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Access to finance

Latvia


				Latvia

Summary

According to information from the Small Business Act (SBA) Fact Sheets, SMEs account for about 79% of all private-sector employees and about 69% of value added. Both SMEs and Large Enterprises (LEs) were hard-hit by the 2008/2009 economic crisis, though SMEs suffered more as their value added decreased more rapidly between 2008 and 2012 (-29%) than LEs’ value added did (-17%). SMEs underperformed because of their vulnerability to the economic crisis. However, both small and large firms started to recover and showed positive growth between 2009 and 2012. The value added created by SMEs increased by about 10% between 2009 and 2012, while LEs’ value added increased by 4%. This shows that SMEs recovered from the crisis quicker than LEs, even though they suffered more from it. Latvia’s SME business environment profile does not present a clear-cut picture. Latvia is clearly above the EU average in five areas (‘access to finance’, ‘single market’, ‘state aid and public procurement’, ‘entrepreneurship’ and ‘responsive administration’), lags behind in two (‘skills and innovation’, ‘environment’), and performs on par with the average in the remaining ones. Latvia improved in almost all areas over the past five years.

Key indicators on access to finance
SMAF
SMAF gif - 18 KB [18 KB]

Latvia ranked 6th 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 - 35 KB [35 KB]

Source: Chart compiled using AECM data

Download data excel12book - 48 KB [48 KB]

Venture capital
Venture capital gif - 36 KB [36 KB]

Source: Chart compiled using EVCA data

Download data excel12book - 69 KB [69 KB]

 

Appendix: ACTIONS SUPPORTING ACCESS TO FINANCE FOR SMEs pdf - 449 KB [449 KB]

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