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Access to finance

Greece


				Greece

Summary

According to the Small Business Act (SBA) Fact Sheets Greece is in its fifth year of deep recession. In a country where 85% of private employment is concentrated in the SME sector and more than 50% in micro enterprises (0-9 employees), the prolonged recession, aggravated by austerity measures and the delay of much needed structural reforms, has affected SMEs profoundly and disproportionately more than large enterprises. The effects of the crisis have led the government to further fine-tune the National Plan for Supporting Small and Medium-Sized Enterprises (2010-13) and to reinforce existing self-employment support programmes. On the one hand, more specific action has been taken to help micro enterprises, with the creation of a more flexible form of private limited company (IKE). On the other, efforts to promote self-employment have targeted specific groups such as young people, the unemployed or women (e.g. Women Entrepreneurship). Also, in the 2012-13 the Greek government launched a number of specialised and targeted initiatives for SMEs in line with basic SBA principles, notably in the areas of internationalisation and innovation.

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

Greece ranked 27th 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 - 37 KB [37 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 - 26 KB [26 KB]

Source: Chart compiled using AECM data

Download data excel12book - 48 KB [48 KB]

Venture capital
Venture capital gif - 35 KB [35 KB]

Source: Chart compiled using EVCA data

Download data excel12book - 69 KB [69 KB]

 

Appendix: ACTIONS SUPPORTING ACCESS TO FINANCE FOR SMEs pdf - 282 KB [282 KB]

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