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What are the sources of financing? bank loans and credit lines remain most relevant for SMEs, equity less so. Rejection
SMEs: the road to finance What are the sources of financing? bank loans and credit lines remain most relevant for SMEs, equity less so

Equity

Trade credit

Credit line

Bank loans

47%

36%



14%

Leasing

55%

50%

What are the most important problems for SMEs? access to finance is the least pressing one…

…but the situation differs between countries

customers access to finance

Estonia

10%

staff

5%

Cyprus

6%

Greece

25%

30%

competition

25% 18%

Luxembourg

14% SMEs reporting access to finance as most the important issue

Bank loan obtained

Why are bank loans not relevant for some SMEs ?

78% SMEs received all or part of the requested loan

Interest rate is too high

Full amount

67%

9%

Part of it

12%

Insufficient collateral

No loans available

4%

4%

Too much paperwork

Not needed

3%

71%

Rejection rate SMEs are reporting fewer loan requests being turned down 2009

STOP

15%

loan refusals decrease with the size of firm micro

2014

2015

12%

STOP

small medium

12%

8%

8%

4%

Large

1%

What is the financing used for? Inventory & working capital

Developing new products

34%

14%

Fixed investment

Hiring & training employees

13%

Refinancing obligations

12%

Other

12%

36%

General situation of SMEs (net result reported)

improved financial situation and hiring staff Turnover

+20%

increased investment in assets

Number of employees

Profit

Fixed investments

Inventories & working capital

+11%

+4%

+15%

+6%

cost of financing DOWN only labour and other costs UP Interest expenses

-1%

Other cost

Labour cost

+34%

+43%

The European Union is making it easier for SMEs to access finance explore financing possibilities in your country, supported by the EU at: http://access2finance.eu The results presented are for SMEs in the EU, based on the "Survey on the access to finance of enterprises (SAFE)", where companies were asked about the situation in the past 6 months (April – September 2015), published in December 2015 at: http://ec.europa.eu/growth/access-to-finance/data-surveys/safe