Survey on the access to finance of enterprises in the euro area : April to September 2017. November 2017.
Date: 2017-12-19
Institutions: European Central Bank
Subjects: comparative analysis, euro area, financial requirements, financing, report, serial publication, small and medium-sized enterprises

Survey on the Access 
to Finance of Enterprises 
in the euro area 

April to September 2017 

November 2017 

 
 
 
Contents 

Introduction 

1 

2 

3 

Overview of the results 

The financial situation of SMEs in the euro area 

2.1 

Further improvement in the financial situation of euro area SMEs 

2.2  SMEs continued to rank access to finance as their least 

important concern 

External sources of financing and needs of SMEs in the euro area 

3.1  Banks remained the most relevant source of finance 

3.2  Demand for external financing increased moderately 

3.3  SMEs continued to use financing mostly for fixed investments, 

inventory and working capital 

4 

Availability of external financing for SMEs in the euro area 

4.1 

Improved availability of external financing 

4.2  SMEs reported lower financing obstacles 

4.3  Banks seem to offset lower interest rates with higher non-

interest charges 

5 

Expectations regarding access to finance 

5.1  Continued optimism for future availability of most financing 

sources 

Annexes 

Annex 1 Overview of the survey replies – selected charts 

Annex 2 Descriptive statistics for the sample of enterprises 

Annex 3 Methodological information on the survey 

Abbreviations 

2 

3 

6 

6 

9 

12 

12 

13 

15 

17 

17 

22 

23 

29 

29 

31 

31 

37 

39 

40 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 

1 

 
 
Introduction 

This report presents the main results of the 17th round of the Survey on the Access 
to Finance of Enterprises (SAFE), which was conducted between 18 September and 
27 October 2017. The survey covers the period from April to September 2017. The 
total euro area sample size was 11,202 enterprises, of which 10,210 (91%) had 
fewer than 250 employees. 1  

The report provides evidence on changes in the financial situation of enterprises and 
documents trends in the needs for and the availability of external financing. It 
includes results on small and medium-sized enterprises (SMEs) as well as large 
firms, and examines developments both at the euro area level and in individual 
countries.  

1  See Annex 3 for details on methodological issues related to the survey set-up.  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Introduction 

2 

                                                                    
1 

Overview of the results 

As in previous editions, the 17th round of the Survey on the Access to Finance of 
Enterprises (SAFE) also asked entrepreneurs to indicate the most pressing problem 
facing their company. Albeit finding customers remained the dominant concern for 
the largest share of SMEs in the euro area (24%, compared with 26% in the previous 
survey wave), the percentage of SMEs whose primary concern was the availability 
of skilled labour rose further (23 %, from 19%) and came in as a close second. 
Access to finance, on the other hand, was considered the least important (8%, from 
9%). Only SMEs in Greece continued to be disproportionately affected by poor 
access to finance, with 23% mentioning it as their biggest problem (from 27%).  

Euro area SMEs continued to indicate improvements in their overall financial 
situation during the reference period. In particular, an increasing net percentage2 of 
SMEs reported higher turnover (27%, from 19%), a finding that applied to firms 
regardless of size class and country. In Greece, a positive net percentage of SMEs 
reported an increase in turnover for the first time since the beginning of the survey in 
2009 (5%, from -13%). Positive turnover trends were also reflected in profits, as for 
the first time since the beginning of the survey, euro area SMEs reported, in net 
terms, an increase in profits (5%, from 0%). Cross-country differences in profits were 
strongly correlated with turnover trends. 

Euro area enterprises continued to report, on balance, rising costs amid 
improvements in their debt situation and higher investment. The net percentage of 
SMEs indicating an increase in labour costs remained constant (49%), while the net 
percentage of firms reporting an increase in other costs declined slightly, albeit from 
a high level (48%, from 50%). SMEs signalled continued deleveraging efforts, as a 
net share signalled a decline in their debt-to-total assets ratio (-10%, from -8%). The 
share of SMEs reporting a recovery in fixed investments increased slightly (17%, 
from 16%).  

Demand for external financing increased moderately over the period under review. 
While in net terms, euro area SMEs reported unchanged needs for bank loans (0%, 
from 3%), around 4% (from 6%) reported higher demand for bank overdrafts. About 
9% of SMEs, on balance, reported an increased need for trade credit (from 8%), and 
11% indicated a higher demand for leasing or hire-purchase (from 10%).  Fixed 
investments and inventory and working capital remained the two most important 
purposes for which SMEs used their total (internal and external) financing, with their 
importance increasing strongly with firm size. 

SMEs continued to report, on balance, an increase in the availability of bank loans 
and bank overdrafts (see Table A, Chart 12 and Chart 13). These developments 
are consistent with results from the euro area bank lending survey for the third 

2   Net terms or net percentages are defined as the difference between the percentage of enterprises 

reporting that a given factor has increased and the percentage of those reporting that it has declined. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Overview of the results 

3 

                                                                    
quarter of 2017, which indicated a continued easing of bank credit standards. SMEs 
in Spain, Portugal and Ireland perceived the availability of bank loans to improve the 
most. Greece, on the other hand, remained the only country where SMEs continued 
to indicate a net deterioration in the availability of bank loans, albeit to a greatly 
reduced extent.  

Table A 
Latest developments in SAFE country results for SMEs 

(over the preceding six months; net percentage of respondents) 

Needs 

Availability 

Bank loan 

Bank overdraft 

Bank loan 

Bank overdraft 

Financing gap 

Financing 
obstacles 

H2 
2016 

H1 
2017 

H2 
2016 

H1 
2017 

H2 
2016 

H1 
2017 

H2 
2016 

H1 
2017 

H2 
2016 

H1 
2017 

H2 
2016 

H1 
2017 

3 

0 

6 

4 

12 

12 

10 

11 

4 

-8 

-1 

31 

2 

12 

8 

-12 

-6 

-6 

4 

0 

10 

-9 

7 

19 

-2 

9 

4 

-6 

-3 

-10 

0 

-6 

8 

-2 

12 

39 

11 

17 

10 

-7 

-2 

1 

8 

4 

9 

-3 

10 

23 

5 

12 

5 

-2 

0 

-3 

5 

4 

7 

12 

21 

-23 

28 

6 

13 

11 

7 

16 

18 

6 

10 

10 

17 

-3 

23 

7 

14 

15 

11 

22 

15 

13 

7 

11 

17 

-16 

26 

1 

6 

11 

2 

12 

21 

9 

10 

11 

16 

-2 

23 

1 

11 

16 

7 

21 

19 

9 

-4 

-2 

-9 

-7 

24 

-10 

4 

0 

-11 

-4 

-8 

-6 

-4 

-5 

0 

-8 

-4 

11 

-10 

2 

-4 

-8 

-5 

-14 

-6 

-6 

10 

9 

6 

12 

36 

9 

9 

12 

12 

5 

10 

9 

5 

8 

9 

4 

11 

29 

9 

8 

8 

10 

7 

11 

11 

4 

euro 
area 

BE 

DE 

IE 

GR 

ES 

FR 

IT 

NL 

AT 

PT 

SK 

FI 

Note: For the definitions of needs, see the note to Chart 8, for availability, see the note to Chart 12 and for the financing gap, see the 
note to Chart 14. H2 2016 refers to round sixteen (October 2016-March 2017) and H1 2017 to round seventeen (April-September 
2017). 

The favourable supply conditions were driven by a range of factors. Regardless of 
firm size, SMEs continued to attribute the favourable developments in the availability 
of external financing to an improvement in the willingness of banks to provide 
credit (18%, from 16%). The net percentage of SMEs reporting a positive effect from 
the general economic outlook increased further (14%, from 5%). SMEs in Italy 
(6%, from -2%) and France (3%, from -14%) have reported positive net effects for 
the first time since 2009. At the same time, a greater net percentage of euro area 
SMEs reported improvements from their firm-specific outlook (22%, from 18%), 
capital position (22%, from 19%), and credit history (21%, from 20%), when 
compared to the previous survey round. 

The external financing gap of SMEs remained negative at the euro area level 
(Table A, column 10). A negative financing gap indicates that the increase in the 
need for external financing is smaller than the improvement in the access to external 
funds. The financing gap was negative in all countries except Belgium, France and 
even more so, in Greece. Although Greece recorded the biggest financing gap, it is 
also the country with the biggest improvement relative to the last survey round. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Overview of the results 

4 

 
Euro area SMEs reported a decline in financing obstacles. From April to 
September 2017, the share of SMEs applying for a bank loan declined (27%, from 
32%), as a greater share of SMEs indicated sufficient funds (43%, from 39%). The 
rate for fully successful loan applications remained unchanged (74%), while the 
rejection rate declined slightly (5%, from 6%). The overall indicator of financing 
obstacles3 to receiving a bank loan declined to 8% (Table A, last column). The 
improvements were evident in most countries, with obstacles increasing only in 
Austria, Portugal and Slovakia. 

On balance, SMEs reported that terms and conditions for bank finance had 
improved. SMEs continued to report, on balance, a decline in interest rates (-5%), 
albeit to a lesser extent than in the previous wave (-9%), while the available size and 
maturity of loans and overdrafts increased. By contrast, a positive net percentage of 
SMEs continued to indicate a tightening in the collateral and other requirements of 
banks. About 30% of SMEs indicated higher costs of financing related, in particular, 
to charges, fees and commissions. It seems that banks use these costs to partially 
offset lower interest revenues. 

The financial situation of large enterprises remained better than that of SMEs, as 
they continued to report marked increases in both turnover and profits. Around 46% 
of large firms applied for a bank loan, with a success rate that was much higher 
(85%) and a rejection rate that was much lower (1%) than those of SMEs. According 
to the survey results, the average interest rate charged to large enterprises on credit 
lines and bank overdrafts was about 180 basis points lower than that paid by SMEs. 
Large firms therefore continued to benefit from better access to finance than SMEs. 

In sum, euro area enterprises signalled further improvements in their external 
financing conditions, which support the ongoing economic expansion. The pass-
through of the monetary policy measures introduced in June 2014 continues to 
facilitate SMEs’ access to credit. 

3   The financing obstacles indicator is the sum of the percentages of SMEs reporting rejections of loan 
applications, loan applications for which only a limited amount was granted, and loan applications 
which resulted in an offer that was rejected by the SMEs owing to borrowing costs that were too high, 
as well as the percentage of SMEs which did not apply for a loan for fear of rejection.  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Overview of the results 

5 

                                                                    
2 

2.1 

The financial situation of SMEs in the 
euro area 

Further improvement in the financial situation of euro 
area SMEs 

In the period between April and September 2017, the financial situation of euro area 
SMEs continued to improve, reflecting the ongoing economic expansion and support 
from favourable financing conditions (see Chart 1). 

Chart 1 
Change in the income and debt situation of euro area enterprises  

(over the preceding six months; net percentage of respondents) 

SMEs

micro

small

medium

large

80

60

40

20

0

-20

-40

-60

  '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17

Turnover Labour costs Other costs

Interest
expenses

Profit

Debt-to-
assets
ratio

Fixed
Investments

Inventories
and working
capital

Number
of
employees

Q2. Have the following company indicators decreased, remained unchanged or increased over the past six months? 

Base: All enterprises. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: The net percentage is the difference between the percentage of enterprises reporting an increase for a given factor and that 
reporting a decrease. From round eleven onwards (April-September 2014), the concept of “Net interest expenses (what you pay in 
interest for your debt minus what you receive in interest for your assets)” was changed to “Interest expenses (what your company pays 
in interest for its debt)”.  

The net percentage 4 of euro area SMEs 5 reporting an increase in turnover rose 
substantially (27%, from 19% during the previous survey period6), indicating a 
broadening of the ongoing economic expansion. As in previous survey rounds, the 
net percentage of firms signalling higher turnover increased with size. While on 
balance 15% (from 5%) of micro firms reported higher turnover, the corresponding 
share of large firms was 51% (from 44%), with small and medium-sized firms in 
between (34% and 43%, respectively, from 26% and 36%).  

4  Net terms or net percentages are defined as the difference between the percentage of enterprises 

reporting that a given factor has increased and the percentage of those reporting that it has declined. 

5   Micro enterprises are enterprises with 1-9 employees, while small enterprises are those with 10-49 

employees, medium-sized enterprises have 50-249 employees and large enterprises have more than 
250 employees. SMEs comprise micro, small and medium-sized enterprises. 
6   The reference period for the previous survey round was October 2016 to April 2017. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
The financial situation of SMEs in the euro area 

6 

 
                                                                    
A large net proportion of euro area SMEs across all size categories continued to 
signal rising labour costs (49%, unchanged). On balance, micro firms (42%, from 
44%) appeared less exposed to labour cost pressures than small (55%, from 54%), 
medium (56%, from 53%), and large firms (54%, from 56%). As regards net 
increases in other costs, large firms (48%, unchanged) and SMEs (48%, from 50%) 
were affected to the same extent. 

In net terms, euro area SMEs indicated an increase in profits (5%, from 0%) for the 
first time since the beginning of the survey. The positive development was driven by 
a smaller net percentage of micro firms reporting declining profits (-3%, from -11%) 
and a higher net share of small firms (9%, from 6%) that recorded an improvement. 
Yet, profits continued to be strongly associated with company size. While micro firms, 
on balance, reported a decline in profits, large firms signalled an increase (22%, from 
23%). 

Euro area enterprises continued to deleverage. In net terms, the percentage of 
SMEs indicating a decline in their debt-to-asset ratio increased (-10%, from -8%). 
Perhaps owing to their weaker turnover and profit developments, micro firms had in 
the past been slow to reduce their debt-to-asset ratio, though more recently a greater 
net percentage reported lower leverage (-8%, from -7%). Among large enterprises, 
the net percentage signalling reductions in leverage decreased slightly (-10%, 
from -12%).  

A small net percentage of euro area SMEs reported a decline in interest expenses 
(-2%, from 0%). The average masks considerable heterogeneity with regard to firm 
size. While, on balance, 5% of micro enterprises reported an increase in interest 
expenses (from 8%), a sizeable share of large enterprises continued to indicate 
lower interest expenses (-14%, from -21%). 

The ongoing economic expansion was also reflected in investment and hiring 
decisions. On balance, euro area SMEs continued to report rising fixed 
investments (17%, from 16%), inventories and working capital (8%, from 5%) 
and number of employees (14%, from 10%). These positive developments applied 
to firms of all size categories, though large firms continued to outperform SMEs 
along each of the three dimensions. 

The favourable turnover developments enjoyed a broad geographical base. Among 
the large euro area countries, the net percentage of SMEs indicating higher turnover 
was largest in Germany (35%, from 32%), followed by Spain (26%, from 22%), 
France (20%, from 10%) and Italy (17%, from 0%, see Chart 2). In all of these 
countries, the net percentage of SMEs indicating higher turnover increased 
compared to the previous survey round. SMEs reported higher turnover also in the 
other euro area countries, including Greece, where turnover turned positive for the 
first time since the beginning of the survey (5%, from -13%, see Chart 1a in 
Annex 1). 

As in previous editions of the survey, profit dynamics vary greatly from country to 
country. Among the large euro area countries, a net percentage of SMEs in 
Germany (15%, from 16%) and Spain (7%, from 3%) reported an increase in profits, 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
The financial situation of SMEs in the euro area 

7 

while French (-5%, from -11%) and Italian SMEs (-11%, from -20%) reported a 
decline, albeit to a smaller extent. In all other euro area countries with the exception 
of Greece (-31%, from -50%), SMEs reported, on balance, higher profits (see 
Chart 1a in Annex 1).  

The reported decline in leverage ratios was present in all countries. Among the large 
economies, on balance, -13% of SMEs in Germany (from -11%), -12 % in Spain 
(from -10%) -6% in France (from -8%) and -3% in Italy (from 1%) reported a 
reduction in the debt-to-asset ratio. It was the first time since the beginning of the 
survey in 2009 that Italian SMEs reported a decline in leverage. Among other euro 
area economies, Greek SMEs indicated a decline in the debt-to-asset ratio for the 
first time since 2014 (-1%, from 8%, see also Chart 2a in Annex 1).  

Country-specific developments differed with regard to interest payments. Although in 
net terms, euro area SMEs reported a decline in interest expenses, this development 
was driven by only three countries. Among the large economies, only German SMEs 
reported lower net interest expenses (-13%, from -12%), while in the other countries, 
only SMEs from the Netherlands (-15%, from -13%) and Austria (-8%, from -5%) 
reported, on balance, lower interest expenditures.  

Chart 2 
Change in the income and debt situation of euro area SMEs  

(over the preceding six months; net percentage of respondents) 

euro area

DE

ES

FR

IT

80

60

40

20

0

-20

-40

-60

  '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17

Turnover Labour costs Other costs

Interest
expenses

Profit

Debt-to-
assets
ratio

Fixed
investments

Inventories
and working
capital

Number
of
employees

Q2. Have the following company indicators decreased, remained unchanged or increased over the past six months? 

Base: All SMEs. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: See the note to Chart 1. From round eleven onwards (April-September 2014), the concept of “Net interest expenses (what you 
pay in interest for your debt minus what you receive in interest for your assets)” was changed to “Interest expenses (what your 
company pays in interest for its debt)”. 

The increase in labour and other costs was visible across all countries. Among the 
large economies, the net percentage of SMEs reporting an increase in labour costs 
was highest in Germany (60%, from 53%) and lowest in Italy (38%, from 40%). For 
other costs, the corresponding net percentage was highest in France (51%, from 
59%) and lowest in Spain (47%, from 57%). 

On balance, SMEs in all countries reported increasing fixed investment and 
employment. Among the large euro area countries, the net percentage of SMEs 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
The financial situation of SMEs in the euro area 

8 

 
reporting an increase in fixed investment was highest in Spain (20%, unchanged) 
and lowest in France (13%, from 12%). Among the other euro area countries, the net 
proportion of SMEs indicating rising fixed investment was highest in Portugal (30%). 
Regarding employment in the large euro area countries, the net percentage of SMEs 
signalling an increase in the number of employees is highest in Germany (18%, from 
12%) and lowest in Italy (9%, from 4%). Among the other euro area countries, the 
net percentage of SMEs reporting higher employment is highest in Ireland (24%, 
unchanged). 

In net terms, inventories and working capital increased further in most countries. 
Among the large euro area countries, the net percentage of SMEs reporting an 
increase in inventories and working capital is highest in Spain (14%, from 10%) and 
lowest in Italy (2%, from 1%). In the other euro area countries, SMEs reported, on 
balance, increasing inventories and working capital. The exception is Greece, where 
inventories and working capital continued to decline, albeit to a smaller extent (-9%, 
from -26%). 

2.2 

SMEs continued to rank access to finance as their least 
important concern 

During the period from April to September 2017, SMEs continued to rank access to 
finance as their least important concern, suggesting further improvements in their 
financing conditions (see Chart 3).  

“Finding customers” continued to be the dominant concern for euro area SMEs in 
this survey period. 24% of SMEs mentioned it as their most important problem, down 
from 26% during the previous survey round. But with the ongoing expansion, 
concerns about workforce skills became more prominent. For 23% of euro area 
SMEs, “Availability of skilled labour” was the main problem, up from 19% in the 
last survey round. For small and medium-sized firms, the percentage of companies 
citing “Availability of skilled labour” as their dominant concern (26% and 28%, 
respectively) was higher than the share of those concerned mainly with “Finding 
customers” (23% and 25%). Micro and large firms appeared less concerned with 
finding skilled staff, perhaps because micro firms exhibit lower demand, while large 
firms have the means to attract qualified employees. 

Once again, “Access to finance” was rarely considered an important concern (8%, 
from 9%), following behind “Cost of production” (12%, unchanged), “Regulation” 
(12%, from 13%), and “Competition” (13%, from 14%). Concern with access to 
finance decreased with firm size. While for 9% of micro firms access to finance was 
the dominant problem, this applied to only 5% of large and medium-sized 
companies. Large enterprises reported “Finding customers” (27%) as the dominant 
concern, followed by “Availability of skilled labour” (23%) and “Competition” (16%).  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
The financial situation of SMEs in the euro area 

9 

 
Chart 3 
The most important problems faced by euro area enterprises 

(percentage of respondents) 

SMEs

micro

small

medium

large

35

30

25

20

15

10

5

0

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Finding customers

Competition

Access to finance Costs of production

or labour

Regulation

Availability of
skilled staff or
experienced
managers

Q0. How important have the following problems been for your enterprise in the past six months? 

Base: All enterprises. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: The formulation of the question has changed over the survey rounds. Initially, respondents were asked to select one of the 
categories as the most pressing problem. From round eight, respondents were asked to indicate how pressing a specific problem was 
on a scale from 1 (not pressing) to 10 (extremely pressing). In round seven, the formulation of the question followed the initial phrasing 
for half of the sample and the new phrasing for the other half. Additionally, if two or more items had the highest score in question Q0B 
on the “pressingness” of the problems, a follow-up question (Q0C) was asked to resolve this, i.e. which of the problems was more 
pressing, even if only by a small margin. This follow-up question was removed from the questionnaire in round eleven. The past results 
from round seven onwards were recalculated, disregarding the replies to question Q0C. In round twelve, the word “pressing” was 
replaced by the word “important”.  

The euro area aggregate masks considerable cross-country differences (see Chart 4 
and Chart 3a in Annex 1). German (32%) and French SMEs (23%) most frequently 
cited the availability of skilled staff as their dominant concern, ahead of finding 
customers (28% and 19%, respectively). Spanish (29%) and Italian (24%) SMEs 
most often reported finding customers as their main problem, ahead of competition in 
Spain (18%) and cost of production in Italy (18%). 

Chart 4 
The most important problems faced by euro area SMEs  

(percentage of respondents) 

SMEs

DE

ES

FR

IT

40

35

30

25

20

15

10

5

0

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Finding customers

Competition

Access to finance Costs of production

or labour

Regulation

Availability of
skilled staff or
experienced
managers

Q0. How important have the following problems been for your enterprise in the past six months? 

Base: All SMEs. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: See the note to Chart 3. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
The financial situation of SMEs in the euro area 

10 

When asked whether “Access to finance” was a problem in their current situation, 
SMEs in Greece continued to perceive it as a very important issue (rating it at 
approximately 7 on a scale of 1-10; see Chart 5). An average score of 5 was 
reported by SMEs in Italy, Ireland, Portugal and Spain. The remainder of the 
countries reported a score close to the euro area average of 4, while SMEs in 
Finland and Slovakia continued to report the lowest average score (close to 3).  

Chart 5 
Importance of access to finance as perceived by SMEs across euro area countries  

(percentages and weighted averages) 

low (1-3)

medium (4-6)

high (7-10)

don’t know

weighted average

100

80

60

40

20

0
   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q0b. How important have the following problems been for your enterprise in the past six months? 

10

9

8

7

6

5

4

3

2

1

0

e
r
o
c
s
e
g
a
r
e
v
a
d
e
t
h
g
e
W

i

Base: All SMEs. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: Enterprises were asked to indicate how important a specific problem was on a scale from 1 (not at all important) to 10 (extremely 
important). In the chart, the scale has been divided into three categories: low (1-3), medium (4-6) and high importance (7-10). The 
weighted average score is an average of the responses using the weighted number of respondents as weight. In Slovakia, the survey 
was initially conducted every two years (H1 2009, H1 2011 and H1 2013). From 2014 onwards, Slovakia has been included in the 
sample in each survey round.  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
The financial situation of SMEs in the euro area 

11 

 
 
3 

External sources of financing and needs 
of SMEs in the euro area 

3.1 

Banks remained the most relevant source of finance 

Bank-related products remained the most relevant financing source for SMEs vis-à-
vis market-based instruments and other sources of finance (see Chart 6). 

From April to September 2017, 53% of SMEs considered bank overdrafts to be 
relevant, followed by 52% for bank loans.7 Leasing or hire-purchase was relevant for 
46%, and 34% of SMEs signalled that grants and subsidised loans were a potential 
source of finance. Such loans involve support from public sources in the form of 
guarantees or other interventions. About 31% of SMEs also considered trade credit a 
potential source of finance, followed by 25% for internal funds. Still 20% of SMEs 
considered other loans relevant, for example from family, friends or related 
companies. On the other hand, market-based instruments such as equity (12%) and 
debt securities (3%), but also factoring (9%), were less frequently considered a 
potential source of finance. 

Chart 6 
Relevance of financing sources for euro area SMEs 

(over the preceding six months; percentage of respondents)  

used in the past six months

did not use but relevant

not relevant

don't know

100

80

60

40

20

0

k
n
a
B

s
t
f
a
r
d
r
e
v
o

r
o

i

g
n
s
a
e
L

e
s
a
h
c
r
u
p
-
e
r
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Q4. Are the following sources of financing relevant to your enterprise, that is, have you used them in the past or considered using them 
in the future? If “yes”, have you obtained new financing of this type in the past six months? 

Base: All SMEs. Figures refer to round seventeen (April-September 2017) of the survey. 

The use of all financing instruments increased with firm size. Compared with SMEs, 
a greater share of large firms reported having used any given financing instrument 
(see Chart 7). Short-term bank finance (credit line/bank overdraft/credit card) 
remained the most popular instrument by some margin, followed by leasing and 
long-term bank loans. Equity and debt securities, on the other hand, were among the 

7   The formulation of the question allows the relevance of a specific financial instrument to be 

disentangled from its usage. See the SAFE questionnaire.  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
External sources of financing and needs of SMEs in the euro area 

12 

                                                                    
 
 
 
 
 
least frequently used sources of finance. This pattern applied to both SMEs and 
large firms. 

Chart 7 
Use of internal and external funds by euro area enterprises across firm size 

(percentage of respondents that had used the respective instrument in the past six months) 

Internal funds

50

40

30

20

10

0

Subsidised loan

Bank overdrafts

Bank loans

Other sources

Equity

Debt securities

Other loans

Factoring

Trade credit

Leasing or hire-purchase

SMEs

micro

small

medium

large

Q4. Are the following sources of financing relevant to your enterprise, that is, have you used them in the past or considered using them 
in the future? If “yes”, have you obtained new financing of this type in the past six months? 

Base: All enterprises for which the respective instrument is relevant. Figures refer to round seventeen (April-September 2017) of the 
survey. 

3.2 

Demand for external financing increased moderately  

With the exception of bank loans, demand for external financing increased 
moderately during the period under review. SME demand for bank loans 8 stagnated 
(from 3%), while on balance 4% of SMEs indicated higher demand for bank 
overdrafts (from 6%). A greater net share of SMEs reported higher demand for non-
bank finance, with 9% of SMEs reporting a higher need for trade credit (from 8%), 
and 11% indicating an increase in their need for leasing or hire-purchase (from 
10%). Around 4% of SMEs reported higher demand for other loans (from 8%). 

Large firms more frequently reported increased demand for external financing than 
SMEs. In net terms, 5% of large firms reported increasing demand for bank loans 
(from -1%), while 8% indicated higher demand for overdrafts (from 6%). On balance, 
demand for trade credit (12%, from 8%), other loans (3%, from 4%) and leasing 
(15%, from 9%) also continued to expand. With the exception of other loans, a 
greater net share of large firms reported higher demand for external financing in 
comparison to the previous survey round. 

8  See the note to Chart 8. Only survey respondents who report that a particular financing instrument is 
relevant for their enterprise are asked about their need for this source of financing (i.e. bank loans, 
bank overdrafts and credit lines, trade credit, equity and debt securities issuance). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
External sources of financing and needs of SMEs in the euro area 

13 

                                                                    
Chart 8 
Change in external financing needs of euro area enterprises 

(over the preceding six months; net percentage of respondents) 

SMEs

micro

small

medium

large

25

20

15

10

5

0

-5

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Bank loans

Trade credit

Bank overdrafts

Other loans

Leasing and
hire-purchase

Q5. For each of the following types of external financing, please indicate if your needs increased, remained unchanged or decreased 
over the past six months. 

Base: Enterprises for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey. 
Note: See the note to Chart 1. The categories “Other loans” and “Leasing or hire-purchase” were introduced in round twelve (October 
2014-March 2015). A financing instrument is “relevant” if the enterprise used the instrument in the past six months or did not use it but 
has experience of it (for rounds one to ten). From round eleven onwards, the respondents were asked whether the instrument was 
relevant, i.e. whether the enterprise had used it in the past or considered using it in the future. Given that the current concept of a 
“relevant” financing instrument differs from that used in the past, this might have an impact on the comparability over time for the 
following questions. Caution should therefore be exercised when comparing the recent results with those of the previous rounds.  

Demand for bank finance differed across the large euro area countries. Needs for 
bank loans increased in France (9%, from 12%) and Italy (4%, from 8%), but 
declined in Spain (-2%, from 2%) and Germany (-9%, from -8%; see Chart 9). 
Demand for overdrafts increased in France (12%, from 17%), Italy (5%, from 10%) 
and Spain (5%, from 11%), and again declined in Germany (-3%, from -2%). For 
trade and leasing the picture is different in that SMEs from all large countries 
reported, on balance, higher needs for these financing sources.  

In the other euro area countries, demand for external financing was strongest in 
Greece. In Greece, on balance, 19% of SMEs indicated higher demand for bank 
loans (from 31%), and 23% signalled higher demand for overdrafts (from 39%; see 
Chart 5a in Annex 1). The lower net percentages compared to the previous survey 
round suggest a relatively weaker increase in Greek demand for external financing. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
External sources of financing and needs of SMEs in the euro area 

14 

 
Chart 9 
Change in external financing needs of euro area SMEs  

(over the preceding six months; net percentage of respondents) 

euro area

DE

ES

FR

IT

40

30

20

10

0

-10

-20

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Bank loans

Trade credit

Bank overdrafts

Other loans

Leasing and
hire-purchase

Q5. For each of the following types of external financing, please indicate if your needs increased, remained unchanged or decreased 
over the past six months. 

Base: SMEs for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey. 
Note: See the notes to Charts 1 and 8. 

3.3 

SMEs continued to use financing mostly for fixed 
investments, inventory and working capital 

Fixed investment remained the most frequently mentioned purpose of external and 
internal funds, followed by inventory and working capital (see Chart 10). About 
40% of SMEs (unchanged) reported using financing for fixed investment, while 33% 
(unchanged) mentioned inventory and working capital. 

Chart 10 
Purpose of the financing as perceived by euro area enterprises 

(over the preceding six months; percentage of respondents) 

SMEs

micro

small

medium

large

70

60

50

40

30

20

10

0

'14

'17

'14

'17

'14

'17

'14

'17

'14

'17

Fixed investment

Inventory and working
capital

Hiring and training of
employees

Developing and
launching new products
or services

Refinancing or paying
off obligations

Q6A. For what purpose was financing used by your enterprise during the past six months? 

Base: All enterprises. Figures refer to rounds eleven (April-September 2014) to seventeen (April-September 2017) of the survey. 
Note: The figures are based on the new question introduced in round eleven (April-September 2014). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
External sources of financing and needs of SMEs in the euro area 

15 

Perhaps unsurprisingly, the prevalence of fixed investment was strongly associated 
with company size. While 59% of large firms reported using funds for fixed 
investment, this applied to only 30% of micro firms. Investment in working capital and 
inventories was also correlated with firm size. Less frequently, SMEs used financing 
to hire employees (16%, from 15%), develop new products (15%, unchanged), 
and refinance obligations (12%, from 13%).  

Among the large euro area countries, German SMEs continued to stand out in terms 
of the high prevalence of fixed investment. About 54% of German SMEs used 
funding for that purpose, compared with only 32% of Spanish SMEs. Apart from that, 
German SMEs more frequently reported using funds for the development of new 
products, hiring of employees and refinancing of obligations than SMEs in the other 
large euro area economies. Spanish firms continued to use financing for inventory 
and working capital (43%) more frequently than for fixed investment (see Chart 11).  

Chart 11 
Purpose of the financing as perceived by SMEs across euro area countries 

(over the preceding six months; percentage of respondents) 

euro area

DE

ES

FR

IT

60

50

40

30

20

10

0

'14

'17

'14

'17

'14

'17

'14

'17

'14

'17

Fixed investment

Inventories and working
capital

Hiring and training of
employees

Developing and
launching new products
or services

Refinancing or paying
off obligations

Q6A. For what purpose was financing used by your enterprise during the past six months? 

Base: All SMEs. Figures refer to rounds eleven (April-September 2014) to seventeen (April-September 2017) of the survey. 
Note: See the note to Chart 10. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
External sources of financing and needs of SMEs in the euro area 

16 

4 

Availability of external financing for 
SMEs in the euro area  

4.1 

Improved availability of external financing  

4.1.1 

External financing became more easily available  

For the sixth time in a row, SMEs signalled an improvement in the availability of 
external sources of finance (see Chart 12). 9 In net terms, 12% (unchanged) of SMEs 
reported that the availability of bank loans improved, while 13% (from 12%) 
indicated easier access to trade credit. In net terms, 11% of SMEs signalled 
improved availability of overdrafts (from 10%), while 17% of SMEs reported 
improved availability of leasing and hire-purchase (from 16%).  

Chart 12 
Change in the availability of external financing for euro area enterprises 

(over the preceding six months; net percentage of respondents) 

SMEs

micro

small

medium

large

40

20

0

-20

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Bank loans

Trade credit

Bank overdrafts

Other loans

Leasing and hire-
purchase

Q9. For each of the following types of financing, would you say that their availability has improved, remained unchanged or 
deteriorated for your enterprise over the past six months? 

Base: Enterprises for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey.  
Note: See the note to Charts 1 and 8. 

Perceived changes in the availability of external financing continued to be strongly 
associated with firm size. On balance, 28% of large firms reported that bank loan 
availability improved, compared to only 5% of micro firms. The same figures applied 
to bank overdrafts. For other loans the differences were less stark. While in net 

9   See the note to Chart 8. Only survey respondents that report that a particular financing instrument (i.e. 
bank loans, bank overdrafts and credit lines, trade credit, equity and debt securities issuance) is 
relevant for their enterprise are asked about the availability of this source of financing. In addition, for 
equity and debt securities, only enterprises that have applied for external financing are taken into 
account in the calculation of the aggregate results. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

17 

                                                                    
terms 11% of micro firms found that the availability of other loans improved, this 
applied to only 9% of large firms. 

Chart 13 
Change in the availability of external financing for euro area SMEs 

(over the preceding six months; net percentage of respondents) 

euro area

DE

ES

FR

IT

40

30

20

10

0

-10

-20

-30

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Bank loans

Trade credit

Bank overdrafts

Other loans

Leasing and
hire-purchase

Q9. For each of the following types of financing, would you say that their availability has improved, remained unchanged or 
deteriorated for your enterprise over the past six months? 

Base: SMEs for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey. 
Note: See the notes to Charts 1 and 8. 

Overall, SMEs in the four largest countries signalled improvements in all external 
financing sources. Again, Spain had the highest net percentage of SMEs perceiving 
an improvement in the availability of bank loans (23%, from 28%) and overdrafts 
(23%, from 26%), despite a decline in the net percentage compared to the previous 
round. The weakest improvements in the availability of bank loans (7%, from 6%) 
and overdrafts (1%, unchanged) were recorded in France (see Chart 13).  

Among the other euro area countries, the net share of SMEs perceiving an 
improvement in the availability of banks loans was highest in Portugal (22%, from 
16%), ahead of Ireland (17%, from 21%), the Netherlands (15%, from 11%) and 
Slovakia (15%, from 18%; see Chart 11a in Annex 1). Greece was the only country 
where, on balance, the availability of bank loans was perceived to deteriorate, 
though to a much smaller degree than before (-3%, from -23%). A similar picture 
emerged for bank overdrafts, where SMEs in Portugal indicated the biggest 
improvements (21%, from 12%), ahead of Slovakia (19%, from 21%), Ireland (16%, 
from 17%) and the Netherlands (16%, from 11%). In a similar fashion to loans, Greek 
SMEs continued to perceive the availability of bank overdrafts to deteriorate (-2%, 
from -16%), but again to a lesser degree than before. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

18 

4.1.2 

Availability of external financing perceived to increase faster than 
needs 

Chart 14 
Change in the external financing gap perceived by SMEs across euro area countries 

(over the preceding six months; weighted net balances) 

50

40

30

20

10

0

-10

-20

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q5. For each of the following types of external financing, please indicate if your needs increased, remained unchanged or decreased 
over the past six months. 
Q9. For each of the following types of financing, would you say that their availability has improved, remained unchanged or 
deteriorated for your enterprise over the past six months? 

Base: SMEs for which the respective instrument is relevant. “Non-applicable” and “Don’t know” answers are excluded. Figures refer to 
rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: See note to Chart 8. The financing gap indicator combines both financing needs and availability of bank loans, bank overdrafts, 
trade credit, equity and debt securities at firm level. For each of the five financing instruments, an indicator of a perceived financing 
gap change takes the value of 1 (-1) if the need increases/decreases and availability decreases/increases. If enterprises perceive only 
a one-sided increase/decrease in the financing gap, the variable is assigned a value of 0.5 (-0.5). The composite indicator is the 
weighted average of the financing gap related to the five instruments. A positive value of the indicator suggests an increasing financing 
gap. Values are multiplied by 100 to obtain weighted net balances in percentages. In Slovakia, the survey was initially conducted every 
two years (H1 2009, H1 2011 and H1 2013). From 2014 onwards, Slovakia has been included in the sample in each survey round. 

The external financing gap of euro area SMEs remained negative at the euro area 
level (-5%, from -4%; see Chart 14). A negative financing gap indicates that the 
increase in the need for external financing (across all channels, i.e. bank loans, bank 
overdrafts, trade credit, equity and debt securities) is smaller than the improvement 
in the access to external funds. The financing gap was negative in all countries 
except Belgium (0%), France (2%) and, even more so, in Greece (11%). Although 
Greece recorded the biggest financing gap, it is also the country with the biggest 
improvement relative to the previous period (from 24%). 

4.1.3 

Further increasing willingness of banks to provide credit, along with 
strengthening support from the general economic outlook 

With the exception of access to public support, SMEs perceived all factors 
examined by the survey to positively affect the availability of external financing (see 
Chart 15). Although the incremental improvements recorded from one survey wave 
to another are small, they add up and the current situation appears much more 
favourable than the one prevailing in 2014. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

19 

Chart 15 
Change in factors with an impact on the availability of external financing to euro area 
enterprises  

(over the preceding six months; net percentage of respondents) 

SMEs

micro

small

medium

large

60

40

20

0

-20

-40

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

General economic
outlook

Firm-specific outlook Firms' own capital Firms' credit history Willingness of
banks to lend

Access to public
financial support

Q11. For each of the following factors, would you say that they have improved, remained unchanged or deteriorated over the past six 
months? 

Base: All enterprises; for the category “Willingness of banks to lend”, enterprises for which at least one bank financing instrument 
(credit line, bank overdraft, credit card overdraft, bank loan, subsidised bank loan) is relevant. Figures refer to rounds ten (October 
2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: From round eleven (April-September 2014), the category “Willingness of banks to provide a loan” was reformulated slightly to 
“Willingness of banks to provide credit to your enterprise”. 

The net percentage of SMEs reporting a positive effect on the availability of external 
financing from the general economic outlook increased further (14%, from 5%) 
compared to the previous survey round. This positive perception of the general 
economic outlook was shared by micro firms for the first time since the beginning of 
the survey (7%, from -3%). At the same time, a higher net percentage of SMEs 
viewed the firm-specific outlook (22%, from 18%), the firm’s capital position 
(22%, from 19%) and credit history (21%, from 20%) as supporting the availability 
of external financing. SMEs continued to attribute the favourable developments in 
the availability of external financing to an improvement in the willingness of banks 
to provide credit (18%, from 16%). On the other hand, SMEs continued to report, 
on balance, an adverse development in terms of access to public financial 
support (-4%, from -8%). 

Large enterprises perceived all factors surveyed to positively affect the availability of 
external financing. The firms’ capital position (32%), the firm-specific outlook (31%), 
the willingness of banks to provide credit (31%), as well as the companies’ credit 
history (27%) were frequently cited as supporting the availability of external 
financing. What is new is that in this survey round, the net effect of the general 
economic outlook was mentioned just as frequently (31%, from 22%). Access to 
public financial support, on the other hand, was perceived as a factor with an almost 
neutral impact (1%, from 0%). 

Among the large euro area countries, the general economic outlook and banks’ 
willingness to lend were perceived to positively affect the availability of external 
financing (see Chart 16). Spanish SMEs continued to be frequently bullish about the 
general economic outlook (24%, from 28%), while in Italy (6%, from -2%) and France 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

20 

(3%, from -14%) perceptions of the general economic outlook turned positive for the 
first time since 2009. Banks’ willingness to lend was seen as positively affecting the 
availability of external financing, though to a varying degree, ranging from 10% in 
France to 32% in Spain.  

The firm-specific factors also supported the availability of external financing. With 
regard to capital position and credit history, a substantial gap remained between 
Germany on the one hand, and France, Italy and Spain on the other. Whereas, on 
balance, 36% of SMEs in Germany viewed their firm’s capital position as conducive 
to the availability of external financing, the corresponding figures for France (14%), 
Italy (11%), and Spain (6%) were far lower. Similar figures apply to firms’ credit 
histories. With the exception of Spain, access to public financial support was seen as 
a drag on the availability of external financing. 

Among the other euro area countries (see Chart 6a in Annex 1), SMEs in Finland 
(44%), the Netherlands (43%), and Portugal (34%) were frequently upbeat about the 
general economic outlook. The biggest improvements compared to the previous 
round were recorded in Greece (-31%, from -61%), Austria (31%, from 7%) and 
Finland (44%, from 23%). Greece remained the only country where a net percentage 
of SMEs perceived the general economic outlook to adversely affect the availability 
of external financing.  

When it comes to banks’ willingness to lend, SMEs in Portugal and Slovakia were 
the most positive. In net terms, 26% of SMEs in both countries perceived banks’ 
willingness to lend to positively affect the availability of external financing. Though 
Greece continued to lag behind the other euro area countries, the net percentage of 
SMEs in Greece reporting an improvement in the willingness of banks to provide 
credit turned positive for the first time since the beginning of the survey (2%, 
from -20%). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

21 

Chart 16 
Change in factors with an impact on the availability of external financing to euro area 
SMEs  

(over the preceding six months; net percentage of respondents) 

euro area

DE

ES

FR

IT

60

40

20

0

-20

-40

-60

-80

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

General economic
outlook

Firm-specific outlook Firm's own capital Firm's credit history  Willingness of banks

to lend

Access to public
financial support

Q11. For each of the following factors, would you say that they have improved, remained unchanged or deteriorated over the past six 
months? 

Base: All SMEs; for the category “Willingness of banks to lend”, SMEs for which at least one bank financing instrument (credit line, 
bank overdraft, credit card overdraft, bank loan, subsidised bank loan) is relevant. Figures refer to rounds ten (October 2013-March 
2014) to seventeen (April-September 2017) of the survey. 
Note: From round eleven (April-September 2014), the category “Willingness of banks to provide a loan” was reformulated slightly to 
“Willingness of banks to provide credit to your enterprise”. 

In the other euro area countries, SMEs perceived, on balance, a positive influence 
from their firm-specific outlook and their credit history. A positive contribution from 
their capital position was reported by SMEs in all other euro area countries but 
Greece. On the other hand, the net effect from access to public financial support was 
negative in Greece (-31%, from -48%), Slovakia (-7%, from -12%), Austria (-4%, 
from -10%) and Belgium (-2%, from -7%).  

4.2 

SMEs reported lower financing obstacles 

Owing to sufficient internal funds, the share of SMEs applying for a bank loan 
declined. Among the SMEs that considered bank loans (including subsided bank 
loans) relevant, 27% applied for a bank loan during the reporting period (from 32% 
in the previous survey round). Around 43% (from 39%) of SMEs did not apply for a 
bank loan because of sufficient internal funds (see Chart 7a in Annex 1). The 
percentage of enterprises not applying for a loan for fear of rejection (discouraged 
borrowers) declined slightly (5%, from 6%). 

The success of loan applications remained broadly unchanged. When asked about 
the actual success of their loan applications, 74% of applicants reported that they 
had received the full amount they had applied for (unchanged), while 5% indicated 
that they had received only a limited part of the amount requested (unchanged). 
The percentage of applicants reporting a rejection declined slightly to 5% (from 6%), 
while 8% indicated that their loan applications were still pending (from 6%) (see 
Chart 8a in Annex 1). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

22 

The prevalence of financing obstacles declined slightly in the reporting period. 
Among the SMEs that consider bank finance relevant, 8% encountered financing 
obstacles (from 10%). Financing obstacles include rejected loan applications, 
applications granted only in part, loans that were refused because of high costs, and 
discouragement. The improvements were present in most countries, with obstacles 
increasing only in Austria, Portugal and Slovakia (see Chart 17). 

Among large enterprises, 46% applied for a bank loan (from 39%). Their 
applications were more frequently successful than those of SMEs, with 85% of 
requests being fully met (from 86%) and a rejection rate of only 1% (unchanged). 

Chart 17 
Obstacles to receiving a bank loan for SMEs across euro area countries 

(over the preceding six months; percentage of respondents) 

rejected

cost too high

limited part

discouraged

45

40

35

30

25

20

15

10

5

0

   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Base: SMEs for which bank loans (including subsided bank loans) are relevant. Figures refer to rounds ten (October 2013-March 
2014) to seventeen (April-September 2017) of the survey. 
Notes: Financing obstacles are defined here as the total of the percentages of SMEs reporting loan applications which were rejected, 
loan applications for which only a limited amount was granted, and loan applications which resulted in an offer that was rejected by the 
SME because the borrowing costs were too high, as well as of SMEs which did not apply for a loan for fear of rejection (i.e. 
discouraged borrowers). The calculation of the indicator starts in 2010 when the question on applications for bank overdrafts was 
included in the questionnaire. The components of the financing obstacles indicator are affected by the amendments to the 
questionnaire in round eleven (i.e. filtering based on the relevance of the financing instrument and addition of the new category “My 
application is still pending”), and past data have been revised accordingly. The figures are calculated including the category “My 
application is still pending” and “Don’t know”. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and 
H1 2013). As from 2014, Slovakia is included in the sample in each survey round. 

4.3 

Banks seem to offset lower interest rates with higher non-
interest charges 

In this survey period, a smaller net share of SMEs reported a decline in interest rates 
(-5%, from -9%), while the available size (11%, unchanged) and maturity (3%, 
unchanged) of bank loans and overdrafts continued to increase (see Chart 18). A 
positive net percentage of SMEs indicated tightening in the collateral (13%, from 
15%) and other requirements of banks (15%, from 16%). It appears that banks used 
increases in other costs of financing (30%, unchanged) related, in particular, to 
charges, fees and commissions to offset declining interest revenues.  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

23 

 
 
In comparison to SMEs, large firms continued to perceive changes in terms and 
conditions as more favourable. This applied, in particular, to changes in the level of 
interest rates and other costs of financing. In net terms, -24% of large firms 
perceived interest rates to decline and only 6% reported increases in other costs of 
financing.  

Chart 18 
Change in terms and conditions of bank loans granted to euro area enterprises  

(over the preceding six months; net percentages of enterprises that had applied for bank loans) 

SMEs

micro

small

medium

large

60

40

20

0

-20

-40

-60

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Level of interest
rates

Level of the other
costs of financing

Available size of
loan or credit line

Available maturity
of the loan

Collateral
requirements

Other
requirements

Q10. Please indicate whether the following items increased, remained unchanged or decreased in the past six months. 

Base: Enterprises that had applied for bank loans (including subsidised bank loans), credit lines, bank overdrafts or credit card 
overdrafts. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: See the note to Chart 1. 

The decline in interest rates levelled off across all large euro area economies (see 
Chart 19). While in net terms SMEs in Germany still indicated lower interest rates 
(-11%), 1% of SMEs in Italy signalled higher rates. Other financing costs were 
reported to increase across all four countries, with net percentages ranging from 
20% in Spain to 38% in France. SMEs in all large economies perceived the available 
loan size to increase, while maturity barely changed.  

In the other euro area countries (see Chart 9a in Annex 1), a net share of SMEs 
reported lower bank lending rates in the Netherlands (-18%), Portugal (-9%), Austria 
(-8%), and Belgium (-7%). On the other hand, in Ireland (22%), Finland (7%), Greece 
(6%) and Slovakia (1%), SMEs reported, on balance, increases in bank lending rates 
during the period under consideration. With regard to financing costs not related to 
interest rates, higher levels were most frequently perceived by SMEs in Greece 
(43%), Portugal (42%), Austria (36%), Ireland (35%) and Slovakia (33%). 

With respect to non-price terms and conditions, SMEs perceived the available size of 
loans and overdrafts to increase in all countries but Greece (-1%, from -4%). The 
available maturities were reported to increase in all countries but Portugal (-4%, from 
2%) and Finland (-4%, from 2%; see Chart 10a in Annex 1).  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

24 

Chart 19 
Change in terms and conditions of bank loans granted to euro area SMEs 

(over the preceding six months; net percentages of enterprises that had applied for bank loans) 

euro area

DE

ES

FR

IT

80

60

40

20

0

-20

-40

-60

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Level of interest
rates

Level of the other
costs of financing

Available size of
loan or credit line

Available maturity
of the loan

Collateral
requirements

Other
requirements

Q10. Please indicate whether the following items increased, remained unchanged or decreased in the past six months. 

Base: SMEs that had applied for bank loans (including subsidised bank loans), credit lines, bank overdrafts or credit card overdrafts. 
Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Note: See the note to Chart 1. 

Some of the terms and conditions discussed above can explain, why, for some 
SMEs, bank loans were not a relevant source of financing (see Chart 20). The 
majority of SMEs that did not consider bank loans relevant reported that they simply 
did not need this type of financing (75%, from 74%). But around 4% (unchanged) 
continued to signal that no bank loans were available to them, with country 
averages ranging from 1% in Finland and Belgium to 19% in Greece (from 21%). 
Another 6% of euro area SMEs (from 7%) indicated that interest rates or price 
conditions were still not attractive. Cross-country differences were large, ranging 
from 2% in Finland and the Netherlands to 21% in Portugal (from 18%) and 30% in 
Greece (from 19%). Finally, insufficient collateral or guarantees and too much 
paperwork being involved were indicated as reasons for not applying for a loan by 
4% of SMEs (unchanged). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

25 

 
Chart 20 
Reasons why bank loans are not a relevant source of financing for euro area SMEs 

(over the preceding six months; percentage of respondents) 

insufficient collateral or guarantee

interest rates or price too high

reduced control over the enterprise

too much paperwork is involved

no bank loans are available

I do not need this type of financing

other

don't know

100

80

60

40

20

0

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

BE

DE

1
H
7
1

'

2
H
5
1

'

IE

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

GR

ES

FR

1
H
7
1

'

2
H
5
1

'

IT

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

NL

AT

PT

SK

1
H
7
1

'

2
H
5
1

'

FI

2
H
5
1

'

1
H
7
1

'

euro
area

Q32. You mentioned that bank loans are not relevant for your enterprise. What is the main reason for this? 

Base: SMEs for which bank loans are not a relevant source of financing. Figures refer to rounds eleven (April-September 2014) to 
seventeen (April-September 2017). 
Notes: The figures are based on the new question introduced in round eleven (April-September 2014). In Slovakia, the survey was 
initially conducted every two years (H1 2009, H1 2011 and H1 2013). From 2014 onwards, Slovakia has been included in the sample 
in each survey round. 

In comparison to the previous survey round, SMEs more frequently obtained or 
attempted to obtain large loans (see Chart 21). The majority (59%, from 62%) 
applied for small loans (up to €250,000), with 11% reporting a loan of up to €25,000, 
26% a loan of between €25,000 and €100,000, and 21% a loan of between €100,000 
and €250,000. The percentage of SMEs seeking large loans increased to 38% (from 
35%): 23% reported a loan of between €250,000 and €1 million, while 15% reported 
a loan that exceeded €1 million. 

Chart 21 
Size of the last bank loan of euro area SMEs 

(over the preceding six months; percentages of enterprises that had applied for bank loans) 

up to €25,000

more than €25,000 and up to €100,000

more than €100,000 and up to €250,000

more than €250,000 and up to €1 million

over €1 million

don't know/ no answer

100

80

60

40

20

0

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

BE

DE

1
H
7
1

'

2
H
5
1

'

IE

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

GR

ES

FR

1
H
7
1

'

2
H
5
1

'

IT

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

2
H
5
1

'

1
H
7
1

'

NL

AT

PT

SK

1
H
7
1

'

2
H
5
1

'

FI

2
H
5
1

'

1
H
7
1

'

euro
area

Q8A. What is the size of the last bank loan that your enterprise obtained or attempted to obtain in the past six months? 

Base: SMEs that had applied for bank loans (including subsidised bank loans). Figures refer to rounds eleven (April-September 2014) 
to seventeen (April-September 2017). 
Note: The figures are based on the new question introduced in round eleven (April-September 2014).  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

26 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Both SMEs and large firms indicated a reduction in interest rates charged by 
banks on credit lines and overdrafts (see Chart 22).10 As expected, the level of 
interest rates charged by banks remained inversely related to firm size. In this survey 
round, the difference between average interest rates charged to large enterprises 
and those charged to SMEs remained unchanged at the level of approximately 180 
basis points, with a median of 110 basis points (also unchanged).  

Chart 22 
Interest rate charged for a credit line or bank overdraft to euro area enterprises 

(percentages) 

interquartile range

median

mean

12

10

8

6

4

2

0

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

SMEs

Micro

Small

Medium

Large

All companies

Q8B. What interest rate was charged for the credit line or bank overdraft for which you applied? 

Base: Enterprises that had successfully applied for a credit line or bank overdraft or that did not apply because the cost was too high. 
Figures refer to rounds eleven (April-September 2014) to seventeen (April-September 2017) of the survey.  
Notes: The interquartile range is defined as the difference between the 75th percentile and the 25th percentile. The figures are based 
on the new question introduced in round eleven (April-September 2014). 

In this survey round, small enterprises benefitted most from the decline in interest 
rates. On average, SMEs in the euro area reported a decline of around 10 basis 
points. Small firms reported average reductions of around 40 basis points, while 
micro firms reported, on average, 30 basis point higher interest rates. Medium and 
large enterprises recorded a drop in interest rates of 20 and 10 basis points, 
respectively. Across the large euro area countries, SMEs reported declining interest 
rates. In Germany, France, and Spain, interest rates declined, on average, by 20 
basis points, and in Italy by 10 basis points (see Chart 23). 

10   From round eleven (April-September 2014), the question regarding the interest rate of the credit line or 
bank overdraft was added to the questionnaire. The weighted mean reported by euro area enterprises 
is around 10 basis points higher than the official monetary financial institutions’ interest rate statistics 
on bank overdrafts (average in the period from April to September 2017), while the median value is 85 
basis points lower. Some caveats apply when comparing the figures quoted in this report with the 
official bank interest rate statistics: (i) the bank statistics are weighted by the loan volumes, while the 
survey responses are weighted by the number of employees; and (ii) the bank statistics refer to the full 
financing granted in the period, while the survey includes all enterprises that had successfully applied 
for the credit line or bank overdraft or did not apply because the cost was too high. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

27 

                                                                    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chart 23 
Interest rate charged for a credit line or bank overdraft to euro area SMEs 

(percentages) 

interquartile range

median

mean

12

10

8

6

4

2

0

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

2
H
5
1

'

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

1
H
4
1

'

2
H
4
1

'

1
H
5
1

'

euro area

DE

ES

FR

Q8B. What interest rate was charged for the credit line or bank overdraft for which you applied? 

1
H
6
1

'

2
H
6
1

'

1
H
7
1

'

2
H
5
1

'

IT

Base: SMEs that had successfully applied for a credit line or bank overdraft or that did not apply because the cost was too high. 
Figures refer to rounds eleven (April-September 2014) to seventeen (April-September 2017) of the survey. 
Notes: The interquartile range is defined as the difference between the 75th percentile and the 25th percentile. The figures are based 
on the new question introduced in round eleven (April-September 2014). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Availability of external financing for SMEs in the euro area 

28 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 

5.1 

Expectations regarding access to 
finance  

Continued optimism for future availability of most 
financing sources 

For the coming six-month period (October 2017-March 2018), euro area SMEs 
expect, on balance, continued improvements in the availability of external and 
internal sources of finance.  

In particular, euro area SMEs expect, on balance, further improvements in the 
availability of bank loans (10%, from 7%; see Chart 24), bank overdrafts (11%, 
from 9%), trade credit (13%, from 10%) and leasing or hire-purchase (14%, from 
13%). Expectations are positive but stable concerning the availability of internal 
funds (21%, unchanged) and other loans (5%, unchanged). The availability of debt 
securities (2%, from 7%) and equity (13%, from 14%) is expected to continue 
improving, albeit to a lesser extent than before. 

Chart 24 
Change in euro area enterprises’ expectations regarding the availability of financing  

(over the preceding six months; net percentage of respondents) 

SMEs

micro

small

medium

large

40

30

20

10

0

-10

-20

  '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17   '14

 '17

Internal funds Bank loans

Trade credit

Bank
overdrafts

Other loans Debt securities

Equity

Leasing or
hire-purchase

Q23. Looking ahead, for each of the following types of financing available to your enterprise, please indicate whether you think their 
availability will improve, deteriorate or remain unchanged over the next six months. 

Base: Enterprises for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey. 
Note: See the notes to Charts 1 and 8. 

The optimism expressed by SMEs regarding the expected availability of all financing 
sources applies regardless of size. Although small and medium-sized firms continue 
to be more optimistic about the financing outlook, it appears that micro firms are 
catching up. Except for debt securities, micro firms expect the availability of all 
instruments to improve over the next six months. In net terms, 7% of micro firms 
expect bank loans to become more easily available (from 2%), and 8% expect the 
availability of bank overdrafts to improve (from 5%). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Expectations regarding access to finance 

29 

The outlook of large enterprises is broadly comparable to that of SMEs. While large 
enterprises are slightly more optimistic regarding the availability of bank loans (12%) 
and overdrafts (13%), they are comparatively less optimistic with regard to internal 
funds (17%) and trade credit (11%). Noteworthy in comparison to the previous round 
is the expected increase in the availability of debt securities (20%, from 9%).  

Chart 25 
Change in euro area SMEs’ expectations regarding the availability of financing  

(over the preceding six months; net percentage of respondents) 

euro area

DE

ES

FR

IT

40

30

20

10

0

-10

-20

-30

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

  '14

 '17

Internal funds

Bank loans

Trade credit

Bank overdrafts

Other loans

Leasing and
hire-purchase

Q23. Looking ahead, for each of the following types of financing available to your enterprise, please indicate whether you think their 
availability will improve, deteriorate or remain unchanged over the next six months. 

Base: SMEs for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey. 
Note: See the notes to Charts 1 and 8. 

SMEs remain optimistic about the future availability of internal and external financing 
in all of the large euro area countries (see Chart 25). Spain has the greatest net 
percentage of optimistic SMEs (21%, from 26%), ahead of Italy (14%, from 10%), 
France (5%, from -3%) and Germany (2%, from 3%). A similar picture emerges for 
bank overdrafts, with Spain (20%, from 26%) followed by Italy (13%, from 10%), 
Germany (6%, from 3%) and France (4%, from 3%).  

Enterprises in the other euro area countries expect, in net terms, the availability of 
bank loans and overdrafts to further improve (see Chart 11a in Annex 1). SMEs in 
Greece remain the exception, as they continue to expect the availability of bank 
loans (-6%, from -28%) and overdrafts (-4%, from -22%) to decline, albeit to a much 
lesser extent than before.  

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Expectations regarding access to finance 

30 

 
Annexes 

Annex 1 
Overview of the survey replies – selected charts 

Chart 1a 
Change in turnover and profits of SMEs across euro area countries 

(over the preceding six months; net percentage of respondents) 

profit

turnover

60

40

20

0

-20

-40

-60

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q2. Have the following company indicators decreased, remained unchanged or increased over the past six months? 

Base: All SMEs. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Notes: See the note to Chart 1. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 2013). From 
2014 onwards, Slovakia has been included in the sample in each survey round. 

Chart 2a 
Change in debt-to-total-assets ratio and interest expenses of SMEs across euro area 
countries 

(over the preceding six months; net percentage of respondents) 

debt-to-assets ratio

interest expenses

40

30

20

10

0

-10

-20

-30

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q2. Have the following company indicators decreased, remained unchanged or increased over the past six months? 

Base: All SMEs. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Notes: See the note to Chart 1. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 2013). From 
2014 onwards, Slovakia has been included in the sample in each survey round. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

31 

Chart 3a 
The most important problems faced by euro area SMEs across euro area countries 

(over the preceding six months; percentage of respondents) 

access to finance

availability of skilled staff or experienced managers

45

40

35

30

25

20

15

10

5

0

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q0. How important have the following problems been for your enterprise in the past six months? 

Base: All SMEs. Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Notes: See the notes to Chart 3. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 2013). 
From 2014 onwards, Slovakia has been included in the sample in each survey round. 

Chart 4a 
Reasons why bank loans are not a relevant source of financing for euro area 
enterprises 

(over the preceding six months; percentage of respondents) 

insufficient collateral or guarantee
reduced control over the enterprise
no bank loans are available
other

interest rates or price too high
too much paper work is involved
I do not need this type of financing
don’t know

100

80

60

40

20

0

'14

'17

'14

'17

'14

'17

'14

'17

'14

'17

Micro

Small

Medium

Large

SMEs

Q32. You mentioned that bank loans are not relevant for your enterprise. What is the main reason for this? 

Base: Enterprises for which bank loans are not a relevant source of financing. Figures refer to rounds eleven (April-September 2014) 
to seventeen (April-September 2017) of the survey.  
Note: The figures are based on the new question introduced in round eleven (April-September 2014). 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

32 

Chart 5a 
Change in the availability of and need for bank loans for SMEs across euro area 
countries 

 (over the preceding six months; net percentage of respondents) 

needs

availability

40

20

0

-20

-40

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q5. For each of the following types of external financing, please indicate if your needs increased, remained unchanged or decreased 
over the past six months. 
Q9. For each of the following types of financing, would you say that their availability has improved, remained unchanged or 
deteriorated for your enterprise over the past six months? 

Base: SMEs for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey. 
Notes: See the notes to Charts 1 and 8. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 
2013). From 2014 onwards, Slovakia has been included in the sample in each survey round. 

Chart 6a 
Change in factors with an impact on the availability of external financing for SMEs 
across euro area countries 

(over the preceding six months; net percentage of respondents) 

general economic outlook

willingness of banks to lend

60

40

20

0

-20

-40

-60

-80

-100

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q11. For each of the following factors, would you say that they have improved, remained unchanged or deteriorated over the past six 
months? 

Base: All SMEs. For the category “Willingness of banks to lend”, these are SMEs for which at least one bank financing instrument 
(credit line, bank overdraft, credit card overdraft, bank loan, subsidised bank loan) is relevant. Figures refer to rounds ten (October 
2013-March 2014) to seventeen (April-September 2017) of the survey. 
Notes: See the notes to Charts 1 and 8. From round eleven (April-September 2014), the category “Willingness of banks to provide a 
loan” was reformulated slightly to “Willingness of banks to provide credit to your enterprise”. In Slovakia, the survey was initially 
conducted every two years (H1 2009, H1 2011 and H1 2013). From 2014 onwards, Slovakia has been included in the sample in each 
survey round. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

33 

Chart 7a 
Applications for bank loans by SMEs across euro area countries 

 (over the preceding six months; net percentage of respondents) 

applied

did not apply because of possible rejection

did not apply because of sufficient internal funds

did not apply for other reasons

don't know

100

80

60

40

20

0

   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q7A. Have you applied for the following types of financing in the past six months? 

Base: SMEs for which bank loans (including subsided bank loans) are relevant. Figures refer to rounds ten (October 2013-March 
2014) to seventeen (April-September 2017) of the survey. 
Notes: See the notes to Charts 1 and 8. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 
2013). From 2014 onwards, Slovakia is included in the sample in each survey round. 

Chart 8a 
Outcome of applications for bank loans by SMEs across euro area countries 

 (over the preceding six months; net percentage of respondents) 

received everything

received most of it

only received a limited part of it

refused because the cost was too high

was rejected

don't know

application is still pending

100

80

60

40

20

0

   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q7B. If you applied and tried to negotiate for this type of financing over the past six months, what was the outcome? 

Base: SMEs that had applied for bank loans (including subsided bank loans). Figures refer to rounds ten (October 2013-March 2014) 
to seventeen (April-September 2017) of the survey. 
Notes: See the notes to Charts 1 and 8. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 
2013). From 2014 onwards, Slovakia is included in the sample in each survey round. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

34 

Chart 9a 
Change in the cost of bank loans granted to SMEs across euro area countries 

(over the preceding six months; net percentages of enterprises that had applied for bank loans) 

level of interest rates

level of non-interest costs

80

60

40

20

0

-20

-40

-60

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q10. Please indicate whether the following items increased, remained unchanged or decreased in the past six months. 

Base: SMEs that had applied for bank loans (including subsidised bank loans), credit lines, bank overdrafts or credit card overdrafts. 
Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Notes: See the note to Chart 1. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 2013). From 
2014 onwards, Slovakia has been included in the sample in each survey round. 

Chart 10a 
Change in non-price terms and conditions of bank loans granted to SMEs across 
euro area countries 

(over the preceding six months; net percentages of enterprises that had applied for bank loans) 

size of bank loan or credit line

collateral requirements

60

40

20

0

-20

-40

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q10. Please indicate whether the following items increased, remained unchanged or decreased in the past six months. 

Base: SMEs that had applied for bank loans (including subsidised bank loans), credit lines, bank overdrafts or credit card overdrafts. 
Figures refer to rounds ten (October 2013-March 2014) to seventeen (April-September 2017) of the survey. 
Notes: See the note to Chart 1. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 2013). From 
2014 onwards, Slovakia has been included in the sample in each survey round. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

35 

Chart 11a 
SMEs’ expectations regarding the availability of bank loans and overdrafts across 
euro area countries 

(over the preceding six months; net percentages of respondents) 

bank loans

bank overdraft

60

40

20

0

-20

-40

  '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17   '14  '17

BE

DE

IE

GR

ES

FR

IT

NL

AT

PT

SK

FI

euro
area

Q23. Looking ahead, for each of the following types of financing available to your enterprise, please indicate whether you think their 
availability will improve, deteriorate or remain unchanged over the next six months. 

Base: SMEs for which the respective instrument is relevant. Figures refer to rounds ten (October 2013-March 2014) to seventeen 
(April-September 2017) of the survey.  
Notes: See the notes to Charts 1 and 8. In Slovakia, the survey was initially conducted every two years (H1 2009, H1 2011 and H1 
2013). From 2014 onwards, Slovakia has been included in the sample in each survey round. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

36 

 
 
 
Annex 2 
Descriptive statistics for the sample of enterprises 

Chart 1b 
Breakdown of enterprises across economic activities 

(unweighted percentages) 

6%

11%

18%

25%

23%

SMEs

46%

30%

41%

construction

industry

services

trade

Large enterprises

Sample size:   10,210 (SMEs)

992 (large enterprises)

Base: Figures refer to round seventeen (April-September 2017) of the survey. 

Chart 2b 
Breakdown of enterprises by age of the firm 

(unweighted percentages) 

1%

2%

1%3%

5%

11%

less than two years

between two and four years

between five and ten years

SMEs

more than ten years

85%

92%

Sample size:   10,210 (SMEs)

992 (large enterprises)

Large enterprises

Base: Figures refer to round seventeen (April-September 2017) of the survey. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

37 

 
 
 
 
 
 
Chart 3b 
Breakdown of enterprises according to ownership 

(unweighted percentages) 

16%

2%

38%

7%

13%

2%

3%

SMEs

44%

35%

1%

12%

27%

listed on the stock market

family or entrepreneurs

other firms or business associates

venture capital firms or business
angels

one natural person only

other

Large enterprises

Sample size:   10,210 (SMEs)

992 (large enterprises)

Base: Figures refer to round seventeen (April-September 2017) of the survey. 

Chart 4b 
Breakdown of enterprises according to exports 

(unweighted percentages) 

2%

1%

13%

29%

30%

9%

24%

15%

53%

SMEs

24%

0%

less than 25%

between 25% and 50%

over 50%

don’t know

Large enterprises

Sample size:   10,210 (SMEs)

992 (large enterprises)

Base: Figures refer to round seventeen (April-September 2017) of the survey. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

38 

 
 
 
 
 
 
 
 
 
Annex 3 
Methodological information on the survey 

This annex presents the main changes introduced in the latest round of the Survey 
on the Access to Finance of Enterprises (SAFE). For an overview of how the survey 
was set up, the general characteristics of the euro area enterprises that participated 
in the survey and the changes introduced to the methodology and the questionnaire 
over time, see the “Methodological information on the survey and user guide for the 
anonymised micro dataset” available on the ECB’s website.11 

Since September 2014 the survey has been carried out by Panteia b.v., in 
cooperation with the fieldwork provider GDCC. To the best of our knowledge, no 
breaks in the series are attributable to the change of providers over the life cycle of 
the survey. 

However, some changes in the questionnaire may have caused a break between the 
round covering the second half of 2013 and that covering the first half of 2014. This 
stems from the review of various components of the SAFE after ten survey rounds, 
covering the questionnaire, sample allocation, survey mode and weighting scheme 
(see Annex 4 in the corresponding report on the ECB’s website for details12). 

With regard to the weighting scheme, up to the H1 2015 round, the calibration 
targets were updated with each survey round based on the latest available figures 
from Eurostat’s structural business statistics (SBS). Since then, with all the euro area 
countries participating in the survey, the weighting scheme has been updated once a 
year. 13 

In this survey round no major changes were made to the existing questions in the 
questionnaire.14

11   “Methodological information on the survey and user guide for the anonymised micro dataset”. 
12   “Survey on the Access to Finance of Enterprises in the euro area − April 2014 to September 2014”. 
13   For more details, see Section Weighting in “Methodological information on the survey and user guide 

for the anonymised micro dataset”. 

14   The questionnaire is available on the ECB’s website. It was translated into the respective languages for 

the purposes of the survey. 

Survey on the Access to Finance of Enterprises in the euro area − April to September 2017 − 
Annexes 

39 

                                                                    
Abbreviations 

Countries 
BE 
BG 
CZ  
DK  
DE  
EE  
IE  
GR  
ES  
FR  

Belgium 
Bulgaria 
Czech Republic  
Denmark  
Germany  
Estonia  
Ireland  
Greece  
Spain 
France 

HR 
IT  
CY  
LV  
LT  
LU  
HU  
MT  
NL  
AT 

Croatia  
Italy 
Cyprus 
Latvia 
Lithuania 
Luxembourg 
Hungary 
Malta 
Netherlands 
Austria  

PL  
PT  
RO  
SI  
SK  
FI  
SE  
UK  
US  

Poland 
Portugal 
Romania 
Slovenia 
Slovakia 
Finland  
Sweden 
United Kingdom 
United States 

© European Central Bank, 2017 

Postal address 
Telephone 
Website 

60640 Frankfurt am Main, Germany 
+49 69 1344 0 
www.ecb.europa.eu 

All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. 
The cut-off date for data included in this report was 28 November 2017. 

ISSN  

1831-9998 (pdf) 

EU catalogue No 

QB-AP-17-003-EN-N (pdf)