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Access to finance

Estonia


				Estonia

Summary

The Small Business Act (SBA) Fact Sheets reveal that the 2008-09 crisis has had a significant impact on the development of the Estonian business economy, with all companies — big and small — experiencing slumps in terms of both employment and turnover or value added. SMEs seem to have been hit much harder than larger firms, their value added having plummeted by about a fifth. Estonian SMEs benefit from a business-friendly environment and a strong and responsive administration, and quickly started to recover, with consistently positive growth rates after 2009. In fact, full recovery to pre-crisis level is expected in 2014.

Estonia has a sophisticated business culture with good framework conditions for innovation and internationalisation. Statistics on SMEs show that Estonia’s performance clearly exceeds the EU average in six out of ten areas. Estonia lags behind in ‘entrepreneurship’ and offers less-positive conditions for entrepreneurs who have gone through bankruptcy. In addition, the generally-recognised weaknesses of Estonian SMEs are their lack of qualified staff and engineers and their limited access to venture capital and other less-traditional sources of financing. However, Estonia is ahead of most EU countries in ‘internationalisation’ and in making its administration responsive to the needs of small businesses.

Key indicators on access to finance
SMAF
SMAF gif - 19 KB [19 KB]

Estonia ranked 17th out of 27 countries in the 2012 SMAF Index.

For details on SMAF index and methodology please click here.

Download data excel12book - 593 KB [593 KB]

Loans
Loans gif - 33 KB [33 KB]

Source: Chart compiled using ECB data

Note: Loan volumes and interest rate data for 2013 are to the period September 2013 only (due to data availability as at November 2013).

Download data excel12book - 69 KB [69 KB]

Guarantees
Guarantees gif - 36 KB [36 KB]

Source: Chart compiled using AECM data

Download data excel12book - 48 KB [48 KB]

Venture capital
Venture capital gif - 37 KB [37 KB]

Source: Chart compiled using EVCA data

Download data excel12book - 69 KB [69 KB]

 

Appendix: ACTIONS SUPPORTING ACCESS TO FINANCE FOR SMEs pdf - 284 KB [284 KB]

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