Access to finance indicators
The following pages present relevant facts and statistics regarding the access of small and medium enterprises (SMEs) to finance from different sources. Four areas that influence SMEs’ access to finance are covered: loans, guarantees, venture capital and financing from business angels.
The page on loans contains data from the European Central Bank’s Statistical Data Warehouse. The data cover the interest rates that resident monetary financial institutions (i.e. credit institutions) apply to loans and overdrafts granted to non-financial corporations, as well as loan volumes to non-financial corporations. The following indicators are presented:
- Total loan volumes scaled by GDP for all EU Member States.
- Total euro area loan volumes
- Loans up to and including EUR 0,25 million, with and without collateral and/or guarantees
- Loans over EUR 0,25 million and up to EUR 1 million, with and without collateral and/or gurarantees
- Interest rates for loans up to and including EUR 1 million for all EU Member States.
- Interest rates for euro area countries:
- Interest rates for loans up to and including EUR 0,25 million, with and without collateral and/or guarantees
- Interest rates for loans over EUR 0,25 million and up to EUR 1 million, with and without collateral and/or guarantees
- Interest rates for overdrafts for all EU Member States.
This page contains information on guarantees granted to SMEs. The data have been collected by the European Mutual Guarantee Association (AECM) and do not cover all Member States (countries not included in the 2010 statistics: Cyprus, Denmark, Finland, United Kingdom, Ireland, Luxembourg, Malta, and Sweden). Moreover, the data are limited to the guarantees issued by AECM member organizations. The presented indicators are:
- Guarantee volumes granted by AECM member organizations, scaled by GDP;
- Number of beneficiary SMEs (total number in SMEs in portfolio) scaled by GDP.
Venture capital is the third area presented. The data under this section have been made available by the European Private Equity and Venture Capital Association (EVCA). The data provided do not cover all Member States (countries not covered: Cyprus, Malta, Slovenia, Slovakia) and do not cover investments to SMEs made by non-member organizations. The section provides data on the following three indicators:
- Total venture capital investments scaled by GDP.
- Venture capital investments in seed and start-up companies scaled by GDP.
- Number of beneficiary SMEs scaled by GDP.
Data regarding business angels’ finance were obtained from theEuropean Trade Association for Business Angels, Seed Funds and other Early Stage Market Players (EBAN). The following countries were not covered by the 2009 statistics: Cyprus, Czech Republic, Denmark, Estonia, Greece, Lithuania, Latvia, Malta, Romania and Slovakia. New data set for 2010 is not yet publicly available. This area of SME financing is characterized by difficulty in data gathering, since business angels by definition are small investors with hardly traceable activity. The Enterprise Finance Index website presents the following indicators:
- Total volumes invested by business angels in SMEs scaled by GDP;
- Number of investments in SMEs by business angels networks scaled by GDP.
GDP information was extracted from Eurostat on 31 August, 2011.