the most numerous enterprises in all economies, reaching up to 99% of the businesses, SMEs have limited access to external finance and a narrow palette of available external financial instruments. Amid growing number of banks that pay attention to SMEs as one of their strategic sectors, many guarantee and grant programmes are designed for innovative, technology and renewable resources oriented SMEs, either at the EU member-countries or at the European level. The analysis presented in this chapter is based on the ECB’s SAFE (Survey on the access to finance) results obtained from August to October 2013. It focuses on entrepreneurial preferences towards certain financial instruments rather than on realised, statistical data. Research reveals that debt markets are preferred by both companies in private and public companies, which calls for the policy makers to create and/or revive public equity markets for SMEs to enhance the freedom of capital movement goal throughout the EU.

SMEs, financing options, EU

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