Access to finance is the most important concern for 7% of SMEs in the European Union.

A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in the European Union: in the European Union:

15%

26%
10% 22%
12%

5%
s
s

s
er
er

st
m

Co
ag

to
an

us
/m

gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in the European Union?
In the European Union, bank loans were relevant for The financing was used by 40% of SMEs for fixed
46% of SMEs (and used by 15% of them), while credit investments and by 35% for inventory and working
lines were relevant for 51% (used by 34%). Leasing was capital. 20% of SMEs used it for developing new
relevant for 47% and equity for 11%. products or services and 22% for hiring and training
employees, while 13% refinanced their obliga ons.

Credit lines 34% 17% 51%

Fixed investments 40%
Leasing 24% 23% 47%
Working capital 35%
Bank loans 15% 30% 46%

Trade credit 17% 14% 31% Hiring & training 22%

Grants 8% 23% 31%

New products/services 20%
Internal funds 14% 11% 25%

Other loans 7% 12% 19% Refinancing 13%

Equity capital 10% 11% Other 9%

 Bank loans in the European Union - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 46% of SMEs in the European Union. Between April
and September 2019, 24% of SMEs in the European Union actually applied for a bank loan. 4% did not apply
because of fear of rejec on.
In the European Union, of those SMEs who applied, 7% of bank loan applica ons were rejected. In addi on to
the problem of loan applica ons being rejected, 10% of companies who successfully applied received less than
they applied for and 1% reported that they declined the loan offer from the bank because they found the cost
unacceptable. It means that, in total, 18% of SMEs in the European Union did not manage to get the full bank
loan they had planned for during 2019.
Received part
Cost too high 40% 2019 results
30% Rejected selected countries

30%

20%
20%

10%
10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in the European Union: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in the European Union

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5% 5% 10%
47%

It affected payments to suppliers 7% 9% 17%

32%

Yes, occasionally It affected production or operations 5% 5% 9%

Yes, regularly
15%

It delayed repayments of loans or we had to use additional financing 4% 4% 8%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 5% of SMEs in Austria, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Austria compared to EU: in Austria:
Austria
EU average
15%

37%
10%
27%

10%
5%
s

on
s

er
er

m
ag

la
to
an

gu
us
/m

Re
gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Austria?
In Austria, bank loans were relevant for 47% of SMEs The financing was used by 55% of SMEs for fixed
(and used by 15% of them), while credit lines were investments and by 43% for inventory and working
relevant for 53% (used by 36%). Leasing was relevant capital. 29% of SMEs used it for developing new
for 57% and equity for 9%. products or services and 30% for hiring and training
employees, while 21% refinanced their obliga ons.

Leasing 28% 28% 57%

Fixed investments 55%
Credit lines 36% 17% 53%
Working capital 43%
Bank loans 15% 31% 47%

Grants 9% 24% 33% Hiring & training 30%

Internal funds 16% 11% 27%

New products/services 29%
Other loans 6% 8% 14%

Trade credit 8% 13% Refinancing 21%

Equity capital 8% 9% Other 12%

 Bank loans in Austria - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 47% of SMEs in Austria (compared to 45% at EU
level). Between April and September 2019, 20% of SMEs in Austria actually applied for a bank loan (EU: 24%). 3%
did not apply because of fear of rejec on (EU: 4%).
In Austria, of those SMEs who applied, 2% of bank loan applica ons were rejected (compared to 7% at EU level).
In addi on to the problem of loan applica ons being rejected, 10% of companies who successfully applied
received less than they applied for (EU: 10%) and none reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 13% of SMEs in Austria did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
Cost too high 40% 2019 results
25%
Rejected selected countries
20% 30%

15%
20%
10%

10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Austria: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Austria

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 3% 4% 7%
38%

It affected payments to suppliers 4% 7% 11%

29%

Yes, occasionally It affected production or operations 3% 3% 7%

Yes, regularly
9%

It delayed repayments of loans or we had to use additional financing 4% 6% 10%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Belgium, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Belgium compared to EU: in Belgium:
Belgium
EU average
15%

33%
10%
18% 16%

5%
s
on
s

er
er

m
ag

la

to
an

gu

us
/m

Re

gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Belgium?
In Belgium, bank loans were relevant for 63% of SMEs The financing was used by 31% of SMEs for fixed
(and used by 28% of them), while credit lines were investments and by 27% for inventory and working
relevant for 52% (used by 36%). Leasing was relevant capital. 10% of SMEs used it for developing new
for 37% and equity for 17%. products or services and 9% for hiring and training
employees, while 6% refinanced their obliga ons.

Bank loans 28% 35% 63%

Fixed investments 31%
Credit lines 36% 16% 52%
Working capital 27%
Leasing 18% 19% 37%

Trade credit 12% 22% 34% New products/services 10%

Grants 22% 27%

Other 10%
Other loans 8% 16% 24%

Internal funds 8% 9% 17% Hiring & training 9%

Equity capital 17% 17% Refinancing 6%

 Bank loans in Belgium - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 63% of SMEs in Belgium (compared to 45% at EU
level). Between April and September 2019, 33% of SMEs in Belgium actually applied for a bank loan (EU: 24%).
4% did not apply because of fear of rejec on (EU: 4%).
In Belgium, of those SMEs who applied, 3% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 8% of companies who successfully applied
received less than they applied for (EU: 10%) and 1% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 12% of SMEs in Belgium did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
30% 40%
Cost too high 2019 results
Rejected selected countries
25%
30%
20%

15% 20%

10%
10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Belgium: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Belgium

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5% 6%
44%

It affected payments to suppliers 9% 7% 16%

26%

Yes, occasionally It affected production or operations 4% 6%

18% Yes, regularly

It delayed repayments of loans or we had to use additional financing 4% 7%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 6% of SMEs in Bulgaria, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Bulgaria compared to EU: in Bulgaria:
20%
Bulgaria
EU average

15%

27%
24%
10%
13%

5%
s

on
s

er
er

m
ag

la
to
an

gu
us
/m

Re
gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Bulgaria?
In Bulgaria, bank loans were relevant for 46% of SMEs The financing was used by 38% of SMEs for fixed
(and used by 14% of them), while credit lines were investments and by 44% for inventory and working
relevant for 67% (used by 36%). Leasing was relevant capital. 19% of SMEs used it for developing new
for 55% and equity for 4%. products or services and 15% for hiring and training
employees, while 14% refinanced their obliga ons.

Credit lines 36% 31% 67%

Working capital 44%
Leasing 19% 36% 55%
Fixed investments 38%
Bank loans 14% 32% 46%

Internal funds 17% 22% 39% New products/services 19%

Trade credit 13% 25% 38%

Hiring & training 15%
Grants 28% 31%

Other loans 10% 17% 28% Refinancing 14%

Equity capital 4% Other

 Bank loans in Bulgaria - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 46% of SMEs in Bulgaria (compared to 45% at EU
level). Between April and September 2019, 17% of SMEs in Bulgaria actually applied for a bank loan (EU: 24%).
4% did not apply because of fear of rejec on (EU: 4%).
In Bulgaria, of those SMEs who applied, 5% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 10% of companies who successfully applied
received less than they applied for (EU: 10%) and 2% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 17% of SMEs in Bulgaria did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
Cost too high 40% 2019 results
40%
Rejected selected countries

30% 30%

20% 20%

10% 10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Bulgaria: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Bulgaria

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5% 5% 9%
34%

It affected payments to suppliers 6% 10% 16%

22%

Yes, occasionally It affected production or operations 6% 6% 12%

Yes, regularly
12%

It delayed repayments of loans or we had to use additional financing 6%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 7% of SMEs in Croa a, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Croa a compared to EU: in Croa a:
25%
Croatia
EU average
20%

15%
41%

10%
14% 13%

5%
s
er

on

s
st
ag

Co
la
an

gu
/m

Re

0%
aff

11... 12... 13... 14... 15... 16... 17... 18...

St

What are the sources and purposes of financing for SMEs in Croatia?
In Croa a, bank loans were relevant for 48% of SMEs The financing was used by 48% of SMEs for fixed
(and used by 16% of them), while credit lines were investments and by 46% for inventory and working
relevant for 46% (used by 28%). Leasing was relevant capital. 29% of SMEs used it for developing new
for 56% and equity for 36%. products or services and 37% for hiring and training
employees, while 19% refinanced their obliga ons.

Leasing 26% 30% 56%

Fixed investments 48%
Bank loans 16% 32% 48%
Working capital 46%
Credit lines 28% 18% 46%

Grants 8% 34% 42% Hiring & training 37%

Internal funds 24% 18% 41%

New products/services 29%
Equity capital 34% 36%

Other loans 6% 11% 17% Refinancing 19%

Trade credit 11% 13% Other 7%

 Bank loans in Croatia - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 48% of SMEs in Croa a (compared to 45% at EU
level). Between April and September 2019, 23% of SMEs in Croa a actually applied for a bank loan (EU: 24%). 4%
did not apply because of fear of rejec on (EU: 4%).
In Croa a, of those SMEs who applied, 6% of bank loan applica ons were rejected (compared to 7% at EU level).
In addi on to the problem of loan applica ons being rejected, 4% of companies who successfully applied
received less than they applied for (EU: 10%) and none reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 10% of SMEs in Croa a did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
40% 40%
Cost too high 2019 results
Rejected selected countries
30% 30%

20% 20%

10% 10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Croatia: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Croatia

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7% 7% 14%
50%

It affected payments to suppliers 9% 17% 26%

36%

Yes, occasionally It affected production or operations 6% 9% 15%

Yes, regularly
14%

It delayed repayments of loans or we had to use additional financing 6% 11%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 12% of SMEs in Cyprus, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Cyprus compared to EU: in Cyprus:
50% Cyprus
EU average

40%

30% 29%
19%
13%
20%

10% s
on

er
er

m
ag

to
pe

an

us
/m
m

gc
Co

aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Cyprus?
In Cyprus, bank loans were relevant for 38% of SMEs The financing was used by 28% of SMEs for fixed
(and used by 14% of them), while credit lines were investments and by 37% for inventory and working
relevant for 58% (used by 35%). Leasing was relevant capital. 23% of SMEs used it for developing new
for 14% and equity for 15%. products or services and 19% for hiring and training
employees, while 14% refinanced their obliga ons.

Credit lines 35% 23% 58%

Working capital 37%
Trade credit 24% 19% 44%
Fixed investments 28%
Bank loans 14% 24% 38%

Internal funds 20% 15% 36% New products/services 23%

Grants 24% 27%

Hiring & training 19%
Equity capital 14% 15%

Leasing 11% 14% Refinancing 14%

Other loans 11% 14% Other

 Bank loans in Cyprus - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 38% of SMEs in Cyprus (compared to 45% at EU
level). Between April and September 2019, 17% of SMEs in Cyprus actually applied for a bank loan (EU: 24%). 8%
did not apply because of fear of rejec on (EU: 4%).

Applied
40% Discouraged
2019 results
30%
30%
20%
20%

10% 10%

0% 0%

-10% -10%

-20% -20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Cyprus: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Cyprus

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7% 11%
51%

26% It affected payments to suppliers 15% 10% 25%

Yes, occasionally It affected production or operations 9% 13%

25% Yes, regularly

It delayed repayments of loans or we had to use additional financing 8%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Czechia, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Czechia compared to EU: in Czechia:
Czechia
EU average
15%

30%
10% 23%
12%

5%
s
s

s
er
er

st
m

Co
ag

to
an

us
/m

gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Czechia?
In Czechia, bank loans were relevant for 44% of SMEs The financing was used by 55% of SMEs for fixed
(and used by 13% of them), while credit lines were investments and by 43% for inventory and working
relevant for 54% (used by 28%). Leasing was relevant capital. 24% of SMEs used it for developing new
for 53% and equity for 2%. products or services and 16% for hiring and training
employees, while 13% refinanced their obliga ons.

Credit lines 28% 25% 54%

Fixed investments 55%
Leasing 24% 29% 53%
Working capital 43%
Bank loans 13% 31% 44%

Grants 8% 22% 29% New products/services 24%

Other loans 8% 15% 23%

Hiring & training 16%
Internal funds 10% 11% 22%

Trade credit 6% 11% 18% Refinancing 13%

Equity capital 2% Other 7%

 Bank loans in Czechia - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 44% of SMEs in Czechia (compared to 45% at EU
level). Between April and September 2019, 16% of SMEs in Czechia actually applied for a bank loan (EU: 24%).
3% did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
2019 results
30% 30%

20%
20%
10%

10%
0%

0% -10%

-20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Czechia: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Czechia

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5% 7% 12%
74%

It affected payments to suppliers 7% 12% 19%

49%

Yes, occasionally It affected production or operations 7% 11%

Yes, regularly
25%

It delayed repayments of loans or we had to use additional financing 7%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 7% of SMEs in Denmark, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Denmark compared to EU: in Denmark:
Denmark
EU average
15%

26%
10% 23%
14%

5%
s

on
s
er

er
m

ag
to

pe
an
us

/m

m
gc

Co
aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Denmark?
In Denmark, bank loans were relevant for 26% of SMEs The financing was used by 32% of SMEs for fixed
(and used by 6% of them), while credit lines were investments and by 38% for inventory and working
relevant for 58% (used by 47%). Leasing was relevant capital. 23% of SMEs used it for developing new
for 47% and equity for 17%. products or services and 22% for hiring and training
employees, while 15% refinanced their obliga ons.

Credit lines 47% 11% 58%

Working capital 38%
Leasing 26% 21% 47%
Fixed investments 32%
Bank loans 6% 20% 26%

Other loans 10% 13% 22% New products/services 23%

Trade credit 8% 10% 19%

Hiring & training 22%
Equity capital 15% 17%

Internal funds 7% 7% 14% Refinancing 15%

Grants 9% 11% Other 4%

 Bank loans in Denmark - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 26% of SMEs in Denmark (compared to 45% at EU
level). Between April and September 2019, 18% of SMEs in Denmark actually applied for a bank loan (EU: 24%).
6% did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
20% 2019 results
30%

15%
20%
10%
10%
5%
0%
0%
-10%
-5%
-20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Denmark: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Denmark

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 3% 5%
39%

It affected payments to suppliers 6% 3% 9%

24%

Yes, occasionally It affected production or operations 3% 3% 6%

Yes, regularly
15%

It delayed repayments of loans or we had to use additional financing 5% 2% 7%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 9% of SMEs in Estonia, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Estonia compared to EU: in Estonia:
25%
Estonia
EU average
20%

15%
40%

10% 23%
15%

5%
s
er

on

s
st
ag

Co
an

pe
/m

0%
aff

Co

11... 12... 13... 14... 15... 16... 17... 18...

St

What are the sources and purposes of financing for SMEs in Estonia?
In Estonia, bank loans were relevant for 41% of SMEs The financing was used by 41% of SMEs for fixed
(and used by 13% of them), while credit lines were investments and by 27% for inventory and working
relevant for 31% (used by 18%). Leasing was relevant capital. 23% of SMEs used it for developing new
for 68% and equity for 12%. products or services and 14% for hiring and training
employees, while 16% refinanced their obliga ons.

Leasing 36% 32% 68%

Fixed investments 41%
Bank loans 13% 28% 41%
Working capital 27%
Internal funds 13% 21% 33%

Other loans 15% 17% 32% New products/services 23%

Credit lines 18% 13% 31%

Refinancing 16%
Trade credit 19% 9% 28%

Grants 17% 21% Hiring & training 14%

Equity capital 12% 12% Other 5%

 Bank loans in Estonia - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 41% of SMEs in Estonia (compared to 45% at EU
level). Between April and September 2019, 24% of SMEs in Estonia actually applied for a bank loan (EU: 24%).
14% did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
2019 results
30%
20%
20%
10%
10%

0% 0%

-10%
-10%
-20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Estonia: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Estonia

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7% 3% 10%
52%

It affected payments to suppliers 5% 6% 11%

41%

Yes, occasionally It affected production or operations 5% 9% 14%

Yes, regularly
11%

It delayed repayments of loans or we had to use additional financing 3% 6%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Finland, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Finland compared to EU: in Finland:
Finland
EU average
15%

10% 30%
23%
13%
5%
s
er

on

on
ag

la
an

pe

gu
/m

Re

0%
aff

Co

11... 12... 13... 14... 15... 16... 17... 18...

St

What are the sources and purposes of financing for SMEs in Finland?
In Finland, bank loans were relevant for 56% of SMEs The financing was used by 38% of SMEs for fixed
(and used by 17% of them), while credit lines were investments and by 34% for inventory and working
relevant for 64% (used by 51%). Leasing was relevant capital. 25% of SMEs used it for developing new
for 60% and equity for 18%. products or services and 22% for hiring and training
employees, while 10% refinanced their obliga ons.

Credit lines 51% 13% 64%

Fixed investments 38%
Leasing 36% 24% 60%
Working capital 34%
Bank loans 17% 39% 56%

Internal funds 14% 17% 30% New products/services 25%

Other loans 10% 18% 28%

Hiring & training 22%
Trade credit 18% 10% 28%

Grants 7% 17% 24% Other 13%

Equity capital 15% 18% Refinancing 10%

 Bank loans in Finland - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 56% of SMEs in Finland (compared to 45% at EU
level). Between April and September 2019, 22% of SMEs in Finland actually applied for a bank loan (EU: 24%). 2%
did not apply because of fear of rejec on (EU: 4%).
In Finland, of those SMEs who applied, 9% of bank loan applica ons were rejected (compared to 7% at EU level).
In addi on to the problem of loan applica ons being rejected, 4% of companies who successfully applied
received less than they applied for (EU: 10%) and 2% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 14% of SMEs in Finland did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
30% Received part
Cost too high 40% 2019 results
25% Rejected selected countries

20% 30%

15%
20%
10%
10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Finland: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
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15...
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19...

11...
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15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Finland

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5%
48%

It affected payments to suppliers 5% 13% 18%

38%

Yes, occasionally It affected production or operations 6% 11% 17%

Yes, regularly
10%

It delayed repayments of loans or we had to use additional financing 6%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in France, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in France compared to EU: in France:
France
EU average
15%

30%
10%
15% 14%

5%
s

on
s

er
er

m
ag

la
to
an

gu
us
/m

Re
gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in France?
In France, bank loans were relevant for 63% of SMEs The financing was used by 38% of SMEs for fixed
(and used by 23% of them), while credit lines were investments and by 13% for inventory and working
relevant for 47% (used by 27%). Leasing was relevant capital. 9% of SMEs used it for developing new
for 47% and equity for 16%. products or services and 8% for hiring and training
employees, while 2% refinanced their obliga ons.

Bank loans 23% 40% 63%

Fixed investments 38%
Leasing 23% 25% 47%
Working capital 13%
Credit lines 27% 19% 47%

Grants 20% 26% New products/services 9%

Internal funds 14% 11% 24%

Hiring & training 8%
Trade credit 7% 16% 23%

Equity capital 15% 16% Other 6%

Other loans 10% Refinancing

 Bank loans in France - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 63% of SMEs in France (compared to 45% at EU
level). Between April and September 2019, 31% of SMEs in France actually applied for a bank loan (EU: 24%). 4%
did not apply because of fear of rejec on (EU: 4%).
In France, of those SMEs who applied, 5% of bank loan applica ons were rejected (compared to 7% at EU level).
In addi on to the problem of loan applica ons being rejected, 5% of companies who successfully applied
received less than they applied for (EU: 10%) and 1% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 12% of SMEs in France did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
25% Cost too high 40% 2019 results
Rejected selected countries
20%
30%

15%
20%
10%

10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in France: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in France

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 6% 8%
51%

27% It affected payments to suppliers 9% 8% 17%

Yes, occasionally It affected production or operations 5% 7%

24% Yes, regularly

It delayed repayments of loans or we had to use additional financing 4% 6%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 5% of SMEs in Germany, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Germany compared to EU: in Germany:
Germany
EU average
15%

37%
10%
26%
12%
5%
s

on
s

er
er

m
ag

la
to
an

gu
us
/m

Re
gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Germany?
In Germany, bank loans were relevant for 42% of SMEs The financing was used by 50% of SMEs for fixed
(and used by 14% of them), while credit lines were investments and by 37% for inventory and working
relevant for 50% (used by 35%). Leasing was relevant capital. 24% of SMEs used it for developing new
for 56% and equity for 12%. products or services and 32% for hiring and training
employees, while 22% refinanced their obliga ons.

Leasing 32% 23% 56%

Fixed investments 50%
Credit lines 35% 16% 50%
Working capital 37%
Bank loans 14% 28% 42%

Grants 7% 23% 31% Hiring & training 32%

Other loans 8% 15% 23%

New products/services 24%
Internal funds 14% 9% 23%

Equity capital 10% 12% Refinancing 22%

Trade credit 9% Other 13%

 Bank loans in Germany - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 42% of SMEs in Germany (compared to 45% at EU
level). Between April and September 2019, 20% of SMEs in Germany actually applied for a bank loan (EU: 24%).
3% did not apply because of fear of rejec on (EU: 4%).
In Germany, of those SMEs who applied, 7% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 6% of companies who successfully applied
received less than they applied for (EU: 10%) and less than 1% reported that they declined the loan offer from
the bank because they found the cost unacceptable (EU: 1%). It means that, in total, 13% of SMEs in Germany
did not manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
25% Cost too high 40% 2019 results
Rejected selected countries
20% 30%

15%
20%
10%

10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Germany: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Germany

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 4% 5%
34%

It affected payments to suppliers 2% 6% 8%

29%

Yes, occasionally It affected production or operations 4% 5%

Yes, regularly
5%
It delayed repayments of loans or we had to use additional financing 2% 5% 7%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 21% of SMEs in Greece, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Greece compared to EU: in Greece:
Greece
40% EU average

30%
21%
18% 16%
20%

10%
ce

on
s
er
an

ag
fin

pe
an
to

/m

m
ss

Co

0%
aff
ce

St
Ac

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Greece?
In Greece, bank loans were relevant for 41% of SMEs The financing was used by 37% of SMEs for fixed
(and used by 10% of them), while credit lines were investments and by 43% for inventory and working
relevant for 34% (used by 13%). Leasing was relevant capital. 35% of SMEs used it for developing new
for 26% and equity for 22%. products or services and 25% for hiring and training
employees, while 32% refinanced their obliga ons.

Trade credit 29% 23% 53%

Working capital 43%
Grants 9% 40% 50%
Fixed investments 37%
Bank loans 10% 32% 41%

Credit lines 13% 21% 34% New products/services 35%

Leasing 10% 16% 26%

Refinancing 32%
Equity capital 22% 22%

Internal funds 7% 8% 16% Hiring & training 25%

Other loans 9% 13% Other 5%

 Bank loans in Greece - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 41% of SMEs in Greece (compared to 45% at EU
level). Between April and September 2019, 25% of SMEs in Greece actually applied for a bank loan (EU: 24%).
15% did not apply because of fear of rejec on (EU: 4%).
In Greece, of those SMEs who applied, 14% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 20% of companies who successfully applied
received less than they applied for (EU: 10%) and 4% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 38% of SMEs in Greece did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
80% Received part
Cost too high 40% 2019 results
Rejected selected countries
60%
30%

40%
20%

20% 10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Greece: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
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19...

11...
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15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Greece

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 18% 12% 30%
62%

32% It affected payments to suppliers 17% 12% 30%

Yes, occasionally It affected production or operations 13% 9% 22%

30% Yes, regularly

It delayed repayments of loans or we had to use additional financing 12% 9% 21%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Hungary, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Hungary compared to EU: in Hungary:
25%
Hungary
EU average
20%

15% 28%
24%
18%
10%

5%
s
s

s
er
er

st
m

Co
ag

to
an

us
/m

gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Hungary?
In Hungary, bank loans were relevant for 25% of SMEs The financing was used by 25% of SMEs for fixed
(and used by 7% of them), while credit lines were investments and by 17% for inventory and working
relevant for 39% (used by 22%). Leasing was relevant capital. 11% of SMEs used it for developing new
for 43% and equity for 1%. products or services and 9% for hiring and training
employees, while 5% refinanced their obliga ons.

Leasing 20% 23% 43%

Fixed investments 25%
Credit lines 22% 17% 39%
Working capital 17%
Grants 10% 29% 38%

Internal funds 11% 17% 28% New products/services 11%

Bank loans 7% 18% 25%

Hiring & training 9%
Other loans 8% 9% 18%

Trade credit 6% 9% Refinancing 5%

Equity capital 1% Other 5%

 Bank loans in Hungary - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 25% of SMEs in Hungary (compared to 45% at EU
level). Between April and September 2019, 14% of SMEs in Hungary actually applied for a bank loan (EU: 24%).
6% did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
2019 results
30%
20%
20%

10% 10%

0%
0%
-10%

-10% -20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Hungary: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Hungary

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5% 9%
51%

It affected payments to suppliers 8% 7% 15%

31%

Yes, occasionally It affected production or operations 7% 6% 13%

20% Yes, regularly

It delayed repayments of loans or we had to use additional financing 4% 5%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Ireland, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Ireland compared to EU: in Ireland:
Ireland
25% EU average

20%
30%
15%
17%
13%
10%
s

r
er

5%
he
er
m

ag

Ot
to

an
us

/m
gc

aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Ireland?
In Ireland, bank loans were relevant for 52% of SMEs The financing was used by 37% of SMEs for fixed
(and used by 13% of them), while credit lines were investments and by 39% for inventory and working
relevant for 65% (used by 47%). Leasing was relevant capital. 17% of SMEs used it for developing new
for 47% and equity for 17%. products or services and 19% for hiring and training
employees, while 11% refinanced their obliga ons.

Credit lines 47% 18% 65%

Working capital 39%
Trade credit 47% 17% 64%
Fixed investments 37%
Bank loans 13% 39% 52%

Leasing 23% 23% 47% Hiring & training 19%

Grants 8% 23% 32%

New products/services 17%
Internal funds 20% 10% 30%

Other loans 8% 13% 21% Refinancing 11%

Equity capital 16% 17% Other 5%

 Bank loans in Ireland - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 52% of SMEs in Ireland (compared to 45% at EU
level). Between April and September 2019, 19% of SMEs in Ireland actually applied for a bank loan (EU: 24%). 5%
did not apply because of fear of rejec on (EU: 4%).
In Ireland, of those SMEs who applied, 10% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 16% of companies who successfully applied
received less than they applied for (EU: 10%) and 2% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 27% of SMEs in Ireland did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
Cost too high 40% 2019 results
60%
Rejected selected countries

30%
40%
20%

20%
10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Ireland: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Ireland

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7%
43%

It affected payments to suppliers 8% 10% 18%

29%

Yes, occasionally It affected production or operations 5% 8%

Yes, regularly
14%

It delayed repayments of loans or we had to use additional financing 4% 7%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 9% of SMEs in Italy, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Italy compared to EU: in Italy:
Italy
EU average
20%

15% 22%
17% 17%
10%

5%
s

s
er

er

st
m

Co
ag
to

an
us

/m
gc

aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Italy?
In Italy, bank loans were relevant for 50% of SMEs (and The financing was used by 38% of SMEs for fixed
used by 18% of them), while credit lines were relevant investments and by 33% for inventory and working
for 53% (used by 36%). Leasing was relevant for 27% capital. 22% of SMEs used it for developing new
and equity for 1%. products or services and 20% for hiring and training
employees, while 3% refinanced their obliga ons.

Credit lines 36% 16% 53%

Fixed investments 38%
Bank loans 18% 32% 50%
Working capital 33%
Grants 15% 34% 50%

Trade credit 19% 25% 44% New products/services 22%

Internal funds 17% 11% 28%

Hiring & training 20%
Leasing 10% 17% 27%

Other loans 7% 12% Other 10%

Equity capital 1% Refinancing

 Bank loans in Italy - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 50% of SMEs in Italy (compared to 45% at EU
level). Between April and September 2019, 29% of SMEs in Italy actually applied for a bank loan (EU: 24%). 5%
did not apply because of fear of rejec on (EU: 4%).
In Italy, of those SMEs who applied, 6% of bank loan applica ons were rejected (compared to 7% at EU level). In
addi on to the problem of loan applica ons being rejected, 12% of companies who successfully applied received
less than they applied for (EU: 10%) and 1% reported that they declined the loan offer from the bank because
they found the cost unacceptable (EU: 1%). It means that, in total, 19% of SMEs in Italy did not manage to get
the full bank loan they had planned for during 2019 (EU: 18%).
Received part
50% Cost too high 40% 2019 results
Rejected selected countries
40%
30%

30%
20%
20%

10%
10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Italy: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Italy

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 9% 8% 16%
57%

It affected payments to suppliers 9% 13% 23%

39%

Yes, occasionally It affected production or operations 8% 8% 16%

Yes, regularly
18%

It delayed repayments of loans or we had to use additional financing 5% 6% 11%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 10% of SMEs in Latvia, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Latvia compared to EU: in Latvia:
Latvia
EU average
15%

10% 25%
19%
16%

5%
s
er

on

s
st
ag

Co
an

pe
/m

0%
aff

Co

11... 12... 13... 14... 15... 16... 17... 18...

St

What are the sources and purposes of financing for SMEs in Latvia?
In Latvia, bank loans were relevant for 42% of SMEs The financing was used by 55% of SMEs for fixed
(and used by 13% of them), while credit lines were investments and by 39% for inventory and working
relevant for 38% (used by 21%). Leasing was relevant capital. 26% of SMEs used it for developing new
for 59% and equity for 36%. products or services and 16% for hiring and training
employees, while 11% refinanced their obliga ons.

Leasing 31% 29% 59%

Fixed investments 55%
Bank loans 13% 29% 42%
Working capital 39%
Credit lines 21% 17% 38%

Equity capital 9% 27% 36% New products/services 26%

Other loans 14% 11% 25%

Hiring & training 16%
Internal funds 11% 8% 19%

Grants 16% 19% Refinancing 11%

Trade credit 8% 8% 16% Other

 Bank loans in Latvia - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 42% of SMEs in Latvia (compared to 45% at EU
level). Between April and September 2019, 21% of SMEs in Latvia actually applied for a bank loan (EU: 24%). 6%
did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
2019 results
30% 30%

20%
20%
10%
10%
0%
0%
-10%
-10%
-20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Latvia: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Latvia

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 11%
57%

It affected payments to suppliers 11% 15% 26%

41%

Yes, occasionally It affected production or operations 7% 9% 16%

Yes, regularly
15%

It delayed repayments of loans or we had to use additional financing 7% 9% 16%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 13% of SMEs in Lithuania, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Lithuania compared to EU: in Lithuania:

20% Lithuania
EU average

15%
21%
18% 18%
10%

5%
s
on

er
st

m
Co

to
pe

us
m

gc
Co

0%
di
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Lithuania?
In Lithuania, bank loans were relevant for 32% of SMEs The financing was used by 34% of SMEs for fixed
(and used by 16% of them), while credit lines were investments and by 43% for inventory and working
relevant for 41% (used by 22%). Leasing was relevant capital. 21% of SMEs used it for developing new
for 48% and equity for 23%. products or services and 19% for hiring and training
employees, while 11% refinanced their obliga ons.

Leasing 28% 21% 48%

Working capital 43%
Credit lines 22% 19% 41%
Fixed investments 34%
Internal funds 19% 14% 33%

Bank loans 16% 16% 32% New products/services 21%

Other loans 12% 13% 25%

Hiring & training 19%
Equity capital 6% 17% 23%

Grants 6% 15% 21% Refinancing 11%

Trade credit 15% 6% 21% Other

 Bank loans in Lithuania - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 32% of SMEs in Lithuania (compared to 45% at EU
level). Between April and September 2019, 30% of SMEs in Lithuania actually applied for a bank loan (EU: 24%).
8% did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
40% 2019 results
30%

30%
20%

20% 10%

10% 0%

0% -10%

-10% -20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Lithuania: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Lithuania

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7% 12%
55%

It affected payments to suppliers 12% 14% 26%

36%

Yes, occasionally It affected production or operations 7% 10%

Yes, regularly
19%

It delayed repayments of loans or we had to use additional financing 12%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 4% of SMEs in Luxembourg, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Luxembourg compared to EU: in Luxembourg:
Luxembourg
EU average
15%

29%
10%
22%
15%

5%
s

on
s

er
er

m
ag

to

pe
an

us
/m

m
gc

Co
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Luxembourg?
In Luxembourg, bank loans were relevant for 36% of The financing was used by 44% of SMEs for fixed
SMEs (and used by 12% of them), while credit lines investments and by 25% for inventory and working
were relevant for 47% (used by 36%). Leasing was capital. 10% of SMEs used it for developing new
relevant for 27% and equity for 17%. products or services and 12% for hiring and training
employees, while 2% refinanced their obliga ons.

Credit lines 36% 11% 47%

Fixed investments 44%
Bank loans 12% 24% 36%
Working capital 25%
Internal funds 16% 13% 28%

Leasing 13% 14% 27% Hiring & training 12%

Grants 11% 12% 23%

New products/services 10%
Trade credit 19% 21%

Equity capital 17% 17% Other

Other loans 7% 5% 13% Refinancing

 Bank loans in Luxembourg - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 36% of SMEs in Luxembourg (compared to 45% at
EU level). Between April and September 2019, 27% of SMEs in Luxembourg actually applied for a bank loan (EU:
24%). 2% did not apply because of fear of rejec on (EU: 4%).

Applied
Discouraged
40% 2019 results
30%

30% 20%

20% 10%

10% 0%

0% -10%

-20%
-10% NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Luxembourg: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Luxembourg

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 1%
49%

24% It affected payments to suppliers 7% 6% 13%

Yes, occasionally It affected production or operations 2%

26% Yes, regularly

It delayed repayments of loans or we had to use additional financing 3% 4%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 13% of SMEs in Malta, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Malta compared to EU: in Malta:
Malta
EU average
15%

33%
10%
17% 16%

5%
s

on
s

er
er

m
ag

to

pe
an

us
/m

m
gc

Co
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Malta?
In Malta, bank loans were relevant for 58% of SMEs The financing was used by 32% of SMEs for fixed
(and used by 16% of them), while credit lines were investments and by 53% for inventory and working
relevant for 71% (used by 50%). Leasing was relevant capital. 34% of SMEs used it for developing new
for 43% and equity for 30%. products or services and 30% for hiring and training
employees, while 19% refinanced their obliga ons.

Credit lines 50% 21% 71%

Working capital 53%
Bank loans 16% 41% 58%
New products/services 34%
Trade credit 38% 18% 56%

Internal funds 25% 21% 46% Fixed investments 32%

Leasing 16% 28% 43%

Hiring & training 30%
Grants 10% 29% 40%

Equity capital 30% 30% Refinancing 19%

Other loans 14% 16% 30% Other 13%

 Bank loans in Malta - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 58% of SMEs in Malta (compared to 45% at EU
level). Between April and September 2019, 16% of SMEs in Malta actually applied for a bank loan (EU: 24%). 6%
did not apply because of fear of rejec on (EU: 4%).

Applied
40% Discouraged
2019 results
30%
30%
20%

20%
10%

10% 0%

0% -10%

-10% -20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Malta: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Malta

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 12% 7% 20%
72%

38% It affected payments to suppliers 16% 10% 26%

Yes, occasionally It affected production or operations 13% 18%

34% Yes, regularly

It delayed repayments of loans or we had to use additional financing 14% 17%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in the Netherlands, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in the Netherlands compared to EU: in the Netherlands:
20% Netherlands
EU average

15%
34%

10% 20%
15%

5%
s

on
s

er
er

m
ag

la
to
an

gu
us
/m

Re
gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in the Netherlands?
In the Netherlands, bank loans were relevant for 44% The financing was used by 35% of SMEs for fixed
of SMEs (and used by 9% of them), while credit lines investments and by 37% for inventory and working
were relevant for 53% (used by 36%). Leasing was capital. 21% of SMEs used it for developing new
relevant for 44% and equity for 22%. products or services and 20% for hiring and training
employees, while 15% refinanced their obliga ons.

Credit lines 36% 17% 53%

Working capital 37%
Leasing 22% 22% 44%
Fixed investments 35%
Bank loans 9% 35% 44%

Other loans 8% 21% 29% New products/services 21%

Trade credit 15% 12% 27%

Hiring & training 20%
Equity capital 21% 22%

Internal funds 8% 6% 14% Refinancing 15%

Grants 12% 13% Other 9%

 Bank loans in the Netherlands - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 44% of SMEs in the Netherlands (compared to 45%
at EU level). Between April and September 2019, 14% of SMEs in the Netherlands actually applied for a bank
loan (EU: 24%). 7% did not apply because of fear of rejec on (EU: 4%).
In the Netherlands, of those SMEs who applied, 18% of bank loan applica ons were rejected (compared to 7% at
EU level). In addi on to the problem of loan applica ons being rejected, 1% of companies who successfully
applied received less than they applied for (EU: 10%) and none reported that they declined the loan offer from
the bank because they found the cost unacceptable (EU: 1%). It means that, in total, 20% of SMEs in the
Netherlands did not manage to get the full bank loan they had planned for during 2019 (EU: 18%).
80%
Received part
Cost too high 40% 2019 results
Rejected selected countries
60%
30%

40%
20%

20%
10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in the Netherlands: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in the Netherlands

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5%
33%

It affected payments to suppliers 6% 6% 12%

24%

Yes, occasionally It affected production or operations 3% 5%

Yes, regularly
9%

It delayed repayments of loans or we had to use additional financing 3% 6%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 6% of SMEs in Poland, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Poland compared to EU: in Poland:
Poland
EU average
15%

24%
10%
19% 17%

5%
s
s

s
er
er

st
m

Co
ag

to
an

us
/m

gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Poland?
In Poland, bank loans were relevant for 36% of SMEs The financing was used by 36% of SMEs for fixed
(and used by 14% of them), while credit lines were investments and by 41% for inventory and working
relevant for 56% (used by 40%). Leasing was relevant capital. 17% of SMEs used it for developing new
for 63% and equity for 5%. products or services and 23% for hiring and training
employees, while 21% refinanced their obliga ons.

Leasing 39% 24% 63%

Working capital 41%
Credit lines 40% 16% 56%
Fixed investments 36%
Trade credit 35% 8% 43%

Bank loans 14% 22% 36% Hiring & training 23%

Grants 8% 20% 28%

Refinancing 21%
Internal funds 12% 9% 21%

Other loans 9% 8% 17% New products/services 17%

Equity capital 5% Other 10%

 Bank loans in Poland - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 36% of SMEs in Poland (compared to 45% at EU
level). Between April and September 2019, 19% of SMEs in Poland actually applied for a bank loan (EU: 24%). 5%
did not apply because of fear of rejec on (EU: 4%).
In Poland, of those SMEs who applied, 16% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 7% of companies who successfully applied
received less than they applied for (EU: 10%) and 1% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 24% of SMEs in Poland did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
30% Received part
Cost too high 40% 2019 results
25% Rejected selected countries

30%
20%

15% 20%

10%
10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Poland: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Poland

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 8% 13%
72%

42% It affected payments to suppliers 16% 14% 30%

Yes, occasionally It affected production or operations 9% 15%

30% Yes, regularly

It delayed repayments of loans or we had to use additional financing 8%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 6% of SMEs in Portugal, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Portugal compared to EU: in Portugal:
25% Portugal
EU average

20%

15% 25%
18% 17%
10%
s

5% on
s
er

er
m

ag
to

pe
an
us

/m

m
gc

Co
aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Portugal?
In Portugal, bank loans were relevant for 51% of SMEs The financing was used by 36% of SMEs for fixed
(and used by 13% of them), while credit lines were investments and by 44% for inventory and working
relevant for 57% (used by 35%). Leasing was relevant capital. 19% of SMEs used it for developing new
for 55% and equity for 3%. products or services and 19% for hiring and training
employees, while 3% refinanced their obliga ons.

Credit lines 35% 22% 57%

Working capital 44%
Leasing 16% 38% 55%
Fixed investments 36%
Bank loans 13% 38% 51%

Grants 7% 38% 46% New products/services 19%

Trade credit 15% 28% 43%

Hiring & training 19%
Internal funds 9% 15% 24%

Other loans 16% 22% Other 6%

Equity capital 3% Refinancing

 Bank loans in Portugal - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 51% of SMEs in Portugal (compared to 45% at EU
level). Between April and September 2019, 24% of SMEs in Portugal actually applied for a bank loan (EU: 24%).
5% did not apply because of fear of rejec on (EU: 4%).
In Portugal, of those SMEs who applied, 9% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 12% of companies who successfully applied
received less than they applied for (EU: 10%) and 1% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 22% of SMEs in Portugal did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
50% Received part
Cost too high 40% 2019 results
40% Rejected selected countries

30%
30%

20%
20%

10% 10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Portugal: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Portugal

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 8% 7% 15%
40%

It affected payments to suppliers 9% 12% 21%

26%

Yes, occasionally It affected production or operations 6% 11%

Yes, regularly
14%

It delayed repayments of loans or we had to use additional financing 6% 10%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Romania, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Romania compared to EU: in Romania:
Romania
EU average
15%

23%
10% 19% 19%

5%
s
s

er
er

st

m
Co
ag

to
an

us
/m

gc
aff

0%
di
St

Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Romania?
In Romania, bank loans were relevant for 31% of SMEs The financing was used by 40% of SMEs for fixed
(and used by 11% of them), while credit lines were investments and by 43% for inventory and working
relevant for 56% (used by 36%). Leasing was relevant capital. 27% of SMEs used it for developing new
for 50% and equity for 11%. products or services and 25% for hiring and training
employees, while 14% refinanced their obliga ons.

Credit lines 36% 20% 56%

Working capital 43%
Leasing 20% 29% 50%
Fixed investments 40%
Trade credit 22% 13% 35%

Internal funds 20% 13% 33% New products/services 27%

Bank loans 11% 20% 31%

Hiring & training 25%
Other loans 15% 14% 29%

Grants 23% 26% Refinancing 14%

Equity capital 9% 11% Other 6%

 Bank loans in Romania - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 31% of SMEs in Romania (compared to 45% at EU
level). Between April and September 2019, 21% of SMEs in Romania actually applied for a bank loan (EU: 24%).
6% did not apply because of fear of rejec on (EU: 4%).

Applied
30% Discouraged
2019 results
30%
20%
20%

10% 10%

0%
0%
-10%

-10% -20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Romania: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Romania

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 8% 9% 17%
53%

It affected payments to suppliers 13% 17% 29%

34%

Yes, occasionally It affected production or operations 8% 14%

Yes, regularly
20%

It delayed repayments of loans or we had to use additional financing 13%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 7% of SMEs in Slovakia, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Slovakia compared to EU: in Slovakia:
20% Slovakia
EU average

15%

34%
10%
14% 13%

5%
s
er

on

r
he
ag

Ot
la
an

gu
/m

Re

0%
aff

11... 12... 13... 14... 15... 16... 17... 18...

St

What are the sources and purposes of financing for SMEs in Slovakia?
In Slovakia, bank loans were relevant for 40% of SMEs The financing was used by 46% of SMEs for fixed
(and used by 14% of them), while credit lines were investments and by 53% for inventory and working
relevant for 55% (used by 35%). Leasing was relevant capital. 28% of SMEs used it for developing new
for 53% and equity for 2%. products or services and 24% for hiring and training
employees, while 22% refinanced their obliga ons.

Credit lines 35% 20% 55%

Working capital 53%
Leasing 24% 29% 53%
Fixed investments 46%
Bank loans 14% 27% 40%

Trade credit 15% 15% 30% New products/services 28%

Internal funds 12% 16% 28%

Hiring & training 24%
Other loans 10% 15% 25%

Grants 13% 16% Refinancing 22%

Equity capital 2% Other 7%

 Bank loans in Slovakia - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 40% of SMEs in Slovakia (compared to 45% at EU
level). Between April and September 2019, 22% of SMEs in Slovakia actually applied for a bank loan (EU: 24%).
5% did not apply because of fear of rejec on (EU: 4%).
In Slovakia, of those SMEs who applied, 12% of bank loan applica ons were rejected (compared to 7% at EU
level). In addi on to the problem of loan applica ons being rejected, 18% of companies who successfully applied
received less than they applied for (EU: 10%) and none reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 30% of SMEs in Slovakia did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
Cost too high 40% 2019 results
40%
Rejected selected countries

30% 30%

20% 20%

10% 10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Slovakia: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Slovakia

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7% 6% 13%
54%

It affected payments to suppliers 11% 12% 24%

33%

Yes, occasionally It affected production or operations 6% 10%

21% Yes, regularly

It delayed repayments of loans or we had to use additional financing 9%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Slovenia, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Slovenia compared to EU: in Slovenia:
Slovenia
30% EU average

25%

20% 20% 19%

16%
15%

10%
s

r
er

he
er
m

5%
ag

Ot
to

an
us

/m
gc

aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Slovenia?
In Slovenia, bank loans were relevant for 52% of SMEs The financing was used by 46% of SMEs for fixed
(and used by 23% of them), while credit lines were investments and by 47% for inventory and working
relevant for 60% (used by 40%). Leasing was relevant capital. 26% of SMEs used it for developing new
for 53% and equity for 17%. products or services and 29% for hiring and training
employees, while 15% refinanced their obliga ons.

Credit lines 40% 19% 60%

Working capital 47%
Leasing 29% 24% 53%
Fixed investments 46%
Bank loans 23% 29% 52%

Grants 9% 32% 41% Hiring & training 29%

Internal funds 13% 9% 22%

New products/services 26%
Other loans 10% 11% 21%

Trade credit 8% 11% 19% Refinancing 15%

Equity capital 15% 17% Other 6%

 Bank loans in Slovenia - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 52% of SMEs in Slovenia (compared to 45% at EU
level). Between April and September 2019, 24% of SMEs in Slovenia actually applied for a bank loan (EU: 24%).
3% did not apply because of fear of rejec on (EU: 4%).

Applied
40% Discouraged
2019 results
30%
30%
20%
20%
10%
10%

0% 0%

-10% -10%
-20%
-20%
NL MT CY DK IE DE LV FI EE EU GR SE IT ES BE
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HU UK CZ BG PL AT RO SK HR PT SI € LU LT FR

SMEs in Slovenia: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

11...
12...
13...
14...
15...
16...
17...
18...
19...

SMEs' experiences with late payments in Slovenia

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 7%
39%

It affected payments to suppliers 8% 9% 17%

24%

Yes, occasionally It affected production or operations 4% 7%

15% Yes, regularly

It delayed repayments of loans or we had to use additional financing 5% 8%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 8% of SMEs in Spain, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Spain compared to EU: in Spain:
Spain
30% EU average

20% 25%
18% 17%

10%
s

on
s
er

er
m

ag
to

pe
an
us

/m

m
gc

Co
aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Spain?
In Spain, bank loans were relevant for 55% of SMEs The financing was used by 36% of SMEs for fixed
(and used by 22% of them), while credit lines were investments and by 46% for inventory and working
relevant for 47% (used by 31%). Leasing was relevant capital. 16% of SMEs used it for developing new
for 39% and equity for 4%. products or services and 21% for hiring and training
employees, while 13% refinanced their obliga ons.

Bank loans 22% 33% 55%

Working capital 46%
Credit lines 31% 16% 47%
Fixed investments 36%
Trade credit 18% 27% 45%

Leasing 15% 25% 39% Hiring & training 21%

Grants 8% 27% 35%

New products/services 16%
Internal funds 12% 10% 22%

Other loans 6% 9% 15% Refinancing 13%

Equity capital 4% Other 10%

 Bank loans in Spain - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 55% of SMEs in Spain (compared to 45% at EU
level). Between April and September 2019, 31% of SMEs in Spain actually applied for a bank loan (EU: 24%). 3%
did not apply because of fear of rejec on (EU: 4%).
In Spain, of those SMEs who applied, 4% of bank loan applica ons were rejected (compared to 7% at EU level).
In addi on to the problem of loan applica ons being rejected, 18% of companies who successfully applied
received less than they applied for (EU: 10%) and 2% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 24% of SMEs in Spain did not manage
to get the full bank loan they had planned for during 2019 (EU: 18%).
60% Received part
Cost too high 40% 2019 results
50% Rejected selected countries

30%
40%

30% 20%

20%
10%
10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Spain: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
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SMEs' experiences with late payments in Spain

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 3% 6% 9%
40%

It affected payments to suppliers 4% 8% 12%

32%

Yes, occasionally It affected production or operations 5% 7%

Yes, regularly
8%

It delayed repayments of loans or we had to use additional financing 5% 8%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 9% of SMEs in Sweden, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in Sweden compared to EU: in Sweden:
Sweden
EU average
15%

29%
10%
20%
15%

5%
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Co
aff

0%
di
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Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in Sweden?
In Sweden, bank loans were relevant for 38% of SMEs The financing was used by 46% of SMEs for fixed
(and used by 18% of them), while credit lines were investments and by 31% for inventory and working
relevant for 52% (used by 39%). Leasing was relevant capital. 17% of SMEs used it for developing new
for 55% and equity for 57%. products or services and 26% for hiring and training
employees, while 6% refinanced their obliga ons.

Equity capital 12% 45% 57%

Fixed investments 46%
Leasing 32% 23% 55%
Working capital 31%
Credit lines 39% 13% 52%

Bank loans 18% 20% 38% Hiring & training 26%

Internal funds 16% 18% 35%

New products/services 17%
Other loans 9% 13% 21%

Trade credit 11% 16% Refinancing 6%

Grants 10% 15% Other 5%

 Bank loans in Sweden - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 38% of SMEs in Sweden (compared to 45% at EU
level). Between April and September 2019, 26% of SMEs in Sweden actually applied for a bank loan (EU: 24%).
2% did not apply because of fear of rejec on (EU: 4%).
In Sweden, of those SMEs who applied, 1% of bank loan applica ons were rejected (compared to 7% at EU level).
In addi on to the problem of loan applica ons being rejected, 20% of companies who successfully applied
received less than they applied for (EU: 10%) and 1% reported that they declined the loan offer from the bank
because they found the cost unacceptable (EU: 1%). It means that, in total, 22% of SMEs in Sweden did not
manage to get the full bank loan they had planned for during 2019 (EU: 18%).
30% Received part
Cost too high 40% 2019 results
25% Rejected selected countries

20% 30%

15%
20%

10%
10%
5%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in Sweden: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

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SMEs' experiences with late payments in Sweden

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 3%
33%

It affected payments to suppliers 3% 6% 9%

25%

Yes, occasionally It affected production or operations 4% 5% 9%

Yes, regularly
8%

It delayed repayments of loans or we had to use additional financing 4% 5%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe
Access to finance is the most important concern for 6% of SMEs in the United Kingdom, while it is 7% at EU level.
A comparison with other countries is presented below:

Evolu on of access to finance as the most important concern Top 3 current issues for SMEs
over the years for SMEs in the United Kingdom compared to EU: in the United Kingdom:
United Kingdom
EU average
15%

29%
10%
19%
12%

5%
s

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er

he
er
m

ag

Ot
to

an
us

/m
gc

aff
n

0%
di

St
Fin

11... 12... 13... 14... 15... 16... 17... 18...

What are the sources and purposes of financing for SMEs in the United Kingdom?
In the United Kingdom, bank loans were relevant for The financing was used by 32% of SMEs for fixed
37% of SMEs (and used by 10% of them), while credit investments and by 38% for inventory and working
lines were relevant for 54% (used by 38%). Leasing was capital. 20% of SMEs used it for developing new
relevant for 47% and equity for 14%. products or services and 20% for hiring and training
employees, while 11% refinanced their obliga ons.

Credit lines 38% 16% 54%

Working capital 38%
Trade credit 37% 14% 51%
Fixed investments 32%
Leasing 27% 21% 47%

Bank loans 10% 27% 37% New products/services 20%

Internal funds 18% 10% 28%

Hiring & training 20%
Other loans 10% 13% 23%

Grants 5% 17% 22% Refinancing 11%

Equity capital 13% 14% Other 7%

 Bank loans in the United Kingdom - SMEs' applications and outcome
Bank loans remain the relevant form of external financing for 37% of SMEs in the United Kingdom (compared to
45% at EU level). Between April and September 2019, 15% of SMEs in the United Kingdom actually applied for a
bank loan (EU: 24%). 4% did not apply because of fear of rejec on (EU: 4%).
In the United Kingdom, of those SMEs who applied, 8% of bank loan applica ons were rejected (compared to 7%
at EU level). In addi on to the problem of loan applica ons being rejected, 11% of companies who successfully
applied received less than they applied for (EU: 10%) and none reported that they declined the loan offer from
the bank because they found the cost unacceptable (EU: 1%). It means that, in total, 19% of SMEs in the United
Kingdom did not manage to get the full bank loan they had planned for during 2019 (EU: 18%).
Received part
Cost too high 40% 2019 results
40%
Rejected selected countries

30%
30%

20% 20%

10% 10%

0% 0%
11H1 12H1 13H1 14H1 15H1 16H1 17H1 18H1 19H1 HR FR BE AT DE FI BG € EU UK IT NL PT SE ES PL IE SK GR

SMEs in the United Kingdom: firms' factors and market conditions

SMEs were asked about company and market indicators: whether they increased/improved, remained
unchanged or decreased/deteriorated. The net result presented below is the difference between the percentage
of enterprises repor ng a posi ve and a nega ve change over the years.

Turnover Profit Willingness of Willingness of General economic

Net increase/improvement banks to provide investors to invest outlook affec ng
Net decrease/deterioration
EU net average credit to your in your enterprise the financing
50%
enterprise

0%

-50%
11...
12...
13...
14...
15...
16...
17...
18...
19...

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SMEs' experiences with late payments in the United Kingdom

Has your company experienced
What were the consequences of those late payments?
problems due to late payments?
It affected investments or new hiring 5% 7%
50%

It affected payments to suppliers 7% 9% 16%

36%

Yes, occasionally It affected production or operations 4% 4% 8%

Yes, regularly
14%

It delayed repayments of loans or we had to use additional financing 5% 4% 9%

All the results are based on the Survey on the Access to Finance of Enterprises (SAFE),
where the companies were asked about the situa on in the past 6 months (April - September 2019),
published in November 2019 at h p://ec.europa.eu/growth/safe