Survey on the access to finance of enterprises (SAFE) : analytical report 2018.
Date: 2018-11-28
Institutions: Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs
Subjects: activity report, euro area, financial requirements, financing, sample survey, small and medium-sized enterprises

Survey on the access to 
finance of enterprises (SAFE) 

Analytical Report 2018 

Written by Ton Kwaak, Jan de Kok, Paul van der Zeijden 
and Amber van der Graaf 

November 2018 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN COMMISSION 

Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs 
Directorate H — COSME Programme 
Unit H.3 — COSME Financial Instruments 

Contact: Maciej Otulak 

E-mail:  GROW-H3@ec.europa.eu@ec.europa.eu 

European Commission 
B-1049 Brussels 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROPEAN COMMISSION 

Survey on the access to 
finance of enterprises (SAFE) 

Analytical Report 2018 

Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs 

2018 

ET-06-18-226-EN-N 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

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Luxembourg: Publications Office of the European Union, 2018 

ISBN 978-92-79-96472-5 
doi:10.2873/10641 

© European Union, 2018 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Table of Contents 

SUMMARY .................................................................................................................... 7 

1.  USE OF EXTERNAL FINANCING ................................................................................ 9 

1.1.  Key findings................................................................................................. 9 
1.2.  Relevance of sources of financing ................................................................... 9 
1.3.  What sources of finance were used? .............................................................. 12 
1.4.  Types of external financing applied for ........................................................... 31 
1.5.  Last obtained amount of external finance ....................................................... 54 
1.6.  Charged interest rate ................................................................................... 56 
1.7.  Purpose of the most recent loan .................................................................... 59 

2. 

ACCESS TO EXTERNAL SOURCES OF FINANCE ......................................................... 65 

2.1.  Key findings................................................................................................ 65 
2.2.  Changes in the general economic and financial environment ............................. 66 
2.3.  Changes in the availability of financing ........................................................... 73 
2.4.  Changes in the need for external financing ..................................................... 84 
2.5.  Changes in the terms and conditions of bank financing .................................... 93 

3.  OUTLOOK FOR THE FUTURE ................................................................................... 99 

3.1.  Key findings................................................................................................ 99 
3.2.  Expected growth SMEs ................................................................................. 99 
3.3.  Confidence in being able to get future financing ............................................ 102 
3.4.  External financing in the future ................................................................... 106 
3.5.  Expected availability of internal funds and external financing .......................... 115 
Important factors in future financing ............................................................ 116 
3.6. 

4. 

CHARACTERISTICS AND CURRENT STATE OF ENTERPRISES .................................... 119 

4.1.  Key findings.............................................................................................. 119 
4.2.  The financial state of enterprises ................................................................. 120 
4.3.  The most important problems ..................................................................... 132 
4.4. 
Innovativeness ......................................................................................... 137 
4.5.  High-growth enterprises and gazelles........................................................... 138 
4.6.  Exporters ................................................................................................. 142 

APPENDICES ............................................................................................................. 145 

APPENDIX 1 

APPENDIX 2 

METHODOLOGICAL NOTES ............................................................ 145 

RESULTS FOR NON-EU COUNTRIES ................................................ 147 

2.1 Use of external financing................................................................................ 147 
2.2 Access to external sources of finance ............................................................... 159 
2.3 Outlook for the future .................................................................................... 164 
2.4 Characteristics and current state of enterprises ................................................ 167 

APPENDIX 3 

QUESTIONNAIRE .......................................................................... 173 

5 

 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Remarks: 
  Due to rounding, figures describing aggregates may differ slightly from the sum of the constituent parts. 
In the panels ‘Availability of finance improves’ and ‘Terms and conditions tend to improve’ categories ‘not 
 
applicable’ and ‘don’t know’ have been excluded. 

< 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

SUMMARY 

Having sufficient access to finance is an important determinant for the development of 
an enterprise. It is a well-known phenomenon that SMEs1 face different challenges when 
accessing  finance  than  large  scale  enterprises  (LSEs).  LSE’s  for  instance,  have  direct 
access to capital markets whereas for SMEs this holds to a lesser extent or they have 
no access at all. Ultimately, the specific financing needs of SMEs warrant specific policy 
attention. 

In  2008,  the  ECB  and  DG  Enterprises  and  Industry  of  the  European  Commission 
established the Survey on the Access to Finance of Enterprises (SAFE). These surveys, 
conducted across the EU Member States and several additional countries, were held in 
June-July  2009,  in  August-October  2011,  in  August-October  2013,  in  September  - 
October  2014,  in  September  -  October  2015,  in  September  -  October  2016,  in 
September - October 2017, and in September – October 2018. The most recent wave 
covers 36 countries: the EU28 Member States as well as Iceland, Turkey, Montenegro, 
Albania, Serbia, the Former Yugoslav Republic of Macedonia, Bosnia and Herzegovina 
and  Kosovo2.  The  current  report  discusses  the  results  from  the  September  -  October 
2018 wave and presents significant developments over time. 

Use of external financing 

EU28 SMEs mention credit line or overdraft, leasing and hire purchase, bank loans and 
trade credit as the most relevant sources of external financing. These same four types 
of  external  financing  were  most  relevant  in  previous  survey  years  as  well.  Regarding 
the sources of finance actually used, EU28 SMEs most often report using credit line or 
overdraft, leasing or hire-purchase, trade credit and bank loans. The use of credit line 
or overdraft and of leasing or hire-purchase have been relatively stable between 2015 
and 2018, while the use of trade credit and bank loans have declined slightly between 
2015 and 2018. 

In  2018,  29%  of  EU28  SMEs  applied  for  credit  line,  bank  overdraft  or  credit  card 
overdraft.  Of  these  applications,  80%  were  successful  in  the  sense  that  these  SMEs 
obtained at least 75%  of the  required amount. Comparable results  were obtained for 
bank loans and trade credit. Regarding other forms of external financing, 16% of the 
EU28 applied for these, of which 81% obtained at least 75% of the amount they applied 
for. 

Of the external financing obtained by SMEs, 38% related to amounts of less than EUR 
100,000. The size of the most recently obtained loan varies strongly by enterprise size, 
where the largest amounts obtained were found in enterprises with over 250 employees.  

SMEs reported that the interest rates increased slightly between 2017 and 2018. 

1  

In this report SMEs are defined as enterprises with 1-249 employees (hence, enterprises without paid 
staff are excluded); large scale enterprises (LSEs) are enterprises with at least  250 employees. Within 
SMEs,  a  distinction  is  made  between  micro  enterprises  (1  -9  employees),  small  enterprises  (10  -49 
employees) and medium-sized enterprises (50 -249 employees). 

2   This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the 

ICJ Opinion on the Kosovo declaration of independence 

 
 
 
 
 
 
 
 
                                                 
Survey on the access to finance of enterprises (SAFE) 

Regarding  the  principal  reasons  behind  loan  application,  fixed  investment,  inventory, 
and working capital were mentioned most often by EU28 SMEs. 

Access to external sources of financing 

In  2018,  just  as  in  2015,  2016  and  2017,  SMEs  in  the  EU28  were  generally  positive 
about changes in the availability of various types of financing. In 2018 for all types of 
financing more SMEs reported that the availability had improved than SMEs reporting a 
deterioration. 

The proportion of EU28 SMEs which reported that their needs for trade credit, equity, 
leasing  or  hire-purchase,  or  other  types  of  loans  had  increased  was  higher  than  the 
proportion of SMEs reporting a decrease in their needs. Concerning the need for bank 
loans  the  proportion  of  SMEs  reporting  an  increase  equals  the  proportion  reporting  a 
decrease. 

In the EU28, more enterprises experienced an increase in interest rates than a decrease. 
In 2014 to 2017, the reverse was true. Furthermore, more SMEs reported increases in 
the non-interest rate costs of financing and collateral requirements than a decline. On 
the other hand, in 2018, a larger proportion of SMEs reported an increase rather than a 
decrease in loan size and loan maturity.  

Future outlook 

64%  of  the  EU28  SMEs  expects  moderate  or  substantial  turnover  growth.  This 
proportion is slightly lower than in 2017, but has increased consistently in each survey 
year from 2009 to 2017. At the Member State level, SMEs in Cyprus  and Ireland are 
most positive about their expected growth. Growth expectations are highest in industry 
and they increase with enterprise size. 

EU28 SMEs are more confident when talking with banks about financing and obtaining 
the  desired  results  (68%)  than  when  talking  to  equity  investors  and  venture  capital 
firms (23%). These proportions have been rather stable since 2014. 

SMEs prefer debt financing over equity financing (6%). The proportion preferring a bank 
loan is 65%. 

Almost half of SMEs (45% in EU28) do not perceive any limitations in their access to 
future financing. Those that do perceive such limitations most often cite interest rates 
and prices of financing being too high (13%), and insufficient collateral or guarantees 
(12%) as the main cause. The larger enterprises have become, the fewer obstacles they 
see in obtaining finance. However, the gazelles and high-growth enterprises less often 
report perceiving no obstacles in obtaining external finance than other enterprises. 

Nearly  one  in  four  SMEs  (23%)  in  the  EU28  needs  financing  amounts  of  between 
EUR 25,000 and EUR 100,000 to achieve their growth ambitions. SMEs active in industry 
require  the  largest  amounts  to  achieve  their  ambitions  and  the  required  amounts 
increase with enterprise size. 

On balance, SMEs expect the availability of all types of financing to improve in the six 
months from October 2018 to March 2019.  

8 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.  USE OF EXTERNAL FINANCING 

1.1.  Key findings 

EU28  SMEs  mention  credit  line  or  overdraft  as  the  most  relevant  sources  of  external 
financing. Leasing and hire purchase and bank loans are both considered to be second 
most  relevant,  followed  by  trade  credit.  These  same  four  types  of  external  financing 
were most  relevant in both 2017 and 2016 as well. Regarding the sources of finance 
actually  used,  EU28  SMEs  most  often  report  using  credit  line  or  overdraft,  leasing  or 
hire-purchase,  trade  credit  and  bank  loans.  The  use  of  credit  line  or  overdraft  and 
leasing or hire-purchase has been relatively stable between 2015 and 2018, while the 
use of trade credit and bank loans has declined slightly between 2015 and 2018. 

In 2018, 29% of EU28 SMEs had applied for credit line, bank overdraft or credit card 
overdraft.  Of  these  applications,  80%  were  successful  in  the  sense  that  these  SMEs 
obtained at least 75% of the required amount. Comparable results are obtained for bank 
loans and trade credit. Of the EU28 SMEs, 25% applied for a bank loan in 2018, and for 
79% of these applications at least 75% of the amount required was actually obtained. 
Amongst EU28 SMEs, 33% applied for trade credit, and for 83% of these applications 
at least 75% of the amount required was obtained. Regarding other forms of external 
financing, 16% of the EU28 applied for these, of which 81% obtained at least 75%. 

Of the external financing obtained by SMEs, 38% related to amounts of less than EUR 
100,000.  The  sizes  of  the  loans  obtained  varies  considerably  across  countries.  Small 
loans are most often reported by SMEs in Spain and Poland, and large loans are most 
often reported by SMEs in Denmark and the Netherlands. The size of the most recently 
obtained loan varies strongly with enterprise size, where the largest amounts obtained 
were found in enterprises with over 250 employees.  

Regarding the principal reasons behind loan application, fixed investment and inventory, 
and working capital were mentioned most often by EU28 SMEs. 

1.2.  Relevance of sources of financing 

The extent to which SMEs in the EU28 consider various funding sources relevant to them 
is presented in figure 1. Credit line or overdraft is mentioned by 52% of the respondents 
as being relevant in 2018, which is slightly lower than in 2017 and 2016. Leasing and 
hire purchase, together with bank loans are the second most relevant types of finance 
with 47% of the respondents mentioning these types of finance. Then, trade credit is 
also presented as a relevant type of financing followed by grants and subsidised bank 
loans, and internal funds. 5% of the enterprises considered other sources, for example 
from  family  and  friends,  a  related  enterprise  or  shareholders,  relevant  to  their 
enterprise.  Equity,  factoring,  other  sources  and  debt  securities  are  mentioned  as 
relevant by less percentages of the SMEs than the other types of finance. 

 
 
 
 
 
 
 
 
figure 1 

Relevance of different types of financing for SMEs in the EU28 in 2016, 2017 and 2018. 

Survey on the access to finance of enterprises (SAFE) 

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?  
Note:  Debt  financing:  credit  line,  bank  overdraft  or  credit  cards  overdraft  +  leasing  or  hire-purchase  + 
factoring + trade credit + bank loan + other loan + grants or subsidised bank loan + debt securities issued 
Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

In figure 2 the relevance of debt financing is presented by country. In all the countries 
surveyed the vast majority of SMEs indicated that at least one type of debt financing 
was  relevant  to  their  enterprise.  For  EU28  countries  the  proportion  of  SMEs  that 
indicated debt financing to be relevant ranged from 94% of all SMEs in Cyprus, to 72% 
of all SMEs in Hungary. For most EU28 countries, the extent to which debt financing was 
relevant to SMEs did not change significantly in 2018. In Cyprus the relevance of debt 
financing  increased  from  83%  in  2017  to  94%  in  2018  and  in  Bulgaria  from  81%  in 
2017 to 90% in 2018. In Luxembourg the relevance of debt financing decreased from 
87% in 2017 to 77% in 2018. 

10 

52%47%33%47%26%20%32%10%12%5%3%84%53%48%34%48%26%21%31%10%12%5%84%55%47%35%50%27%22%32%10%13%5%85%credit line or overdraftleasing or hire-purchasetrade creditbank loansinternal fundsother loansgrants or subsidised bank loansfactoringequity capitalother sourcesdebt securities issueddebt financing201820172016 
 
 
 
 
 
 
 
 
 
figure 2 

Relevance of debt financing for SMEs in the EU28, by country in 2015-2018 

Survey on the access to finance of enterprises (SAFE) 

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?  
Note:  Debt  financing:  credit  line,  bank  overdraft  or  credit  cards  overdraft  +  leasing  or  hire-purchase  + 
factoring + trade credit + bank loan + other loan + grants or subsidised bank loan + debt securities issued 
Source: SAFE, 2015-2018; edited by Panteia. 

11 

94%92%91%90%90%89%87%87%86%85%84%84%84%84%84%83%83%83%83%83%81%81%80%79%78%78%77%77%72%83%94%92%91%81%87%87%83%86%83%85%86%84%88%84%85%84%83%84%81%84%81%74%74%76%84%87%82%76%93%99%94%94%83%87%87%87%88%87%87%86%85%91%84%84%84%83%89%81%80%82%82%74%84%74%82%83%70%85%94%91%91%82%90%86%85%88%87%88%84%86%90%87%85%86%82%91%84%82%82%76%83%85%74%73%81%70%CyprusMaltaIrelandFinlandBulgariaPortugalPolandAustriaFranceUnited KingdomItalySlovakiaEU28GreeceSpainGermanyRomaniaDenmarkSloveniaBelgiumCzech RepublicCroatiaLithuaniaLatviaSwedenEstoniaLuxembourgNetherlandsHungary2018201720162015 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

SMEs which reported that bank loans are not  relevant to their enterprise were asked 
why this was the case (figure 3). In 2018, 75% (the same as in 2017) of SMEs in the 
EU28 for which bank loans are not relevant said this is because they do not need that 
type of financing. Of the SMEs in EU28, 8% (7% in 2017) indicated that bank loans are 
not  relevant  because  of  the  high  interest  rates  and  other  costs.  The  remaining  SMEs 
reported various other reasons for the irrelevance of bank loans. 

figure 3 

Reason why bank loans are not relevant for enterprise for SMEs in the EU28 in 2018 

Q32. You mentioned that bank loans are not relevant for your enterprise. What is the main reason for this? 
Source: SAFE, 2018; edited by Panteia. 

1.3.  What sources of finance were used? 

Figure 4 presents the percentage of enterprises that actually used the different types of 
financing.  Credit  line  or  overdraft  have  been  used  most  often  as  sources  of  external 
financing. In 2018, 35% of all EU28 SMEs used credit line or overdraft in the past six 
months  compared  to  also  35%  in  2017  and  37%  in  2016.  In  2018,  leasing  or  hire-
purchase (24%) and trade credit (18%) were the second and third most often used type 
of financing. In 2018, 17% of all EU28 SMEs made use of bank loans, 15% used internal 
funds, 8% used other types of loans, 8% of the SMEs used grants or subsidised bank 
loans,  and  6%  made  use  of  factoring.  Equity  (2%),  other  sources  (1%),  and  debt 
securities (1%) were the least popular types of financing. 

12 

75%8%5%4%3%3%I do not need this type of financinginterest rates or price too highotherinsufficient collateral or guaranteetoo much paperwork is involvedno bank loans are availablereduced control over the enterprisedk/na 
 
 
 
 
 
 
 
 
figure 4 

Use of different types of financing in the past six months for SMEs in the EU28 in 2015-2018 

Survey on the access to finance of enterprises (SAFE) 

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? Have you obtained new financing of this type in the past six months? 
Source: SAFE, 2015-2018; edited by Panteia. 

13 

36%35%37%37%24%24%23%23%18%19%19%20%17%17%18%19%15%15%15%15%8%8%9%10%8%7%7%8%6%6%6%6%17%18%17%17%23%24%24%24%14%14%15%16%30%30%31%30%11%12%11%12%12%13%13%13%24%24%24%26%4%4%4%4%10%10%11%12%4%4%4%4%46%45%43%43%51%50%50%51%65%63%63%62%51%50%48%48%70%70%70%70%77%76%75%75%66%65%65%63%87%87%86%86%83%83%83%82%90%90%89%91%92%92%92%92%4%4%4%3%3%3%3%4%4%4%4%4%4%4%5%5%6%4%4%4%5%4%20182017201620152018201720162015201820172016201520182017201620152018201720162015201820172016201520182017201620152018201720162015201820172016201520182017201620152018201720162015used in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/nacredit line or overdraftleasing or hire-purchasetrade creditbank loansinternal fundsother loansgrants or subsidised bank loansfactoringequity capitalother sourcesdebt securities issued 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.1 Credit line, bank overdraft or credit cards overdraft 

This section presents more detailed breakdowns of the use of credit line and overdrafts. 
Figure  5  presents  a  breakdown  of  results  for  SMEs  by  country  in  each  of  the  EU28 
countries.  

figure 5 

Use of credit line, bank overdraft or credit overdraft in the past six months (April to September 
2018) for SMEs in the EU28, by country. 

Q4c. Credit line, bank overdraft or credit overdraft - 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? Have you obtained 
trade credit from your business partners in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

The data in the figure show that there are substantial differences between countries. In 
Cyprus just over half of all SMEs and in Finland and Ireland half of all SMEs used credit 
line or overdraft. In Hungary and Greece only 20% and 13% of all SMEs respectively, 
used this type of financing.  

14 

51%50%50%47%47%43%42%41%41%40%38%38%38%37%36%35%34%34%33%32%31%29%29%28%27%24%21%20%13%20%14%20%13%27%18%19%14%18%12%18%14%23%15%17%17%25%33%15%15%18%17%15%22%21%7%16%20%19%29%33%29%39%19%38%37%45%40%47%43%47%38%46%46%47%34%32%51%49%50%53%53%49%49%65%61%58%67%7%6%4%3%3%CyprusFinlandIrelandDenmarkMaltaAustriaRomaniaPolandSlovakiaBelgiumItalyGermanySloveniaUnited KingdomEU28NetherlandsPortugalBulgariaLuxembourgSwedenSpainFranceLithuaniaCzech RepublicCroatiaEstoniaLatviaHungaryGreeceused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure  6  presents  a  breakdown  by  enterprise  characteristic  by  economic  sector, 
enterprise size, type of growth, exporter status and innovativeness. All results are for 
SMEs except when presented by size class. 

figure 6 

Use of credit line, bank overdraft or credit overdraft in the past six months (April to September 
2018) for SMEs in the EU28, by enterprise characteristics 

Q4c. Credit line, bank overdraft or credit overdraft - 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? Have you retained 
earnings or sold assets in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Among the four sectors distinguished, SMEs in industry most often used credit line and 
overdraft and SMEs in services use this type of financing least often. The proportion of 
enterprises that used credit line or overdraft increases with enterprise size. The use of 
credit  line  or  overdraft  is  most  prevalent  among  large  enterprises  (with  at  least  250 
employees) and smallest among micro enterprises (1 to 9 employees). The use of credit 
line  or  overdraft  occurs  the  least  among  gazelles:  30%  of  the  SMEs  in  this  category 
compared to 35% of all SMEs in the total EU28. The use of credit line or overdraft for 
high-growth SMEs is slightly higher than in the EU28. Exporting SMEs are more likely to 
use credit line or overdraft than their non-exporting counterparts. Furthermore, the use 
of this type of financing is more prevalent among innovative SMEs. 

15 

40%37%37%33%30%37%43%36%47%30%38%32%40%39%31%15%18%17%17%19%16%15%17%13%14%18%17%16%18%16%43%43%44%49%50%45%41%46%39%54%44%49%42%42%51%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.2 Bank loans 

This section presents more detailed breakdowns of the use of bank loans. A breakdown 
by country in figure 7 presents the results for SMEs in the EU Member States. 

figure 7 

Use of bank loan in the past six months (April to September 2018) for SMEs in the EU28, by 
country. 

Q4d. Bank loan - 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? Have you taken out a new loan or renewed such a 
loan in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

The figure shows that SMEs in Belgium and France made use of bank loans most often. 
Around  a  quarter  of  SMEs  in  these  countries  used  bank  loans  between  April  and 
September 2018. A fifth of SMEs in Slovenia, Spain, Italy and Poland also made use of 
bank loans in this period. In contrast, in the Netherlands, Latvia and Hungary less than 
one out of ten SMEs used this type of financing.  

16 

26%25%21%20%20%20%19%18%18%18%18%18%17%17%16%16%15%14%14%14%14%13%13%12%11%11%10%10%5%32%39%40%36%32%18%15%28%19%32%29%37%36%30%26%45%35%40%30%29%43%35%31%24%23%25%32%23%19%39%35%39%42%47%61%61%53%59%46%52%44%39%51%57%37%49%46%54%56%37%51%55%60%63%62%56%66%72%3%5%4%7%7%5%4%BelgiumFranceSloveniaSpainItalyPolandSwedenCzech RepublicLithuaniaCroatiaAustriaIrelandMaltaEU28LuxembourgFinlandBulgariaCyprusGermanyEstoniaPortugalGreeceSlovakiaRomaniaDenmarkUnited KingdomNetherlandsLatviaHungaryused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 8 presents the results by economic 
sector, enterprise size, type of growth, exporter status, and innovativeness. All results 
are for all SMEs except when presented by size class. 

figure 8 

Use of bank loans in the past six months (April to September 2018) for SMEs in the EU28, by 
enterprise characteristics 

Q4d. Bank loans - 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? Have you taken out a new loan or renewed such a 
loan in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Comparing across sectors, SMEs in industry most often used bank loans and SMEs in 
services used this type of financing least often. The proportion of enterprises that used 
bank  loans  increases  with  enterprise  size.  The  use  of  bank  loans  is  most  prevalent 
among  large  enterprises  (with  at  least  250  employees)  and  smallest  among  micro 
enterprises (1 to 9 employees). Between April and September 2018, 14% of gazelles 
used a bank loan compared to 17% of SMEs in the total EU28. The proportion of use for 
high-growth SMEs is slightly larger than that of SMEs in the EU28. Compared to non-
exporting SMEs, exporting SMEs are more likely to use bank loans. Furthermore, the 
use of this type of financing is more prevalent among innovative SMEs. 

17 

21%16%17%15%11%18%25%17%31%14%19%14%20%19%14%30%31%29%31%30%32%28%30%28%29%31%31%30%33%27%47%51%51%53%57%48%45%51%39%54%48%53%49%46%57%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.3 Leasing or hire-purchase 

This section presents more detailed breakdowns of the use of leasing or hire-purchase. 
A  breakdown  by  country  in  figure  9  presents  results  for  SMEs  in  each  country  of  the 
EU28. 

figure 9 

Use of leasing or hire-purchase in the past six months (April to September 2018) for SMEs in 
the EU28, by country. 

Q4m. Leasing or hire-purchase - 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? Have you obtained new financing of 
this type in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Again, the use of this type of financing varies greatly among countries. In Poland two 
out of five SMEs used leasing or hire-purchase. In Germany and Denmark about a third 
of all SMEs used leasing or hire-purchase, whereas in Italy, Malta and Cyprus only 8%, 
8% and 7% respectively used this type of financing between April and September 2018.  

A breakdown by enterprise characteristic in figure 10 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. All 
results are for all SMEs except when presented by size class. 

18 

40%34%32%32%31%30%28%28%28%25%25%25%24%24%23%23%21%21%19%19%19%18%18%18%12%11%8%8%7%18%25%16%17%34%22%22%32%27%22%28%38%23%24%29%25%19%32%37%36%24%17%38%23%24%15%16%23%12%41%40%48%49%34%47%47%40%45%51%45%36%51%51%44%50%58%47%37%45%56%64%43%57%62%73%73%60%80%4%4%6%9%PolandGermanyDenmarkSwedenFinlandUnited KingdomLithuaniaLatviaAustriaSloveniaRomaniaEstoniaEU28FranceCroatiaIrelandBelgiumCzech RepublicPortugalSlovakiaNetherlandsLuxembourgBulgariaHungarySpainGreeceItalyMaltaCyprusused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
figure 10 

Use of leasing or hire-purchase in the past six months (April to September 2018) for SMEs in 
the EU28, by enterprise characteristics 

Survey on the access to finance of enterprises (SAFE) 

Q4m. Leasing or hire-purchase - 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? Have you obtained new financing of 
this type in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Between April and September 2018, SMEs in industry (31%) and construction (29%) 
most often used leasing or hire purchase and SMEs in trade and services used this type 
of financing the least often. The use of leasing or hire-purchase varies greatly across 
size.  The  use  is  most  prevalent  among  medium  (50  to  249  employees)  and  large 
enterprises (with at least 250 employees), and smallest among micro enterprises (1 to 
9 employees). The proportion of use of leasing or hire-purchase for those SMEs which 
can be categorised as gazelles and the proportion of high-growth SMEs that used leasing 
or hire-purchase are higher than the SMEs in the total EU28. Compared to non-exporting 
SMEs, exporting SMEs are more likely to use leasing or hire-purchase. Furthermore, the 
use of this type of financing is more prevalent among innovative SMEs than among non-
innovative SMEs. 

19 

31%29%22%22%12%29%39%24%42%25%28%20%29%28%20%24%23%22%24%24%26%20%23%15%27%25%24%23%24%22%44%46%54%53%62%44%40%51%41%43%46%54%46%46%56%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.4 Trade credit 

This section presents more detailed breakdowns  of the use  of trade credit. Figure 11 
presents a breakdown of results for SMEs by country in EU28. 

figure 11 

Use of trade credit in the past six months (April to September 2018) for SMEs in the EU28, by 
country. 

Q4e. Trade credit - 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? Have you obtained trade credit from your business 
partners in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

The data reveal substantial differences between countries. More than half of the SMEs 
in Cyprus and half of the SMEs in Ireland obtained trade credit, whereas in Slovenia, 
Hungary and Croatia only 4% or less of the SMEs obtained this type of financing.  

20 

55%50%42%37%31%29%20%20%19%18%18%17%16%15%14%14%13%12%12%11%10%10%8%8%6%6%4%4%16%16%13%7%21%29%27%25%18%14%11%28%15%10%12%18%8%13%20%5%8%7%4%15%5%10%12%8%19%29%33%43%56%46%36%52%53%59%65%67%47%67%71%71%66%75%74%65%79%76%81%86%74%86%83%76%85%76%7%4%4%8%4%4%6%5%8%3%CyprusIrelandUnited KingdomPolandGreeceMaltaItalySpainRomaniaEU28FinlandPortugalSlovakiaDenmarkNetherlandsBulgariaLithuaniaLuxembourgBelgiumSwedenEstoniaAustriaLatviaFranceGermanyCzech RepublicCroatiaHungarySloveniaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 12 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. All 
results are for all SMEs except when presented by size class. 

figure 12 

Use of trade credit in the past six months (April to September 2018) for SMEs in the EU28, by 
enterprise characteristics 

Q4e. Trade credit - 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? Have you obtained trade credit from your business 
partners in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Among the four sectors distinguished, SMEs in construction, trade and industry are most 
likely to have obtained trade  credit  whereas SMEs in services are least likely to  have 
used  this  type  of  financing.  The  proportion  of  enterprises  that  obtained  trade  credit 
increases with enterprise size. The use of trade credit is most prevalent among large 
enterprises (with at least 250 employees) and smallest among micro enterprises (1 to 
9 employees). The proportion of trade credit for those SMEs which can be categorised 
as  gazelles  and  the  proportion  of  high-growth  SMEs  that  used  trade  credit  are  both 
higher  than  the  SMEs  in  the  EU28  on  average.  Compared  to  non-exporting  SMEs, 
exporting SMEs more often obtained trade credit. In addition, the proportion of SMEs 
that  obtained  trade  credit  between  April  and  September  2018  is  higher  among 
innovative SMEs than among non-innovative SMEs. 

21 

23%20%24%13%14%19%25%18%28%19%21%16%22%20%16%14%15%17%13%17%14%10%14%9%13%16%14%15%16%13%60%63%56%72%67%64%63%65%61%63%61%68%61%61%69%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.5 Grants or subsidised bank loans 

This section presents more detailed breakdowns of the use of grants or subsidised bank 
loans. Figure 13 presents a breakdown of results for SMEs by country in each country 
of the EU28. 

figure 13 

Use of grants or subsidised bank loans in the past six months (April to September 2018) for 
SMEs in the EU28, by country. 

Q4b. Grants or subsidised bank loans - 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? Have you obtained new 
financing of this type in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Between April and September 2018, SMEs in Italy used grants or subsidised bank loans 
the most. In Latvia, the Netherlands and Denmark this type of financing was only used 
by a very small proportion of all SMEs. 

22 

15%9%9%9%9%9%8%8%8%8%8%8%8%7%6%6%6%5%5%5%5%4%4%4%4%36%37%39%24%14%20%26%30%37%19%22%24%43%14%26%20%32%17%46%24%21%14%15%8%16%13%8%11%15%47%47%51%65%75%70%64%59%46%70%53%66%48%77%66%71%61%75%49%68%67%78%76%83%73%80%85%85%80%7%3%9%17%4%7%4%4%5%7%4%5%ItalyCroatiaGreeceAustriaPolandCzech RepublicGermanyHungaryPortugalFranceMaltaEU28SloveniaLuxembourgIrelandFinlandSpainUnited KingdomCyprusBulgariaRomaniaBelgiumEstoniaSwedenLithuaniaSlovakiaDenmarkNetherlandsLatviaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 14 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. All 
results are for all SMEs except when presented by size class. 

figure 14 

Use of grants or subsidised bank loans in the past six months (April to September 2018) for 
SMEs in the EU28, by enterprise characteristics 

Q4b. Grants or subsidised bank loans - 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? Have you obtained new 
financing of this type in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

For the use of grants or subsidised bank loans, SMEs in industry are the largest users 
in comparison to other sectors. When comparing across enterprise classes, the use of 
grants or subsidised bank loans is most prevalent among medium sized enterprises (50 
to 249 employees) and large enterprises (at least 250 employees), and least prevalent 
among micro enterprises (1 to 9 employees). The use of grants or subsidised loans is 
the least among gazelles: 3% of SMEs in this category versus 8% of SMEs in the total 
EU28. The proportion of high-growth SMEs that used grants or subsidised loans between 
April and September 2018 is slightly larger than the proportion in the EU28. Exporting 
SMEs  are  more  likely  to  use  grants  or  subsidised  loans  than  their  non-exporting 
counterparts.  In  addition,  relatively  more  innovative  SMEs  used  grants  or  subsidised 
loans in 2017 than non-innovative SMEs. 

23 

13%7%6%7%5%9%12%8%13%3%10%6%10%10%5%28%25%22%23%24%25%21%24%19%27%26%23%25%28%19%57%65%68%68%68%64%64%66%65%66%61%69%62%60%73%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.6 Retained earnings or sale of assets 

This  section  presents  more  detailed  breakdowns  of  retaining  of  earnings  or  selling  of 
assets. Figure 15 presents a breakdown of results for SMEs in the EU28 countries. 

figure 15 

Use of retained earnings or sale of assets in the past six months (April to September 2018) for 
SMEs in the EU28, by country. 

Q4a. Retained earnings or sale of assets - 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? Have you retained earnings 
or sold assets in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Between  April  and  September  2018,  one  third  of  all  SMEs  in  Malta  and  more  than  a 
quarter of all SMEs in Cyprus and Ireland retained earnings or sold assets. In Denmark 
7% of all SMEs retained their earnings or sold their assets and in Greece 8%.  

24 

33%28%25%22%21%19%19%19%19%17%15%15%15%15%15%13%13%13%13%13%12%12%11%11%10%9%9%8%7%17%13%13%22%12%10%12%13%13%17%11%16%10%8%13%13%22%14%5%19%11%16%8%19%15%8%3%9%7%39%59%59%49%63%68%65%62%67%65%70%63%72%75%68%70%63%70%78%62%75%66%78%69%62%76%85%82%80%11%7%4%3%5%3%6%4%3%6%6%13%6%5%MaltaCyprusIrelandCroatiaUnited KingdomItalyEstoniaLithuaniaAustriaFinlandEU28RomaniaGermanyCzech RepublicLatviaFranceBulgariaSloveniaLuxembourgSwedenSpainHungaryPolandSlovakiaPortugalBelgiumNetherlandsGreeceDenmarkused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 16 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. 
All results are for all SMEs except when presented by size class. 

figure 16 

Use of retained earnings or sale of assets in the past six months (April to September 2018) for 
SMEs in the EU28, by enterprise characteristics 

Q4a. Retained earnings or sale of assets - 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? Have you retained earnings 
or sold assets in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

Among the four sectors distinguished, SMEs in industry are most likely to retain 
earnings or sell assets. The relative number of enterprises that retained earnings or 
sold assets increases with enterprise size. Retaining earnings or selling assets is most 
prevalent among large enterprises (with at least 250 employees) and smallest among 
micro enterprises (1 to 9 employees). The proportion of gazelles that retained 
earnings or sold assets is slightly lower than the EU28 and the proportion of high-
growth SMEs that did this is slightly higher compare to the EU28. Exporting SMEs 
more often retained earnings and sold assets in comparison to non-exporting SMEs. 
Furthermore, the proportion of SMEs that retained earnings or sold assets between 
April and September 2018 is higher among innovative SMEs than among non-
innovative SMEs. 

25 

20%15%13%14%9%16%24%15%33%14%16%12%19%18%12%13%11%11%11%10%12%13%11%13%9%12%10%13%13%10%63%70%72%72%78%68%60%70%50%73%70%74%65%65%76%4%4%4%4%4%4%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.7 Other loans 

This section presents more detailed breakdowns of the use of other loans, for example 
from  family  and  friends,  a  related  enterprise  or  shareholders.  Figure  17  presents  a 
breakdown of results for SMEs by country in the EU28. 

figure 17 

Use of other loan in the past six months (April to September 2018) for SMEs in the EU28, by 
country. 

Q4f. Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade 
credit - 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?  Have  you  taken  out  or  renewed  such  a  loan  in  the  past  six 
months? 
Source: SAFE, 2018; edited by Panteia. 

The figure shows that SMEs in Romania and Lithuania most often used other types of 
loans.  The  proportions  of  SMEs  that  used  other  types  of  loans  between  April  and 
September  2018  in  the  other  countries  range  from  12%  in  Denmark  to  2%  in 
Luxembourg. 

26 

16%14%12%12%11%10%10%10%10%10%9%9%8%8%8%7%7%7%6%6%6%5%5%5%5%4%4%4%13%15%11%23%14%14%22%19%15%15%16%7%15%23%12%13%9%18%18%12%12%10%6%10%7%12%7%11%10%64%69%72%63%74%73%67%70%73%72%74%82%74%62%77%78%77%73%65%78%79%78%87%83%87%82%87%82%88%6%3%5%3%3%3%7%6%11%4%7%3%RomaniaLithuaniaDenmarkFinlandCzech RepublicUnited KingdomBulgariaLatviaGermanyEstoniaSlovakiaPolandIrelandMaltaEU28AustriaCroatiaNetherlandsPortugalBelgiumSpainSwedenItalyHungaryGreeceCyprusFranceSloveniaLuxembourgused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 18 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. All 
results are for all SMEs except when presented by size class. 

figure 18 

Use of other loans in the past six months (April to September 2018) for SMEs in the EU28, by 
enterprise characteristics 

Q4f. Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade 
credit - 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?  Have  you  taken  out  or  renewed  such  a  loan  in  the  past  six 
months? 
Source: SAFE, 2018; edited by Panteia. 

There  are  no  large  differences  between  the  four  sectors  distinguished.  In  all  sectors 
about  one  in  ten  SMEs  used  other  loans.  There  is  also  only  a  small  variation  across 
enterprise size. The proportion of SMEs that have taken out or renewed other types of 
loans  is  highest  among  large  enterprises  (with  at  least  250  employees)  and  lowest 
among micro enterprises (1 to 9 employees). The proportion of SMEs that used other 
types  of loans is highest among gazelles: 14% of SMEs in this category compared to 
8% of SMEs in total EU28. The proportion of high-growth SMEs that used other types of 
loans is slightly higher than the EU28. Also, for exporting and non-exporting SMEs and 
SMEs there were no large differences in the extent to which other types of loans were 
used. However innovative SMEs used this form of financing more often than other SMEs. 

27 

9%8%8%7%7%8%9%8%12%14%9%7%9%10%6%12%11%12%12%11%12%13%12%12%10%12%11%13%13%11%77%79%76%78%80%77%75%77%72%75%78%79%75%74%81%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.8 Equity capital 

This section presents more detailed breakdowns of the use of equity capital. Figure 19 
presents a breakdown of results for SMEs by country in each country of the EU28. 

figure 19 

Use of equity capital in the past six months (April to September 2018) for SMEs in the EU28, 
by country. 

Q4j. Equity capital - 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? Have you issued equity in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Between April and September 2018, equity was issued by only a small proportion of 
the European SMEs. The proportions of SMEs that issued equity range from 16% in 
Sweden to zero in the Czech Republic, Hungary and Portugal. 

28 

17%11%6%46%39%19%12%15%24%14%11%20%23%9%18%10%14%15%17%22%12%6%32%48%76%75%78%68%69%84%75%71%82%79%84%80%81%77%94%74%84%90%96%80%93%94%89%95%81%94%97%5%9%5%6%15%4%8%4%4%4%3%5%4%17%5%SwedenLatviaCyprusLithuaniaDenmarkCroatiaMaltaGermanyNetherlandsFinlandRomaniaGreeceEU28United KingdomFranceIrelandPolandSloveniaEstoniaLuxembourgSlovakiaBelgiumSpainItalyAustriaBulgariaPortugalHungaryCzech Republicused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 20 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. All 
results are for all SMEs except when presented by size class. 

figure 20 

Use of equity capital in the past six months (April to September 2018) for SMEs in the EU28, 
by enterprise characteristics 

Q4j. Equity capital - 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? Have you issued equity in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Among the distinguished types of enterprises, the proportion of SMEs that have issued 
equity only varies slightly. The proportion  of SMEs that have issued  equity is highest 
among gazelles: 5% of SMEs in this category compared to 2% of SMEs in total EU28. 

29 

5%10%10%9%11%8%11%14%10%16%11%12%9%12%12%8%84%84%85%84%87%84%79%84%77%79%83%86%82%82%87%4%4%4%4%4%4%4%5%4%4%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.2.9 Factoring 

This  section  presents  more  detailed  breakdowns  of  the  use  of  factoring.  Figure  21 
presents a breakdown of results for SMEs by country in each country of the EU28. 

figure 21 

Use of factoring in the past six months (April to September 2018) for SMEs in the EU28, by 
country. 

Q4r.  Factoring  -  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? Have you used factoring in the past six months?   
Source: SAFE, 2018; edited by Panteia. 

The proportions of SMEs that have used factoring between April and September 2018 
range from 15% in Cyprus to 1% in Malta. 

30 

15%11%10%10%9%9%8%7%7%6%6%6%6%6%5%5%5%5%5%4%4%4%4%9%14%4%4%5%9%11%7%10%4%4%4%4%9%4%4%9%4%8%74%73%84%83%80%77%67%76%80%89%87%87%86%87%90%79%89%92%90%89%87%91%92%89%90%91%85%92%82%4%6%6%14%10%3%3%5%6%4%4%4%5%5%3%9%CyprusFinlandFranceUnited KingdomSwedenLithuaniaPortugalCroatiaSloveniaLuxembourgEU28SpainDenmarkGreecePolandRomaniaCzech RepublicAustriaItalyIrelandBelgiumGermanyNetherlandsLatviaHungaryBulgariaEstoniaSlovakiaMaltaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic in figure 22 presents the results by economic 
sector economy, enterprise size, type of growth, exporter status and innovativeness. All 
results are for all SMEs except when presented by size class. 

figure 22 

Use of factoring in the past six months (April to September 2018) for SMEs in the EU28, by 
enterprise characteristics 

Q4r.  Factoring  -  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? Have you used factoring in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Comparing  across  sectors,  SMEs  in  industry  most  often  used  factoring  and  SMEs  in 
services used this type of financing the least. The proportion of enterprises that used 
factoring increases with enterprise size. The proportion of SMEs that have used factoring 
between  April  and  September  2018  is  highest  among  large  enterprises  (with  at least 
250  employees)  and  smallest  among  micro  enterprises  (1  to  9  employees).  The 
proportion of gazelles and the proportion of high-growth SMEs that used factoring are 
slightly higher than the average  EU28 SMEs.  Exporting SMEs are more likely to have 
used factoring than non-exporting SMEs. Furthermore, innovative SMEs more often used 
factoring than their non-innovative counterparts. 

1.4.  Types of external financing applied for 

This section covers the types of external financing that SMEs actually applied for. The 
proportion of SMEs applying for a type of financing and the outcome of these applications 
are discussed for credit line and overdraft, bank loans, trade credit and other types of 
external financing. 

The  discussion  of  each  type  will  follow  the  same  structure.  First,  overall  results  are 
presented for SMEs in EU28 with the most recent results being compared to preceding 
survey years. This is followed by a comparison by country and enterprise characteristics. 

31 

13%6%6%4%7%12%6%15%7%7%4%9%8%4%5%5%4%5%4%4%5%4%5%79%86%86%90%91%86%80%87%79%84%85%89%83%84%90%4%4%6%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.4.1 Credit line, bank overdraft or credit cards overdraft 

The proportion of EU28 SMEs that applied for credit line, bank overdraft or credit cards 
overdraft - or did not do so due to various reasons - as well as the corresponding success 
rates are presented in figure 23. The proportions refer to SMEs that indicated credit line 
or overdrafts to be relevant to their enterprise. In 2018, 29% (the same as in 2017) of 
SMEs  in  the  28  Member  States  of  the  EU  applied  for  credit  line  or  overdraft.  Most  of 
them were successful in doing so: 74% (73% in 2017) of all applications were granted 
in full and another 6% (the same as in 2017) were granted most of the amount applied 
for. In 2018, the rejection rate for credit line or overdraft applications was 5% (6% also 
in  2017).  Most  SMEs  that  did  not  apply  for  overdraft  or  credit  line,  mentioned  the 
availability  of  sufficient  internal  funds  as  the  most  important  reason  for  not  doing  so 
(41% in 2018 and 42% in 2017). 

figure 23 

Proportion of EU28 SMEs that applied for credit line, bank overdraft or credit cards overdraft 
in the past six months (April to September 2018) and the results they obtained, where “most” 
means that at least 75% of the requested amount was obtained and “limited part” means that 
less  than  75%  of  the  requested  amount  was  obtained.  The  proportions  relate  to  SMEs  that 
indicated credit line and overdrafts are relevant to their enterprise. 

Q7ad. Credit line, bank overdraft or credit cards overdraft - Have you applied for the following types of 
financing in the past six months?  
Q7bd. Credit line, bank overdraft or credit cards overdraft - If you applied and tried to negotiate for this 
type of financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

The proportion of SMEs in the EU28 that considered credit line or overdraft to be relevant 
to their enterprise and applied for a bank loan between April and September 2018 and 
their  subsequent  success  rates  vary  strongly  between  countries.  In  figure  24  the 
differences regarding the proportion of SMEs that did and did not apply are presented. 
This  figure  shows  that  42%  of  the  SMEs  in  Slovenia  and  41%  of  SMEs  in  Spain  that 
consider credit line or overdraft to be relevant applied. Other countries where a relatively 
large  proportion  of  SMEs  applied  for  credit  line  or  overdraft  were  Lithuania,  Slovenia 
and Romania (40%). Comparatively few SMEs applied for this type of external financing 
in Cyprus (15%) and the Netherlands (11%). 

32 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

In most countries, the most often reported reason for not applying for overdraft or credit 
line were the sufficient availability of internal funds. The Netherlands, Cyprus, Finland, 
Denmark and Germany have the largest proportions of SMEs citing this reason for not 
applying for credit line or overdraft. In  other countries, most SMEs indicated they did 
not apply due to other  reasons. Lithuania has by far the greatest proportion of SMEs 
citing  “other  reasons”  for  not  applying  for  a  bank  loan.  In  Greece,  the  proportion  of 
SMEs reporting fear of rejection is relatively high (20%).  

figure 24 

Proportion of SMEs in EU28 that applied for credit line, bank overdraft or credit cards overdraft 
or did not apply because of possible rejection, sufficient internal funds or other reasons, in the 
period  between  April  and  September 2018, by  country.  The proportions relate  to SMEs that 
indicated credit line and overdrafts are relevant to their enterprise. 

Q7ad. Credit line, bank overdraft or credit cards overdraft - Have you applied for the following types of 
financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

In figure 25 the results after application for credit line or overdraft are presented. The 
success  rate  is  highest  in  Malta,  where  most  applying  SMEs  received  the  full  amount 
(90%). Also in Finland, Belgium, Slovenia and Austria high proportion of SMEs received 

33 

42%41%40%40%40%38%37%37%33%32%31%30%30%29%29%28%27%26%25%24%24%23%22%21%18%17%17%15%11%4%4%5%4%4%4%4%4%6%4%7%4%12%6%20%8%6%6%5%9%6%32%36%36%30%30%40%36%45%43%27%47%45%29%41%45%49%40%51%26%25%37%50%52%49%41%47%57%63%23%19%51%22%24%26%18%20%17%22%38%20%14%32%23%19%18%22%13%29%42%32%22%26%20%32%24%18%17%8%4%5%6%7%7%MaltaSpainLithuaniaSloveniaRomaniaItalyFrancePolandHungaryAustriaSlovakiaLuxembourgBelgiumCroatiaEU28PortugalCzech RepublicEstoniaDenmarkGreeceLatviaBulgariaGermanyFinlandSwedenUnited KingdomIrelandCyprusNetherlandsappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

the  full  amount  applied  for.  In  Greece  and  in  the  Netherlands,  only  54%  of  SMEs 
received  the  total  amount  of  financing  they  applied  for.  Flat-out  rejection  rates  were 
highest in The Netherlands and in Lithuania (16% of overdraft or credit line applications 
were rejected completely). 

figure 25 

Obtained  result  of  SMEs  in  EU28  that  applied  for  credit  line,  bank  overdraft  or  credit  cards 
overdraft, by country in 2018. The proportions relate to SMEs that indicated that credit line 
and overdrafts are relevant to their enterprise. 

Q7bd. Credit line, bank overdraft or credit cards overdraft - If you applied and tried to negotiate for this 
type of financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

34 

90%87%84%84%83%79%78%78%78%77%77%77%75%74%74%73%72%72%72%71%64%63%57%54%54%0%0%0%0%6%6%8%9%8%3%5%4%6%7%6%6%4%8%9%8%8%5%4%3%4%4%5%6%4%5%3%6%6%10%8%5%10%4%2%11%4%0%0%0%0%4%6%6%5%6%5%6%4%3%7%5%5%6%4%7%4%9%6%11%16%9%16%0%0%0%0%10%3%3%3%3%6%5%3%11%8%5%9%5%3%9%7%6%5%8%14%14%17%20%0%0%0%0%5%4%4%10%MaltaFinlandBelgiumSloveniaAustriaGermanyCzech RepublicPolandDenmarkCroatiaUnited KingdomHungarySlovakiaEU28PortugalIrelandItalyFranceSpainRomaniaSwedenBulgariaLithuaniaGreeceNetherlandsLuxembourg*Latvia*Estonia*Cyprus*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Of the four economic sectors distinguished in figure 26, the highest proportion of SMEs 
to apply for credit line or overdraft is found in industry: 33% of all SMEs in this sector 
applied for this type of external financing versus 26% in the services. The proportion of 
enterprises that applied for credit line, bank overdraft or credit cards overdraft between 
April and September 2018 increases with size; 37% of large enterprises (with at least 
250  employees)  applied  for  credit  line,  bank  overdraft  or  credit  cards  overdraft 
compared to 26% of micro enterprises (1 to 9 employees).  

The proportion of exporting SMEs that applied for this type of external financing is higher 
than that of non-exporting SMEs. Furthermore, innovative SMEs applied for credit line, 
bank overdraft or credit cards overdraft more often than non-innovative SMEs. 

figure 26 

Proportion of SMEs in EU28 that applied for credit line, bank overdraft or credit cards overdraft 
or did not apply because of possible rejection, sufficient internal funds or other reasons, in the 
period between April and September 2018, by enterprise characteristics. The proportions relate 
to SMEs that indicated credit line and overdrafts are relevant to their enterprise. 

Q7ad. Credit line, bank overdraft or credit cards overdraft - Have you applied for the following types of 
financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

35 

33%32%29%26%26%29%33%29%37%22%31%27%31%31%26%5%5%4%4%5%4%4%4%4%4%4%5%40%40%40%43%40%42%43%41%41%43%40%42%41%40%43%20%21%24%24%27%23%18%23%18%28%22%25%21%22%25%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Compared to other sectors, SMEs in construction have the lowest proportion of 
applicants that received everything (figure 27). The proportion of SMEs that received 
the total amount applied for increases with size: 79% for large enterprises (with at 
least 250 employees), compared to 69% for micro enterprises (1 to 9 employees). 
46% of SMEs that can be categorised as gazelles received everything they had applied 
for compared to 74% of SMEs in the total EU28. The proportion of high-growth SMEs 
that applied and received everything (68%) is also smaller than the proportion of 
SMEs in the total EU28. Non-innovative SMEs slightly more often applied successfully 
than innovative SMEs. With respect to rejection rates there are no large differences 
between the four sectors distinguished. The rejection rate decreases with size. The 
rejection rate for large enterprises was 2% compared to 8% of micro enterprises. The 
rejection rates across high-growth SMEs, exporters and non-exporters and innovative 
and non-innovative SMEs were similar. Only the rejection rate for gazelles was very 
high (22%). 

figure 27 

Obtained result of SMEs in  EU28 that applied for credit line, bank overdrafts or credit cards 
overdraft, by enterprise characteristics in 2018. The proportions relate to SMEs that indicated 
that credit line and overdrafts are relevant to their enterprise. 

Q7bd. Credit line, bank overdraft or credit cards overdraft - If you applied and tried to negotiate for this 
type of financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

36 

73%71%76%75%69%75%79%74%79%46%68%74%75%73%76%7%5%7%6%5%6%8%6%7%6%10%5%7%7%5%5%7%6%6%7%6%4%6%4%5%6%6%5%6%6%5%5%5%4%5%8%4%5%22%6%5%4%5%4%6%6%5%5%6%6%5%5%5%16%5%5%6%6%5%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsapplied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.4.2 Bank loans 

The proportion of SMEs in the EU28 that applied for a bank loan - or did not do so due 
to various reasons - as well as the corresponding success rates are presented in figure 
28. The proportions presented refer to SMEs that indicated bank loans to be relevant 
for their enterprise. In 2018, 25% of these SMEs in the 28 EU Member States applied 
for a bank loan, which was similar to the proportion of applications in 2017 (26%). 
Most of them were successful in doing so: 73% (the same as in 2017) of all 
applications were granted in full and another 6% (the same as in 2017) were granted 
most of the amount applied for. In 2018, the rejection rate for bank loan applications 
was 5%, again the same as in 2017. Most SMEs that did not apply for a loan, did not 
so with the availability of sufficient internal funds cited as the most important reason 
for not doing so (44% in 2018 and in 2017). 

figure 28 

Proportion of EU28 SMEs that applied for bank loans in the past six months (April to September 
2018) and the results they obtained, where “most” means that at least 75% of the requested 
amount was obtained and “limited part” means that less than 75% of the requested amount 
was obtained. The proportions relate to SMEs that indicated bank loans are relevant to their 
enterprise. 

Q7aa. Bank loan (excluding overdraft and credit lines) - Have you applied for the following types of 
financing in the past six months?  
Q7ba. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

37 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure  29  shows  the  differences  between  countries  regarding  the  proportion  of  SMEs 
applying  for  bank  loans.  In  France,  Lithuania,  Italy,  Belgium,  Luxembourg,  Croatia, 
Spain and Sweden, the proportion was higher than the EU28 average of 25%. In the 
Netherlands the proportion of SMEs applying for bank loans was 14%. It should be noted 
that in Greece and in Cyprus, many SMEs (16%) did not apply for bank loans because 
of fear of rejection; to a lesser extent, the same holds for Estonia (11%). 

figure 29 

Proportion of SMEs in EU28 that applied for bank loans or did not apply because of possible 
rejection, sufficient internal funds or other reasons, in the period between April and September 
2018,  by  country.  The  proportions  relate  to  SMEs  that  indicated  bank  loans  are  relevant  to 
their enterprise. 

Q7aa. Bank loan (excluding overdraft and credit lines) - Have you applied for the following types of 
financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

38 

36%35%34%34%32%28%28%26%25%24%23%23%23%22%22%22%22%21%20%19%19%19%19%18%17%17%16%14%14%4%8%4%2%7%4%6%5%5%4%16%4%7%11%4%4%8%3%7%16%8%6%4%7%6%37%6%32%44%30%49%45%44%43%56%55%52%45%34%45%50%41%52%44%41%59%48%53%41%41%45%48%60%22%50%29%13%11%29%19%16%23%22%17%16%19%25%26%27%19%24%21%31%29%19%19%11%32%34%30%28%17%7%6%8%6%4%6%7%6%3%FranceLithuaniaItalyBelgiumLuxembourgCroatiaSpainSwedenEU28IrelandSloveniaCzech RepublicAustriaMaltaGreecePolandPortugalEstoniaGermanyRomaniaBulgariaFinlandDenmarkCyprusLatviaSlovakiaUnited KingdomHungaryNetherlandsappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The  extent  to  which  SMEs  have  been  successful in  applying  for  bank  loans  is  further 
detailed in figure 30. In most EU Member States more than 60% of the SMEs received 
everything, with SMEs in Belgium, France, Austria and Finland the most successful. In 
Greece and Lithuania the proportion of SMEs receiving everything is much lower.  

figure 30 

Obtained  result  of  SMEs  in  EU28  that  applied  for  bank  loans,  by  country  in  2018.  The 
proportions relate to SMEs that indicated that bank loans are relevant to their enterprise. 

Q7ba. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

39 

84%83%82%82%77%74%74%73%72%69%68%68%68%67%67%67%65%65%62%60%60%59%41%40%0%0%0%0%0%5%4%10%6%7%6%6%5%9%9%10%6%6%5%7%3%8%18%8%3%6%10%3%3%4%5%7%11%4%4%6%5%17%10%3%10%10%0%0%0%0%0%5%3%3%3%3%3%4%4%5%4%6%3%5%4%12%6%10%5%12%7%16%12%7%7%8%10%21%15%0%0%0%0%0%5%5%3%3%4%8%15%7%10%5%3%3%14%17%4%6%8%13%3%11%9%21%17%23%0%0%0%0%0%5%5%5%4%7%7%7%BelgiumFranceAustriaFinlandGermanyCzech RepublicNetherlandsEU28ItalyHungarySpainPortugalUnited KingdomCroatiaSwedenPolandRomaniaBulgariaDenmarkSloveniaIrelandSlovakiaLithuaniaGreeceMalta*Luxembourg*Latvia*Estonia*Cyprus*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure 31 presents the rejection rates of EU28 SMEs by country. The highest rejection 
rate  was  found  in  Lithuania  with  21%  of  the  SMEs  reporting  that  the application  had 
been rejected, with the second highest rejection rate found in Romania (16%).  

figure 31 

Rejection rates of bank loan applications of SMEs in EU28, by country in 2018 

Q7ba. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
  Light blue coloured countries indicate that the number of observations was low and therefore results are 

not presented. 

40 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The application for bank loans is further detailed by enterprise characteristic in figure 
32. There is some variation regarding the proportion of SMEs applying for bank loans 
across  sectors  of  industry;  for  industry  the  proportion  is  29%  compared  to  23%  in 
services.  There  is  a  strong  correlation  between  enterprise  size  and  the  proportion  of 
enterprises applying for bank loans: only 20% of micro enterprises (1 to 9 employees) 
report  having  applied  for  bank  loans,  whereas  this  proportion  amounts  to  39%  for 
enterprises  with  more  than  250  employees.  High-growth  SMEs  apply  for  bank  loans 
more often than average. Exporting SMEs apply for bank loans more often than non-
exporting  SMEs.  The  proportion  of  innovative  SMEs  applying  for  bank  loans  is  larger 
than the proportion of non-innovative SMEs. 

figure 32 

Proportion of SMEs in EU28 that applied for bank loans or did not apply because of possible 
rejection, sufficient internal funds or other reasons, in the period between April and September 
2018, by enterprise characteristics. The proportions relate to SMEs that indicated bank loans 
are relevant to their enterprise. 

Q7aa. Bank loan (excluding overdraft and credit lines) - Have you applied for the following types of 
financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

41 

29%27%26%23%20%26%32%25%39%23%28%22%29%27%23%5%5%4%5%6%4%5%6%4%4%5%5%4%43%42%42%46%45%44%44%44%39%42%42%46%43%43%47%21%24%25%23%27%23%18%23%16%23%24%25%20%22%25%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure 33  shows how successful the application for bank loans has been.  74% of the 
SMEs in trade and in services received everything they applied for; for the other sectors 
of  industry  this  proportion  was  71%  for  industry  and  67%  for  construction.  The 
proportion of enterprises reporting having got everything varied between 66% in micro 
enterprises (1 to 9 employees), and 82% in enterprises with more than 250 employees. 
The proportion of gazelles (49%) and high-growth enterprises (69%) that report to have 
received everything is below the average for EU SMEs (73%). 73% of the exporters and 
the non-exporters report they have received everything compared to exporters. Slightly 
more  non-innovative  firms  (76%)  report  they  have  received  everything  compared  to 
innovative firms (71%). 

figure 33 

Obtained result of SMEs in EU28 that applied for bank loans, by enterprise characteristics in 
2018.  The  proportions  relate  to  SMEs  that  indicated  that  bank  loans  are  relevant  to  their 
enterprise. 

Q7bb. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

42 

71%67%74%74%66%74%78%73%82%49%69%73%73%71%76%8%6%5%5%6%6%6%6%5%12%8%5%7%7%5%4%6%6%4%7%5%5%4%11%5%6%4%5%5%4%8%4%6%8%5%5%17%8%6%5%6%5%9%9%6%7%9%7%7%7%5%11%7%7%8%9%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsapplied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

According  to  figure  34,  73%  of  the  EU28  SMEs  applied  for  bank  loans  and  received 
everything; 17% of the SMEs applied but did not obtain the financing they had planned 
for.  These  proportions  vary  strongly  across  countries.  The  proportion  of  SMEs  that 
applied  for  bank  loans  but  did  not  get  the  financing  they  planned  for  was  highest  in 
Lithuania, Greece and Denmark. It was lowest in the Netherlands and Belgium. 

figure 34 

Obtained result of SMEs in EU28 that applied for bank loans. Sorted by SMEs that applied and 
did not get the financing they had planned for. The proportions relate to SMEs that indicated 
that bank loans are relevant to their enterprise. 

Q7bb. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

43 

41%40%62%60%60%68%68%65%67%69%67%59%65%73%72%77%67%82%82%74%68%83%84%74%0%0%0%0%0%40%37%32%29%29%27%25%24%22%20%20%20%20%18%17%16%16%15%15%12%12%11%9%6%17%23%3%11%9%8%4%5%6%21%13%7%10%4%17%8%14%5%5%15%4%7%5%7%5%7%5%LithuaniaGreeceDenmarkSloveniaIrelandSpainPortugalRomaniaSwedenHungaryPolandSlovakiaBulgariaEU28ItalyGermanyCroatiaFinlandAustriaCzech RepublicUnited KingdomFranceBelgiumNetherlandsMalta*Luxembourg*Latvia*Estonia*Cyprus*applied and received everythingapplied and did not get the financing they had planned forapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.4.3 Trade credit 

The proportion of the EU28 SMEs that applied for trade credit - or did not do so due to 
various reasons - as well as the corresponding success rates are presented in figure 35. 
The  proportions  refer  to  SMEs  that  indicated  trade  credit  to  be  relevant  to  their 
enterprise. In 2018, 33% of these SMEs in the 28 Member States of the EU applied for 
trade credit, which was slightly lower than in 2017 (35%). Most of them were successful 
in doing so: 75% (77% in 2017) of all applications were granted in full and another 8% 
(9% in 2017) were granted most of the amount applied for. In 2018, the rejection rate 
for trade credit applications was 2% which was the same as in 2017. Most SMEs that 
did not apply for trade credit, did so with the availability of sufficient internal funds cited 
as the most important reason for not doing so (36% in 2018 and 33% in 2017). 

figure 35 

Proportion of EU28 SMEs that applied for trade credit in the past six months (April to September 
2016) and the results they obtained, where “most” means that at least 75% of the requested 
amount was obtained and “limited part” means that less than 75% of the requested amount 
was  obtained.  The  proportions  relate  to  SMEs  that  indicated  that  trade  credit  is  relevant  to 
their enterprise. 

Q7ab. Trade credit - Have you applied for the following types of financing in the past six months?  
Q7bb. Trade credit - If you applied and tried to negotiate for this type of financing over the past six months, 
what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

44 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The proportion of SMEs applying for trade credit varied considerably across countries, 
as shown in figure 36. Within the EU28, this proportion varied between 14% in Slovenia 
to  48%  in  Malta.  10%  of  the  Greek  SMEs  report  not  having  applied  for  trade  credit 
because of fear of rejection; this is much higher than in other countries. In Luxembourg 
59% of the SMEs report not having applied for trade credit because they had sufficient 
internal funds. 

figure 36 

Proportion of SMEs in EU28 that applied for trade credit or did not apply because of possible 
rejection, sufficient internal funds or other reasons, in the period between April and September 
2018, by country. The proportions relate to SMEs that indicated that trade credit is relevant to 
their enterprise. 

Q7ab. Trade credit - Have you applied for the following types of financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

45 

48%45%45%43%43%39%39%39%36%33%33%32%31%31%26%25%24%24%24%23%23%23%22%19%19%17%17%16%14%4%4%4%8%4%4%5%5%4%7%4%7%3%4%10%7%4%32%27%27%26%32%29%29%40%42%36%31%42%44%59%40%48%42%41%45%44%51%49%38%41%44%55%58%55%16%22%22%16%16%24%27%20%18%23%53%32%23%17%9%30%14%25%27%25%22%19%18%31%29%28%15%19%24%5%5%15%6%3%5%4%5%10%7%5%4%8%4%8%10%5%MaltaPolandUnited KingdomLatviaIrelandRomaniaSlovakiaAustriaSpainEU28LithuaniaItalyFinlandPortugalLuxembourgEstonia*SwedenFranceHungaryCyprusCzech RepublicGermanyBelgiumGreeceBulgariaCroatiaDenmarkNetherlandsSloveniaappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

In EU28, 75% of the SMEs report they received everything they applied for, and another 
8% report they received not everything but at least 75% of what they applied for. Figure 
37  shows  that  in  general  the  proportion  of  SMEs  reporting  they  received  everything 
varies between 38% in Cyprus and 90% in Malta. In Slovakia 19% of SMEs  reported 
receiving at least 75%, and 6% receiving some but less than 75% of what they applied 
for. 

figure 37 

Obtained  result  of  SMEs  in  EU28  that  applied  for  trade  credit,  by  country  in  2018.  The 
proportions relate to SMEs that indicated that trade credit is relevant to their enterprise. 

Q7bb. Trade credit - If you applied and tried to negotiate for this type of financing over the past six months, 
what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

46 

90%88%86%85%84%81%78%77%76%75%74%73%72%70%67%62%61%60%58%50%38%0%0%0%0%0%0%0%0%7%4%9%8%7%7%8%11%7%8%3%9%19%6%14%14%6%11%8%8%14%5%5%7%3%8%21%12%6%11%6%17%19%12%18%20%22%0%0%0%0%0%0%0%0%6%8%4%3%2%3%3%3%4%3%4%6%7%4%0%0%0%0%0%0%0%0%7%3%5%3%5%3%3%9%3%4%7%5%0%0%0%0%0%0%0%0%5%3%9%5%3%6%4%3%5%5%13%9%10%MaltaLithuaniaGermanyFinlandUnited KingdomBulgariaPolandIrelandFranceEU28AustriaSpainSlovakiaItalyRomaniaNetherlandsBelgiumPortugalDenmarkGreeceCyprusSweden*Slovenia*Luxembourg*Latvia*Hungary*Estonia*Czech Republic*Croatia*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure 38 shows that 40% of the SMEs in industry and 39% in construction applied for 
trade credit, while this proportion amounted to 35% in trade, and 28% in services. Less 
enterprises with 1-9 employees apply for trade credit than enterprises with 250 or more 
employees. The proportion of gazelles SMEs (45%) and the proportion of high-growth 
SMEs (39%) having applied for trade credit is above the average of EU SMEs. Exporters 
more often apply for trade credit than non-exporters. The proportion of innovative SMEs 
applying for trade credit is higher than non-innovative SMEs. 

figure 38 

Proportion of SMEs in EU28 that applied for trade credit or did not apply because of possible 
rejection, sufficient internal funds or other reasons, in the period between April and September 
2018, by enterprise characteristics. The proportions relate to SMEs that indicated that trade 
credit is relevant to their enterprise. 

Q7ab. Trade credit - Have you applied for the following types of financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

47 

39%40%35%28%26%34%44%33%48%45%39%31%37%36%31%4%4%5%4%5%4%4%33%31%36%40%38%37%33%36%31%33%35%37%36%35%38%21%20%23%25%28%23%17%23%15%17%21%25%21%22%24%4%4%4%4%5%4%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The proportion of SMEs in industry and in construction that applied for trade credit and 
received  everything  is 71%;  this  is  less  than  the  proportion  of  SMEs  that  applied  for 
trade credit and received everything in trade and services, both 78% (figure 39). The 
proportion of enterprises that applied for trade credit and obtained everything is lowest 
in enterprises with 1-9 employees, and highest in enterprises with 10-49 employees and 
in enterprises with over 250 employees. The proportion of gazelles (57%) is much lower 
than the proportion of  high-growth enterprises reporting they applied for trade  credit 
and  obtaining  everything.  Non-exporters  have  been  slightly  more  successful  than 
exporters in obtaining all trade credit they applied for. Also non-innovative SMEs have 
been more successful in obtaining all trade credit they applied for than non-innovative 
SMEs. 

figure 39 

Obtained result of SMEs in EU28 that applied for bank loans, by enterprise characteristics in 
2018.  The  proportions  relate  to  SMEs  that  indicated  that  trade  credit  is  relevant  to  their 
enterprise. 

Q7bb. Trade credit - If you applied and tried to negotiate for this type of financing over the past six months, 
what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

48 

71%71%78%78%72%78%76%75%78%57%72%77%74%72%81%12%9%7%6%5%9%10%8%9%6%9%6%10%10%6%8%11%7%8%9%8%7%8%7%11%10%8%7%9%5%4%5%5%11%5%4%5%4%4%12%4%4%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsapplied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

1.4.4 Other external financing 

The proportion of EU28 SMEs that applied for other external financing - or did not do so 
due to various reasons  - as well as the corresponding success  rates are presented in 
figure 40. In 2018, 16% of these SMEs in the 28 Member States of the EU applied for 
other external financing, which was the same as in 2017. Most of them were successful 
in doing so: 75% (77% in 2017) of all applications were granted in full and another 6% 
(4%  in  2017)  were  granted  at  least  75%  of  the  amount  applied  for.  In  2018,  the 
rejection rate for other types of external financing was 4%, which was the same as in 
2017.  Most  SMEs  that  did  not  apply  for  other  external  financing,  did  so  with  the 
availability of sufficient internal funds cited as the most important reason for not doing 
so (47% in 2018 and in 48% 2017). 

figure 40 

Proportion of EU28 SMEs that applied for other external financing in the past six months (April 
to September 2018) and the results they obtained, where “most” means that at least 75% of 
the  requested  amount  was  obtained  and  “limited  part”  means  that  less  than  75%  of  the 
requested amount was obtained. 

Q7ac. Other external financing - Have you applied for the following types of financing in the past six 
months?  
Q7bc. Other external financing - If you applied and tried to negotiate for this type of financing over the past 
six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

49 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure 41 shows that the proportion of SMEs applying for other external financing varied 
considerably  across  countries.  The  proportion  of  SMEs  applying  for  other  external 
financing  was  lowest  in  Sweden,  the  Netherlands,  Greece  and  Latvia,  and  highest  in 
Poland,  France  and  Italy.  In  Cyprus,  Luxembourg  and  Greece,  a  large  proportion  of 
SMEs did not apply for other external financing due to the fear of being rejected (14%, 
11% and 10% respectively). 

figure 41 

Proportion of SMEs in EU28 that applied for other external financing or did not apply because 
of possible rejection, sufficient internal funds or other reasons, in the period between April and 
September 2018, by country. 

Q7ac. Other external financing - Have you applied for the following types of financing in the past six 
months?  
Source: SAFE, 2018; edited by Panteia. 

50 

29%22%20%19%19%18%17%17%16%16%16%16%15%15%15%14%14%14%14%13%13%13%12%12%11%9%9%9%7%4%4%4%6%11%4%7%4%7%14%4%10%39%43%38%5%51%50%36%50%56%61%47%57%38%55%51%47%34%58%41%54%47%44%41%53%40%41%39%65%56%26%28%36%66%25%28%32%23%17%20%28%21%39%15%22%26%37%25%32%16%26%36%34%27%29%40%39%17%20%4%6%8%7%6%4%5%13%8%5%14%11%13%11%8%7%4%7%6%6%14%PolandFranceItalyLithuaniaSpainAustriaRomaniaHungaryLuxembourgSloveniaEU28Czech RepublicSlovakiaDenmarkPortugalEstoniaCroatiaFinlandUnited KingdomBelgiumIrelandMaltaBulgariaGermanyCyprusLatviaGreeceNetherlandsSwedenappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

In several countries, the proportion of SMEs that received the full amount of trade credit 
they  applied  for  is  higher  than  the  EU28  average  of  75%  (figure  42).  This  holds  in 
particular for France, Finland, Ireland and Hungary. On the other hand, only a relatively 
small proportion of SMEs in Greece report they received other financing they applied for 
(51%). This corresponds with a larger proportion of SMEs getting only a limited part. 

figure 42 

Obtained result of SMEs in EU28 that applied for other external financing, by country in 2018.  

Q7bc. Other external financing - If you applied and tried to negotiate for this type of financing over the past 
six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

51 

82%82%81%81%79%78%78%77%77%76%76%76%76%75%75%74%74%66%64%64%60%56%51%0%0%0%0%0%0%3%6%10%7%4%5%5%9%9%6%3%5%3%6%5%8%4%11%18%3%7%11%4%5%9%5%6%6%10%4%3%4%10%11%3%6%0%0%0%0%0%0%4%3%7%5%3%5%4%4%3%7%11%4%16%20%8%0%0%0%0%0%0%8%6%12%3%3%5%9%4%9%6%8%7%6%6%6%5%13%11%26%0%0%0%0%0%0%4%5%5%14%5%4%5%7%6%10%5%6%5%FranceFinlandIrelandHungarySlovakiaGermanyLithuaniaSpainPolandBulgariaDenmarkAustriaUnited KingdomEU28ItalyCzech RepublicBelgiumNetherlandsPortugalSwedenCroatiaRomaniaGreeceSlovenia*Malta*Luxembourg*Latvia*Estonia*Cyprus*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

In figure 43 results on enterprises that apply or did not apply for specific reasons for 
other external financing are disaggregated by enterprise characteristic. The proportion 
of SMEs that applied for other external financing is the highest in industry (20%) and 
lowest  in  trade  and  services  (15%).  The  proportion  of  SMEs  that  applied  for  other 
external financing (16%) is smaller than the proportion of enterprises with more than 
250  employees  applying  for  other  external  financing  (23%).  17%  of  high-growth 
enterprises applied for other types of external financing, and 19% for gazelles. Exporting 
SMEs  report  having  applied  for  other  external  financing  to  a  larger  extent  than  non-
exporters.  Innovative  SMEs  more  often  report  to  have  applied  for  other  external 
financing than non-innovative SMEs. 

figure 43 

Proportion of SMEs in EU28 that applied for other external financing or did not apply because 
of possible rejection, sufficient internal funds or other reasons, in the period between April and 
September 2018, by enterprise characteristics.  

Q7ac. Other external financing - Have you applied for the following types of financing in the past six 
months?  
Source: SAFE, 2018; edited by Panteia. 

52 

20%17%15%15%12%16%19%16%23%19%17%14%18%18%13%4%4%4%4%4%4%45%46%46%49%46%46%49%47%48%39%45%47%48%46%49%26%27%30%28%32%28%23%28%22%34%28%30%25%27%29%6%6%6%6%5%6%6%6%6%6%5%6%6%6%6%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure  44  shows  the  results  obtained  from  applying  for  other  external  financing 
disaggregated by enterprise characteristic. SMEs in construction and trade (78%) have 
been the most successful in getting everything they applied for; SMEs in industry were 
slightly  less  successful  (72%).  The  proportion  of  enterprises  with  1-9  employees 
reporting they got everything they applied for is less than the corresponding proportion 
for the total group of SMEs, which is in turn less than the proportion for large enterprises 
(more than 250 employees). More high-growth enterprises report they got everything 
they applied for than gazelles. Exporting and non-exporting SMEs did not differ much 
with respect to the proportion reporting they got all other external financing they applied 
for.  A  lower  proportion  of  innovative  SMEs  reports  having  obtained  all  other  external 
financing they applied for than non-innovative SMEs. 

figure 44 

Obtained  result  of  SMEs  in  EU28  that  applied  for  other  external  financing,  by  enterprise 
characteristics in 2018.  

Q7bc. Other external financing - If you applied and tried to negotiate for this type of financing over the past 
six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 

53 

72%78%78%75%66%76%82%75%87%68%73%76%75%73%80%9%5%5%6%5%6%6%6%6%4%7%6%5%3%5%5%4%6%4%4%4%5%4%5%4%4%4%6%4%4%14%7%4%4%4%7%6%7%10%5%4%6%13%6%7%5%7%4%5%4%4%4%4%4%5%4%4%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsapplied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
1.5.  Last obtained amount of external finance 

Survey on the access to finance of enterprises (SAFE) 

In 2018, 24% of EU28 SMEs report that the last loan they have obtained amounts to 
between EUR 25,000 and EUR 100,000, which is slightly down from 2017 (figure 45). 
In the same year, 14% reports the last loan obtained amounts to less than EUR 25,000; 
20% reports the last loan obtained amounts to between EUR 100,000 and EUR 250,000, 
while  39%  reports  an  even  larger  loan.  These  proportions  have  remained  relatively 
rather stable since 2016. 

figure 45 

Size of the last loan of SMEs in EU28 for the period 2016-2018 

Q8a. What is the size of the last bank loan that your enterprise obtained or renegotiated in the past six 
months? / What is the size of the last bank loan that your enterprise attempted to obtain in the past six 
months? 
Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

54 

13%11%14%26%25%24%21%21%20%22%23%23%16%17%16%201620172018dk/na< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The size of loans obtained varies considerably across countries (figure 46). Small loans 
(less than EUR 25,000) are most often reported by SMEs in Spain (24% of SMEs that 
applied for a loan) and Poland (20%). Large loans (more than EUR 1 million) are most 
often reported by SMEs in Denmark (50%) and the Netherlands (37%). 

figure 46 

Size of the last loan of SMEs in EU28 by country in 2018 

Q8a.  What  is  the  size  of  the  last  bank  loan  that  your  enterprise  obtained  or  renegotiated  in  the  past  six 
months?  /  What  is  the  size  of  the  last  bank  loan  that  your  enterprise  attempted  to  obtain  in  the  past  six 
months? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

55 

5%3%10%10%8%11%8%8%5%12%4%12%14%11%11%16%20%5%16%14%16%19%24%19%0%0%0%0%0%13%14%9%21%17%22%25%19%19%23%18%28%24%20%31%30%25%32%27%31%27%22%26%23%0%0%0%0%0%10%22%24%11%16%10%16%23%20%12%35%20%20%31%19%17%16%21%20%17%20%26%21%20%0%0%0%0%0%35%32%6%33%21%26%28%25%37%14%29%25%23%23%17%9%19%20%23%17%24%21%18%21%0%0%0%0%0%37%27%50%23%34%29%22%24%12%29%13%15%16%14%20%28%17%16%11%17%10%8%12%7%3%3%6%9%3%5%3%3%4%10%NetherlandsAustriaDenmarkCzech RepublicFinlandRomaniaUnited KingdomGermanySwedenCroatiaSloveniaGreeceEU28HungaryBelgiumSlovakiaPolandLithuaniaFranceIrelandItalyPortugalSpainBulgariaMalta*Luxembourg*Latvia*Estonia*Cyprus*< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure  47  shows  the  distribution  of  loan  size  by  enterprise  characteristic.  SMEs  in 
industry  more  often  report  larger  loans:  the  proportion  of  loans  obtained  larger  than 
EUR 100,000 in industry is much larger than the corresponding figure for construction, 
trade and services. Loan size is correlated to enterprise size. For instance, 66% of the 
enterprises with less than 10 employees report that the last loan obtained is less than 
EUR  100,000,  whereas  for  SMEs  as  a  whole  this  proportion  amounts  to  38%. 
Conversely, for enterprises with more than 250 employees 70% of loans obtained is at 
least EUR 1 million. 48% of the loans obtained by gazelles is less than EUR 100,000; 
for  high-growth  SMEs  this  figure  amounts  to  41%.  Non-exporters  more  often  obtain 
loans of less than EUR 100,000 (49%) than exporters (28%). The size-distribution of 
loans for innovative SMEs does not differ much from the size-distribution of loans for 
non-innovative SMEs.  

figure 47 

Size of the last loan of SMEs in EU28, by enterprise characteristics in 2018 

Q8a. What is the size of the last bank loan that your enterprise obtained or renegotiated in the past six 
months? / What is the size of the last bank loan that your enterprise attempted to obtain in the past six 
months? 
Source: SAFE, 2018; edited by Panteia. 

1.6.  Charged interest rate 

In  2018,  the  interest  rate  on  bank  overdraft  and  credit  line  paid  by  SMEs  in  EU28 
amounted to 3.7% (figure 48). In 2017 this was 3.6% and in 2016 3.8%3. The interest 
rates  charged  to  SMEs’  bank  overdraft  and  credit  line  varies  considerably  across 
countries.  Within  the  EU,  it  is  highest  in  Latvia  (6.1%),  Greece  (5.9%)  and  United 
Kingdom  (5.7%),  and  lowest  in  Luxembourg  (1.3%),  Finland  (1.7%)  and  Belgium 
(1.9%).  In  almost  half  of  the  Member  States,  interest  rates  charged  to  SMEs  have 
increased in 2018.  

3   The figures presented here differ slightly from the ones published in previous Analytical Reports due to 

an improved method of calculation. 

56 

6%20%14%16%30%12%14%25%16%20%8%12%17%18%23%27%27%36%30%9%24%23%25%29%20%25%24%18%19%22%19%16%26%17%20%4%27%22%19%20%20%19%33%21%21%20%9%22%36%23%19%8%22%17%29%24%22%22%15%14%15%10%33%16%70%16%15%12%20%17%15%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firms< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na 
 
 
 
 
 
 
 
 
                                                 
figure 48 

Mean of the interest rate on bank overdraft and credit line for SMEs in EU28, by country, 2016-
2018 

Survey on the access to finance of enterprises (SAFE) 

Q8b. What interest rate was charged for the credit line or bank overdraft for which you applied?  
Source: SAFE, 2016-2018; edited by Panteia. 

57 

6,1 5,9 5,7 5,1 5,0 4,6 4,4 4,3 4,0 4,0 4,0 4,0 3,9 3,8 3,7 3,6 3,5 3,4 3,4 3,2 3,1 2,9 2,8 2,6 2,1 2,0 1,9 1,7 1,3 7,3 7,6 5,6 4,9 3,6 3,1 4,8 4,5 3,9 5,7 5,1 4,3 4,5 3,1 3,6 3,0 2,7 4,3 3,4 3,0 3,0 2,3 2,6 3,7 2,1 2,5 2,4 2,1 1,5 4,7 5,9 5,0 4,8 4,4 2,8 3,7 4,4 3,7 5,5 4,7 4,3 4,7 3,3 3,8 3,2 3,6 2,6 3,5 3,4 3,6 2,9 3,1 4,0 2,9 2,2 1,8 1,9 2,0 Latvia*GreeceUnited KingdomIrelandLithuaniaEstonia*BulgariaSlovakiaPolandMaltaDenmarkGermanyCroatiaRomaniaEU28SpainHungaryCyprus*PortugalSloveniaItalyCzech RepublicNetherlandsSwedenFranceAustriaBelgiumFinlandLuxembourg*201820172016 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The  interest  rate  on  bank  overdraft  and  credit  line  paid  by  SMEs  is  differentiated  by 
enterprise characteristic in figure 49. There are only minor differences between sectors 
of industry, with SMEs in services having slightly higher rates than other enterprises. 
Micro enterprises (1 to 9 employees) are charged a higher interest rate than the EU28 
average  for  SMEs.  Gazelles  and  high-growth  enterprises  pay  higher  than  average 
interest rates.  Non-exporting SMEs are charged interest rates that are slightly higher 
than average, while exporting SMEs pay slightly below average rates. Innovative firms 
pay interest rates that are equal to the EU28 average for SMEs, while non-innovative 
firms pay slightly below average rates. 

figure 49 

Mean  of  the  interest rate on bank  overdraft  and credit  line  for SMEs  in  EU28, by  enterprise 
characteristics in 2018 

Q8b. What interest rate was charged for the credit line or bank overdraft for which you applied?  
Source: SAFE, 2018; edited by Panteia. 

58 

3,53,43,53,94,23,63,13,72,64,24,43,83,63,73,6industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firms 
 
 
 
 
 
 
 
 
1.7.  Purpose of the most recent loan 

Survey on the access to finance of enterprises (SAFE) 

Figure  50  shows  for  what  purpose  the  EU28  SMEs  have  been  using  the  most  recent 
external financing obtained during the last six months in 2016, 2017,  and 2018. The 
largest  categories  reported  are  fixed  investment  (reported  by  41%  of  SMEs)  and 
inventory  and  working  capital  (reported  by  37%  of  SMEs).  Other  specific  categories 
reported are hiring and training of employees (22%), developing and launching of new 
products or services (20%) and refinancing or paying off obligations (14%). 

figure 50 

Purpose for which external financing has been used by SMEs in EU28 in the past six months 
(April to September) 

Q6a. For what purpose was financing used by your enterprise during the past six months  
Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

In the next section 1.7.1 and 1.7.2 more detailed results are presented for fixed 
investments and inventory and working capital, since these are the most often 
reported purposes for obtained financing. 

1.7.1 Fixed investment 

The last external finance obtained has been used most for fixed investment in the Czech 
Republic,  Germany,  Austria  and  Slovenia  (figure  51),  and  the  least  in  Hungary  and 
Luxembourg. In many EU Member States, the use of the last obtained external finance 
for fixed investment has increased compared to 2017. 

59 

41%37%22%20%14%9%38%33%15%14%11%12%38%34%15%15%12%11%fixed investmentinventory and working capitalhiring and training of employeesdeveloping and launching new products orservicesrefinancing or paying off obligationsother201820172016 
 
 
 
 
 
 
 
 
figure 51 

External financing used as investments in property, plant or equipment (fixed investment) by 
SMEs in EU28 in the past six months (April to September 2018), by country 

Survey on the access to finance of enterprises (SAFE) 

Q6a1. Investments in property, plant or equipment (fixed investment) - For what purpose was financing 
used by your enterprise during the past six months? 
Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

60 

56%53%50%50%49%45%45%44%43%42%41%41%41%40%39%37%36%36%36%35%35%35%35%33%33%33%32%27%20%49%54%50%49%36%41%27%43%30%37%38%36%34%33%34%29%27%27%35%32%44%38%35%33%32%38%27%36%16%45%52%49%41%40%41%29%34%40%39%38%39%38%31%40%13%36%32%27%27%35%30%38%31%33%29%21%37%24%Czech RepublicGermanyAustriaSloveniaCroatiaSlovakiaMaltaLatviaSwedenItalyEU28PolandBulgariaIrelandFranceCyprusEstoniaUnited KingdomPortugalSpainFinlandRomaniaBelgiumLithuaniaNetherlandsDenmarkGreeceLuxembourgHungary201820172016 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The  use  of  the  last  obtained  external  financing  for  fixed  investment  is  most  often 
reported in industry, by 51% of EU28 SMEs (figure 52), followed by construction (42%) 
and services (41%). There is a clear correlation between enterprise size and the use of 
the last obtained external financing for fixed investment: it is lowest in enterprises with 
less than 10 employees (32% of enterprises), and largest in enterprises with more than 
250 employees (63%). Gazelles and high-growth SMEs use the last obtained external 
financing more often for fixed investment than the average for SMEs in the EU28. The 
same holds for exporters (versus non-exporters) and for innovative SMEs (versus non-
innovative firms). 

figure 52 

External financing used as investments in property, plant or equipment (fixed investment) by 
SMEs in EU28 in the past six months (April to September 2018), by enterprise characteristics 

Q6a1. Investments in property, plant or equipment (fixed investment) - For what purpose was financing 
used by your enterprise during the past six months? 
Source: SAFE, 2018; edited by Panteia. 

1.7.2 Inventory or other working capital 

The use of the last obtained external financing for inventory or other working capital in 
EU28  countries is largest in Cyprus, the Czech Republic, Slovakia and Malta, and the 
lowest in Hungary, Luxembourg and France (figure 53).  

61 

51%42%34%41%32%44%53%41%63%54%49%38%45%48%34%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firms 
 
 
 
 
 
 
 
 
figure 53 

External financing used as inventory or other working capital by SMEs in EU28 in the past six 
months (April to September 2018), by country 

Survey on the access to finance of enterprises (SAFE) 

Q6a2. Inventory and other working capital - For what purpose was financing used by your enterprise during 
the past six months? 

62 

55%54%54%53%49%47%45%45%45%44%44%44%43%42%42%42%40%39%39%38%37%36%35%30%30%23%19%18%16%48%44%48%55%42%40%41%43%42%35%36%34%21%37%45%32%39%41%35%34%33%40%33%30%18%26%15%25%14%36%39%57%48%40%49%47%40%45%48%42%39%26%40%42%36%37%34%34%33%34%40%36%33%25%26%23%26%18%CyprusCzech RepublicSlovakiaMaltaBulgariaLithuaniaAustriaSpainRomaniaSloveniaIrelandDenmarkCroatiaNetherlandsGreeceUnited KingdomPortugalLatviaPolandGermanyEU28FinlandItalyEstoniaSwedenBelgiumHungaryLuxembourgFrance201820172016 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

In figure 54, the use of the last obtained external finance is disaggregated by enterprise 
characteristic. Viewed by sector of industry, use of the last obtained external finance for 
inventory or other working capital is mentioned most often in trade (51%) and industry 
(45%).  The  use  of  the  last  obtained  external  finance  for  inventory  or  other  working 
capital is mentioned least in enterprises with less than 10 employees, and most often in 
enterprises  with  more  than  250  employees.  Exporting  SMEs  mention  use  of  the  last 
obtained external finance for inventory or other working capital more often than non-
exporting SMEs. The same holds for innovative SMEs compared to non-innovative SMEs. 

figure 54 

External  financing  used  inventory  or  other  working  capital  by  SMEs  in  EU28  in  the  past  six 
months (April to September 2018), by enterprise characteristics 

Q6a2. Inventory and other working capital - For what purpose was financing used by your enterprise during 
the past six months? 
Source: SAFE, 2018; edited by Panteia.  

63 

45%37%51%28%33%37%45%37%47%38%40%32%46%42%32%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firms 
 
 
 
 
 
 
 
 
 
 
2.  ACCESS TO EXTERNAL SOURCES OF FINANCE 

Survey on the access to finance of enterprises (SAFE) 

This chapter details the access to external sources of finance for European SMEs. The 
chapter  covers  changes  in  the  general  economic  and  financial  environment  for  SMEs 
(2.2), changes in the availability of various types of finance (2.3), changes in the need 
for external financing (2.4) and changes in the terms and conditions of bank financing 
faced by enterprises (2.5). 

2.1.  Key findings 

For  the  first  time  since  2009,  the  survey  showed  that  perceptions  regarding  the 
development of general economic outlook faced by EU28 SMEs were positive in 2015. 
In 2016 however, the proportion of SMEs that reported deterioration in their economic 
outlook  slightly  exceeded  the  proportion  of  SMEs  that  reported  an  improvement.  In 
2017,  the  balance  between  SMEs  that  reported  an  improvement  in  their  economic 
outlook  exceeded  the  proportion  of  SMEs  that  reported  a  deterioration  again.  But  in 
2018  the  balance  became  slightly  negative  again.  In  2018  the  number  of  SMEs  that 
reported  deterioration  was  slightly  higher  than  the  number  of  SMEs  reporting  an 
improvement for the development of general economic outlook.  

For public financial support the number of SMEs that reported deterioration was higher 
than the number of SMEs reporting an improvement. On the other hand, SMEs are more 
positive about changes  in firm-specific outlook, credit history, bank lending, business 
partners providing trade credit and investments in equity and securities, and their own 
capital. For these issues, the positive balance between SMEs reporting an improvement 
and SMEs reporting a deterioration tends to increase. 

In  2018,  just  as  in  the  previous  few  survey  years,  SMEs  in  the  EU28  were  generally 
positive  about  changes  in  the  availability  of  most  types  of  financing.  Regarding  the 
availability of bank loans, trade credit, equity, leasing or hire-purchase, and other types 
of  loans,  the  proportion  of  SMEs  that  reporting  an  improvement  was  higher  than  the 
proportion of SMEs reporting deterioration. In contrast to previous survey years, in 2018 
slightly more SMEs reported an improvement in the availability of debt securities issued 
rather than deterioration. 

In 2018, the majority of SMEs in the EU28 did not experience any changes in the need 
of finance for any of the types of funding. The proportion of EU28 SMEs which reported 
that  their  needs  had  increased  was  higher  than  the  proportion  of  SMEs  reporting  a 
decrease in their needs for trade credit, equity capital, leasing or hire-purchase, or other 
types of loans. 

A larger proportion of EU28 SMEs report interest rate increases rather than interest rate 
decreases  in  2018.  This  is  a  reversal  of  trends  during  2014  -2017  when  more  SMEs 
reported  interest  rate  decreases.  Also  regarding  other  financing  costs  as  well  as 
regarding  collateral  requirements.  More  SMEs  report  a  deterioration  rather  than  an 
improvement.  On  the  other  hand,  with  respect  to  loan  size  and  loan  maturity,  more 
EU28 SMEs report an improvement rather than a deterioration. 

 
 
 
 
 
 
 
 
2.2.  Changes in the general economic and financial environment  

Survey on the access to finance of enterprises (SAFE) 

This  section  covers  changes  in  eight  factors  affecting  the  availability  of  external 
financing for SMEs, detailing changes over the years and a breakdown by country and 
enterprise  characteristic  for  a  subset  of  four  of  these  types.  The  four  types  that  are 
discussed  in  more  detail  are  public  financial  support,  the  firm-specific  outlook,  SMEs’ 
own  capital  and  their  credit  history.  Changes  in  these  factors  are  first  presented  for 
SMEs in the EU28 for the period 2013-2018 in figure 55. Net changes are reported which 
correspond to the net effect of reported improvements minus deteriorations.  

figure 55 

Changes in factors affecting the availability of external financing for SMEs in EU28 in the period 
2013-2018, for SMEs in the EU28. 

Q11. For each of the following factors, would you say that they have improved, remained unchanged or 
deteriorated over the past six months? 
Source: SAFE, 2013-2018; edited by Panteia. 

66 

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improvedremained unchangeddeteriorateddk/na-1%9%-5%1%-14%-19%-8%-4%-9%-7%-16%-13%15%21%13%17%6%-1%19%21%18%18%14%8%21%20%18%17%12%11%18%18%15%14%3%-12%13%13%11%11%8%-6%11%8%5%5%3%-1%general economic outlookpublic financial supportfirm-specific outlookown capitalcredit historybanks lendingbusiness partners providing trade creditinvestors investing in equity or securities 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Perceptions regarding the development of general economic outlook faced by the EU28 
SMEs was slightly negative in 2018, which constitutes a decline compared to 2017. In 
2018, 17% of SMEs indicated that the general economic outlook had improved, while 
another 18% reported a deterioration. This results in a net deterioration of 1%. In 
2017 there was a net improvement of 9%. In preceding survey years (with the 
exception of 2015), this net change has always been negative. 

In 2018, 30% of EU28 SMEs reported an improvement in their own outlook with 
respect to sales, profitability and their business plan. Another 15% indicated a 
deterioration, resulting in a net improvement for 15%. 

The enterprise’s own capital includes both capital provided by the owners and by the 
shareholders of the enterprise. When enterprises realise profits, their equity balance 
improves and the own capital stock grows. In 2018, 28% of EU28 SMEs reported an 
improvement in the enterprise’s own capital. Another 9% reported a deterioration, 
resulting in a net improvement for 19%. This net change has been positive during 
2013 -2018. 

Changes in credit history have followed a similar pattern. In 2018, 26% of EU28 SMEs 
reported that their credit worthiness had improved, while only 5% indicated a 
deterioration in their track record of repaying past debts. This results in a net 
improvement of EU28 SME’s credit history equal to 21%. In previous years the net 
effect has been constantly improving. 

Even though EU28 SMEs perceived improvements in their credit history as early in 
2013, their access to bank loans only started improving in 2014. In 2018, 28% 
perceived an improvement in banks’ willingness to provide credit to their enterprise 
versus 10% perceiving a deterioration. This resulted in a net improvement of 18%, 
which represents a continuation of trends since 2015.  

Access to another type of debt financing also improved in the eyes of EU28 SMEs. In 
2018, 19% indicated an improvement in their business partners’ willingness to provide 
trade credit to their enterprise. Another 6% perceived a deterioration, resulting in a 
net improvement for 13%. Changes in the access to trade credit have developed in a 
fashion similar to perceived changes in access to bank lending: from net deteriorations 
in 2013, to net improvements since 2014. 

The two factors that were least often applicable to EU28 SMEs until 2016 were public 
financial support and investors investing in their enterprise’s equity or securities. This 
changed in 2017. Both factors are relevant now for around 90% of EU28 SMEs. In 2018 
the factor ‘investors investing in their enterprise’s equity or securities’  saw a rounded 
net  improvement  equal  to  18%:  11%  of  SMEs  indicated  an  improvement,  while  7% 
reported a deterioration. Public financial support show a net deterioration equal to 8%: 
7% of SMEs indicated an improvement, while 15% reported a deterioration. 

67 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.2.1 General economic outlook 

Improvements in the general economic outlook are reported by 17% of all SMEs in the 
EU28  (figure  56),  with  another  18%  having  experienced  deteriorations  in  outlook, 
resulting in a rounded net deterioration of 1%. Among the countries of the EU28, SMEs 
in  Cyprus  and  the  Netherlands  report  the  largest  net  increases  in  general  economic 
outlook (25%), and SMEs in Romania the largest net deterioration (-20%). 

figure 56 

Changes  in  general  economic  outlook  in  the  past  six  months  (April  to  September  2018)  for 
SMEs in the EU28, by country. 

Q11a. General economic outlook, insofar as it affects the availability of external financing - For each of the 
following factors, would you say that they have improved, remained unchanged or deteriorated over the 
past six months? 
Source: SAFE, 2018; edited by Panteia. 

68 

43%32%35%29%28%26%29%28%22%15%24%13%15%16%18%16%14%16%17%23%16%15%16%17%15%16%8%15%11%37%51%47%61%56%56%51%40%57%64%47%71%70%66%59%55%49%56%57%50%55%56%54%48%58%54%57%48%45%18%7%14%8%12%11%16%16%14%7%17%7%9%12%14%15%15%17%18%23%19%20%21%23%21%27%21%29%31%9%4%4%8%4%15%7%14%12%9%6%6%10%14%22%11%8%4%10%10%9%12%6%4%14%8%12%CyprusNetherlandsIrelandMaltaAustriaFinlandPortugalSloveniaBelgiumDenmarkHungarySwedenLuxembourgGermanyCzech RepublicSlovakiaEstoniaCroatiaEU28SpainLithuaniaPolandFranceLatviaItalyGreeceUnited KingdomBulgariaRomaniaimprovedremained unchangeddeteriorateddk/na25%25%21%21%16%15%14%12%9%8%7%7%6%4%4%1%-1%-1%-1%-1%-2%-5%-5%-6%-7%-11%-13%-14%-20% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Broken  down  by  enterprise  characteristic,  the  groups  identified  report  various  net 
changes  in  their  general  economic  outlook  in  2018  (figure  57).  Among  the  various 
sectors,  SMEs  in  construction  report  the  comparatively  most  favourable  change  in 
general economic outlook with a net improvement of 5%, and those in trade report the 
highest net decrease (-5%). Among SMEs, there exists a clear relation between the size 
of an enterprise and changes in the general economic outlook. Enterprises with 50-249 
employees  have  experienced  the  largest  improvement  (net  3%),  while  micro-sized 
enterprises of no more than 9 employees experienced a deterioration (net -5%). Large 
enterprises of at least 250 employees have experienced a net improvement of 1%. 

There exists relatively little difference in the changes in the general economic outlook 
between the two discerned types of turnover growth. This means that general economic 
outlook  was  slightly  better  amongst  gazelles  (14%)  compared  to  high-growth  SMEs 
(12%).  Exporters  (net  1%)  are  more  positive  about  changes  in  general  economic 
outlook  than  SMEs  that  do  not  export  (-2%)  and  innovative  SMEs  (1%)  are  more 
positive than their non-innovative counterparts (-2%) are. 

figure 57 

Changes  in  general  economic  outlook  in  the  past  six  months  (April  to  September  2018)  for 
SMEs in the EU28, by enterprise characteristics. 

Q11a. General economic outlook, insofar as it affects the availability of external financing - For each of the 
following factors, would you say that they have improved, remained unchanged or deteriorated over the 
past six months? 
Source: SAFE, 2018; edited by Panteia. 

69 

18%21%15%17%16%19%18%17%17%25%25%16%19%20%14%57%57%57%57%55%56%60%57%61%51%54%57%57%53%61%18%15%20%17%20%17%15%18%17%11%14%18%18%19%16%7%8%8%9%9%8%7%8%5%12%7%9%7%7%9%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeteriorateddon't know-1%5%-5%0%-5%2%3%-1%1%14%12%-2%1%1%-2% 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.2.2 Bank lending 

This section presents more detailed breakdowns of changes in bank lending and its effect 
on the availability of external financing. A breakdown by country in figure 58 presents 
results for SMEs in each country of the EU28. In addition figure 59 is a map which shows 
the net change for SMEs in the member states of the EU28. A breakdown by enterprise 
characteristic in figure 60 presents these results by sector of the economy, enterprise 
size,  type  of  growth,  exporter  status  and  innovativeness.  Net  changes  are  reported 
which correspond to the net balance of reported increases minus decreases. 

figure 58 

Changes  in  bank  lending  in  the  past  six  months  (April  to  September  2018)  for  SMEs  in  the 
EU28, by country. 

Q11f. The willingness of banks to provide credit to your enterprise - For each of the following factors, would 
you say that they have improved, remained unchanged or deteriorated over the past six months? 
Source: SAFE, 2014-2018; edited by Panteia. 

Improvements  in  bank  lending  are  reported  by  28%  of  all  SMEs  in  the  EU28,  with 
another 10% having experienced deteriorations in such access, resulting in a rounded 
net improvement of 18%. Among the countries of the EU28, SMEs in Bulgaria report the 
largest  net  increase  (43%),  and  Luxembourg  is  the  only  EU  country  with  a  net 
deterioration (-2%). 

70 

49%45%49%41%38%36%36%29%29%29%26%29%28%29%27%20%22%24%26%31%22%23%19%23%17%16%24%14%16%40%44%33%48%51%52%47%63%60%62%66%60%60%56%61%68%67%58%57%49%64%63%67%62%67%68%54%70%64%6%6%13%10%9%9%12%5%8%8%6%10%10%12%11%5%7%11%13%18%10%11%7%12%9%9%19%11%18%4%4%5%5%4%4%3%6%4%7%5%4%7%3%8%6%5%BulgariaHungaryCyprusCroatiaSpainSloveniaRomaniaCzech RepublicIrelandGermanyAustriaPortugalEU28ItalyDenmarkFinlandPolandLithuaniaNetherlandsGreeceBelgiumSlovakiaSwedenFranceEstoniaUnited KingdomMaltaLatviaLuxembourgimprovedremained unchangeddeteriorateddk/na43%39%36%31%28%26%24%24%21%21%20%19%18%17%16%15%15%13%13%13%12%12%12%12%8%7%5%3%-2% 
 
 
 
 
 
 
 
 
figure 59 

Changes (the net change between the categories improved and deteriorated) in the willingness 
of banks to provide credit for SMEs in EU28 in the period 2014-2018, for SMEs in the EU28.  

Survey on the access to finance of enterprises (SAFE) 

Q11f. The willingness of banks to provide credit to your enterprise - For each of the following factors, would 
you say that they have improved, remained unchanged or deteriorated over the past six months? 
Source: SAFE, 2018; edited by Panteia. 

71 

 
 
 
 
 
 
 
 
 
 
figure 60 

Changes  in  bank  lending  in  the  past  six  months  (April  to  September  2018)  for  SMEs  in  the 
EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q11f. Willingness of banks to provide credit to your enterprise - For each of the following factors, would you 
say  that  they  have  improved,  remained  unchanged  or  deteriorated  over  the  past  six  months? 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic (figure 60), all of the groups identified report 
net improvements in bank lending in 2018. Among the various sectors, SMEs in industry 
report the largest net improvement (21%) and in services the smallest net improvement 
(16%). There exists a relation between the size of an enterprise and changes in access 
to bank lending. Enterprises with 50-249 employees and large  enterprises  of  at least 
250  employees  have  experienced  the  largest  improvement  (net  24%  and  net  21% 
respectively), while micro-sized enterprises of no more than 9 employees experienced 
a relatively small improvement (net 13%).  

There  exists  a  relatively  difference  in  the  changes  in  bank  lending  between  the  two 
discerned types of turnover growth. This means that bank lending improved slightly for 
regular high-growth SMEs (31%) compared to gazelles (21%). Exporters (net 20%) are 
more positive about changes in bank lending than SMEs that do not export (17%) and 
innovative SMEs (21%) are more positive than non-innovative SMEs (14%) are. 

72 

31%28%27%26%25%27%31%28%27%34%40%26%29%32%22%57%60%61%60%58%61%60%60%65%51%49%60%59%55%66%9%9%9%10%12%9%7%10%6%13%9%10%10%11%8%4%4%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeteriorateddon't know21%18%18%16%13%19%24%18%21%21%31%17%20%21%14% 
 
 
 
 
 
 
 
 
2.3.  Changes in the availability of financing 

Survey on the access to finance of enterprises (SAFE) 

This  section  covers  changes  in  the  availability  of  seven  types  of  financing  for  SMEs, 
detailing  changes  over  the  years  and  a  breakdown  by  country  and  enterprise 
characteristic for a subset of four of these types. The four types that are discussed in 
more detail are credit line, bank  overdraft  or  credit card  overdraft, bank loans, trade 
credit and equity financing. Changes in the availability for these types in the six months 
preceding the survey are first presented for SMEs in the EU28 for the period 2013-2018 
in figure 61. Net changes are reported which correspond to the net effect of reported 
improvements  minus  deteriorations.  It  should  be  noted  that  leasing  or  hire  purchase 
was only introduced as a separate category in 2015. 

figure 61 

Changes  in  in  the  availability  of  different  types  of  financing  for  SMEs  in  EU28  in  the  period 
2013-2018, for SMEs in the EU28. 

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? 
Source: SAFE, 2013-2018; edited by Panteia. 

The effect of bank lending as a factor that impacts the availability of external financing 
for  SMEs  in  the  EU28  has  seen  a  significant  net  improvements  since  2015,  as  was 
discussed in section 2.2. Following that, the actual availability of bank loans to European 
SMEs has also improved in the same years. In 2018, 19% indicated an improvement in 
the availability of bank loans versus 8% that reported a deterioration. This results is a 

73 

19%20%21%20%18%11%17%18%18%20%20%9%15%17%14%13%15%5%10%8%9%10%10%3%18%19%18%19%17%11%18%20%19%19%64%62%59%59%56%50%71%69%67%65%59%59%70%68%68%67%48%36%64%70%61%59%46%34%70%68%67%65%63%55%71%70%70%67%8%8%10%11%16%17%6%6%7%9%13%13%4%6%6%7%8%5%7%11%12%12%11%7%7%7%9%10%14%19%3%2%3%4%7%7%7%7%8%18%5%5%6%5%7%16%9%7%10%11%28%52%14%10%16%18%28%53%4%4%4%4%4%12%7%6%6%7%2018201720162015201420132018201720162015201420132018201720162015201420132018201720162015201420132018201720162015201420132018201720162015bank loanstrade creditequitydebt securitiesissuedBank overdraft,credit line or creditcards overdraftLeasing orhire-purchaseimprovedremained unchangeddeterioratednot applicabledon't know10%12%11%9%2%-5%11%12%11%11%7%-4%10%11%7%6%7%1%2%-2%-3%-3%-1%-4%11%12%9%9%3%-8%15%17%16%16% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

net improvement in the availability of bank loans  of 10%. Since 2015 the availability 
improved every year. 

Another  type  of  bank  financing  experienced  a  strongly  similar  development:  the 
availability of bank overdraft, credit line or credit cards. Whereas 18% of EU28 SMEs 
reported  improved  availability  of  this  type  of  financing,  another  7%  reported  a 
deterioration.  This  results  in  an  11%  net  improvement.  Over  the  survey  years,  the 
availability of bank overdraft, credit line or credit cards overdraft has developed similarly 
to that of loans. 

A similar development is observed for the availability of trade credit. The availability of 
this type of financing has improved over the survey years, from a net deterioration equal 
to -4% in 2013 to a net improvement of 11% in 2018. The latter is the result of 17% of 
EU28 SMEs reporting an improvement in the availability of trade credit and 6% reporting 
a deterioration in its availability.  

Equity capital is a type of financing that is both internal (retained earnings and capital 
provided by the owners) and external (capital provided by external shareholders, both 
existing and new). In 2018, 15% of EU28 SMEs reported an improvement availability of 
equity  financing  versus  4%  that  indicated  it  has  deteriorated.  This  results  in  a  net 
improvement of 10%, almost the same as to the net change reported in 2017 (11%). 
The most remarkable development in the availability of equity financing to EU28 SMEs, 
however, is that it has become a relevant type of financing to a much larger proportion 
of these enterprises over the years.  

The only type of financing of which availability did not improve in previous survey years 
was  that  of  debt  securities  issued:  short-term  commercial  paper  or  longer-term 
corporate  bonds  issued  by  enterprises.  However,  in  2018  the  availability  improved 
slightly.  Whereas  10%  reported  an  improvement,  7%  reported  a  deterioration  which 
resulted in a net improvement of 2%. The relevance of debt securities to SME financing 
seems  to  have  improved  in  previous  survey  years,  although  in  2018  the  relevance 
decreased somewhat.  

The  largest  net  improvement  in  the  availability  of  the  financing  types  distinguished 
occurred for leasing or hire-purchase, which was first included as a category in 2015. It 
refers to obtaining the use of a fixed asset in exchange for regular payments, but without 
immediate  ownership  of  the  asset.  In  2018,  18%  of  EU28  SMEs  reported  an 
improvement  in  the  availability  of  leasing  or  hire-purchase  as  a  type  of  financing  to 
them. As only 3% reported a deterioration, the net improvement equals 15%. 

74 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.3.1 Credit line, bank overdraft or credit cards overdraft 

This section presents more detailed breakdowns of changes in the availability of credit 
line,  bank  overdraft  or  credits  to  EU28  SMEs.  A  breakdown  by  country  in  figure  62 
presents  results  for  SMEs  in  each  country  of  the  EU28.  A  breakdown  by  enterprise 
characteristic in figure 63 presents these results by sector of the economy, enterprise 
size,  type  of  growth,  exporter  status  and  innovativeness.  Net  changes  are  reported 
which correspond to the net balance of reported increases minus decreases. 

figure 62 

Changes in the availability of credit line, bank overdraft or credit cards overdraft  in the past 
six months (April to September 2018) for SMEs in the EU28, by country. 

Q9f. Credit line, bank overdraft or credit cards overdraft - 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? 
Source: SAFE, 2018; edited by Panteia. 

Improvements in the availability of credit line, bank overdraft or credit cards overdraft 
are  reported  by  18%  of  all  SMEs  in  the  EU28,  with  another  7%  having  experienced 
deteriorations  in  such  changes,  resulting  in  a  net  improvement  of  11%.  Among  the 
countries of the EU28, SMEs in Bulgaria report the largest net improvement for this type 
of financing and SMEs in Luxembourg the  smallest net improvements. There were no 
EU countries with a net deterioration.  

75 

27%23%26%28%27%21%21%24%19%18%20%19%18%23%19%17%15%17%18%15%15%10%16%10%15%10%7%17%59%62%54%59%59%52%68%64%70%68%63%70%75%62%75%75%80%76%70%74%77%76%69%82%67%76%69%85%65%6%3%6%9%9%4%7%6%6%5%11%6%4%5%7%5%6%11%5%11%7%7%5%16%6%11%11%21%4%5%5%6%9%4%4%5%11%4%5%11%6%3%4%BulgariaGreeceRomaniaSpainCroatiaHungarySloveniaDenmarkSlovakiaSwedenPortugalIrelandGermanyLithuaniaCyprusAustriaFinlandNetherlandsEU28PolandBelgiumCzech RepublicItalyEstoniaFranceUnited KingdomLatviaMaltaLuxembourgimprovedremained unchangeddeterioratednot applicabledon't know21%20%19%19%18%17%16%16%16%14%14%14%13%12%12%12%12%12%11%10%9%8%6%5%4%3%3%2%1% 
 
 
 
 
 
 
 
 
 
figure 63 

Changes in the availability of credit line, bank overdraft or credit cards overdraft in the past 
six months (April to September 2018) for SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q9f. Credit line, bank overdraft or credit cards overdraft - 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? 
Source: SAFE, 2018; edited by Panteia. 

Broken  down  by  enterprise  characteristic,  all  of  the  groups  identified  report  net 
improvements  in  availability  in  2018.  Among  the  various  sectors,  SMEs  in  industry 
report the largest net improvement (12%) and those in construction the smallest (9%). 
For SMEs there exists a clear relation between the size of an enterprise and changes in 
the  availability  of  this  type  of  financing.  Enterprises  of  50-249  employees  have 
experienced  the  largest  improvement  (net  16%),  while  micro-sized  enterprises  of  no 
more than 9 employees experienced an improvement least often (net 7%). The largest 
enterprises (at least 250 employees) experienced a net improvement of 12%. 

There  exists  a  difference  in  the  perceived  changes  in  the  availability  of  this  type  of 
financing  for  high-growth  SMEs  diversified  by  age:  regular  high-growth  SMEs 
experienced a net improvement of 22%, while gazelles (high-growth SMEs no older than 
5 years) experienced a net improvement of 13%. Exporters are more positive than non-
exporters (net 13% versus 9%) and innovative SMEs are more positive regarding the 
availability  of  credit  line,  bank  overdraft  or  credit  cards  overdraft  to  them  than  non-
innovative SMEs are. 

76 

19%17%18%17%16%18%20%18%17%21%27%16%20%21%13%69%70%69%70%68%71%72%70%74%61%61%71%69%66%74%7%7%8%6%9%6%5%7%6%7%6%7%7%8%6%4%4%4%5%6%4%4%8%5%4%4%4%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeterioratednot applicabledon't know12%9%10%10%7%11%16%11%12%13%22%9%13%13%7% 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.3.2 Bank loans 

This section presents more detailed breakdowns of changes in the availability of bank 
loans to EU28 SMEs. A breakdown by country in figure 64 presents results for SMEs in 
each country of the EU28. In addition figure 65 is a map which shows the net change 
for SMEs in the member states of the EU28. A breakdown by enterprise characteristic 
in figure 66 presents these results by sector of the economy, enterprise size, type of 
growth, exporter status and innovativeness. Net changes are reported which correspond 
to the net effect of reported increases minus decreases. 

figure 64 

Changes in the availability of bank loans in the past six months (April to September 2018) for 
SMEs in the EU28, by country. 

Q9a. Bank loans (excluding overdraft and credit lines) - 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? 
Source: SAFE, 2018; edited by Panteia. 

Improvements in the availability of bank loans are reported by 19% of all SMEs in the 
EU28, with another 8% having experienced deteriorations in such changes, resulting in 
a rounded net improvement of 10%. Among the countries of the EU28, SMEs in Cyprus, 
Bulgaria  and  Spain  report  the  largest  net  improvement  for  this  type  of  financing  and 
SMEs in Malta, Estonia and Luxembourg report the largest net deterioration. 

77 

25%27%29%22%20%20%25%19%21%24%15%20%18%19%17%19%17%15%19%16%20%12%14%19%12%8%11%9%11%59%57%58%59%40%58%57%68%49%59%62%58%64%64%69%61%69%74%60%72%66%66%70%49%68%66%55%72%68%2%5%8%7%6%6%11%5%7%11%4%8%7%8%7%9%8%6%10%8%11%6%8%15%9%9%12%11%19%10%8%10%30%12%5%7%21%16%12%5%7%5%8%8%14%7%14%7%13%22%8%5%4%5%4%6%5%4%4%CyprusBulgariaSpainIrelandHungarySloveniaLithuaniaSlovakiaRomaniaCroatiaCzech RepublicPortugalSwedenEU28GermanyFranceFinlandBelgiumDenmarkNetherlandsItalyPolandAustriaGreeceUnited KingdomLatviaMaltaEstoniaLuxembourgimprovedremained unchangeddeterioratednot applicabledon't know23%22%21%15%14%14%14%14%13%13%11%11%11%10%10%10%10%10%9%9%9%7%6%4%3%-1%-1%-2%-8% 
 
 
 
 
 
 
 
 
 
figure 65 

Changes (the net change between the categories improved and deteriorated) in the availability 
of  bank  loans  in  the  past  six  months  (April  to  September  2018)  for  SMEs  in  the  EU28,  by 
country 

Survey on the access to finance of enterprises (SAFE) 

Q9a. Bank loans (excluding overdraft and credit lines) - 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? 
Source: SAFE, 2018; edited by Panteia. 

78 

 
 
 
 
 
 
 
 
 
 
figure 66 

Changes in the availability of bank loans in the past six months (April to September 2018) for 
SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q9a. Bank loans (excluding overdraft and credit lines) - 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? 
Source: SAFE, 2018; edited by Panteia. 

Broken  down  by  enterprise  characteristic,  all  of  the  groups  identified  report  net 
improvements  in  availability  in  2018.  Among  the  various  sectors,  SMEs  in  industry 
report the largest net improvement (13%) and those in construction the smallest (9%). 
There  exists  a  clear  relation  between  the  size  of  an  enterprise  and  changes  in  the 
availability of this type of financing. Enterprises with 20-249 employees and enterprises 
with at least 250 employees have experienced the largest improvement (net 16% and 
net  15%  respectively),  while  micro-sized  enterprises  of  no  more  than  9  employees 
experienced an improvement least often (net 5%). 

There exists very little difference in the perceived changes in the availability of this type 
of  financing  for  high-growth  SMEs  diversified  by  age:  the  net  improvements  for  both 
regular high-growth SMEs and gazelles (high-growth SMEs no older than 5 years), are 
22% and 21%, respectively. Exporters are more positive than non-exporters (net 12% 
versus 9%) and innovative SMEs are more positive regarding the availability of bank 
loans to them than non-innovative SMEs are. 

79 

20%18%19%18%16%19%22%19%21%31%29%17%20%21%15%64%64%63%64%61%65%66%64%68%47%56%64%63%60%69%8%9%9%8%11%7%6%8%5%10%7%8%8%9%7%7%7%6%8%9%7%5%7%4%9%6%7%7%7%7%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeterioratednot applicabledon't know13%9%10%10%5%12%16%10%15%21%22%9%12%12%8% 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.3.3 Trade credit 

This section presents more detailed breakdowns of changes in the availability of trade 
credit to EU28 SMEs. A breakdown by country in figure 67 presents results for SMEs in 
each country of the EU28. A breakdown by enterprise characteristic in figure 68 presents 
these results by sector of the economy, enterprise size, type of growth, exporter status 
and  innovativeness.  Net  changes  are  reported  which  correspond  to  the  net  effect  of 
reported increases minus decreases. 

figure 67 

Changes in the availability of trade credit in the past six months (April to September 2018) for 
SMEs in the EU28, by country. 

Q9b.Trade  credit  -  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? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

Improvements in the availability of trade credit are reported by 17% of all SMEs in the 
EU28, with another 6% having experienced deteriorations in such changes, resulting in 
a net improvement of 11%. Among the countries of the EU28, SMEs in Ireland report 
the largest net improvement for this type of financing and Luxembourg is the only EU 
country with a net deterioration. 

80 

27%24%19%23%22%21%21%16%17%22%16%18%14%17%15%17%17%20%16%15%14%13%15%14%15%10%8%9%0%66%67%72%70%68%65%56%77%69%49%70%65%73%63%68%71%71%63%57%74%77%67%72%77%65%74%68%78%0%4%5%6%5%6%8%5%5%3%6%6%10%7%6%5%5%8%6%9%5%3%13%0%6%6%6%16%4%16%11%7%10%12%10%5%6%17%11%6%9%19%8%6%5%4%3%IrelandCyprusSwedenNetherlandsSpainPortugalRomaniaMaltaLatviaHungarySlovakiaBulgariaGermanyLithuaniaSloveniaDenmarkEU28GreeceCroatiaFinlandPolandFranceItalyUnited KingdomBelgiumAustriaCzech RepublicLuxembourgEstonia*improvedremained unchangeddeterioratednot applicabledon't know23%21%19%18%16%16%16%15%14%14%13%13%12%12%12%12%11%10%10%9%9%8%7%7%6%6%5%-4% 
 
 
 
 
 
 
 
 
 
 
figure 68 

Changes in the availability of trade credit in the past six months (April to September 2018) for 
SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q9b. Trade credit - 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? 
Source: SAFE, 2018; edited by Panteia. 

Broken  down  by  enterprise  characteristic,  all  of  the  groups  identified  report  net 
improvements in availability in 2018. Among the various sectors, SMEs in construction 
report the largest net improvement (13%) and those in services the smallest (10%). 
There  exists  a  clear  relation  between  the  size  of  an  enterprise  and  changes  in  the 
availability of this type of financing. Large enterprises of at least 250 employees have 
experienced  the  largest  improvement  (net  13%),  while  micro-sized  enterprises  of  no 
more than 9 employees experienced an improvement least often (net 9%). 

Gazelle SMEs (31%) more often report a net improvement in the availability of trade 
credit to them than regular high-growth SMEs do (24%), which is still higher than the 
average for all EU28 SMEs. Exporters are more positive than non-exporters (net 12% 
versus 10%) and innovative SMEs are more positive regarding the availability of trade 
credit to them than non-innovative SMEs are. 

81 

17%20%16%15%16%16%18%17%19%32%28%15%18%20%12%71%66%72%71%69%73%71%71%72%57%62%72%70%67%76%6%8%6%5%7%5%5%6%6%4%6%6%7%5%5%5%4%6%6%4%5%5%9%5%5%5%5%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeterioratednot applicabledon't know11%13%11%10%9%10%13%11%13%31%24%10%12%13%7% 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.3.4 Equity capital 

This section presents more detailed breakdowns of changes in the availability of equity 
capital to EU28 SMEs. A breakdown by country in figure 69 presents results for SMEs in 
each country of the EU28. A breakdown by enterprise characteristic in figure 70 presents 
these results by sector of the economy, enterprise size, type of growth, exporter status 
and  innovativeness.  Net  changes  are  reported  which  correspond  to  the  net  effect  of 
reported increases minus decreases. 

figure 69 

Changes in the availability of equity capital in the past six months (April to September 2018) 
for SMEs in the EU28, by country. 

Q9c.  Equity capital - 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? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

Improvements in the availability of equity capital are reported by 15% of all SMEs in 
the EU28, with another 4% having experienced deteriorations in such changes, 
resulting in a rounded net improvement of 10%. Among the countries of the EU28, 
SMEs in Sweden report the largest net improvement for this type of financing and 
SMEs in Spain a net improvement of 0%. There were no EU countries with a net 
deterioration.  

82 

30%19%16%17%12%19%14%15%19%15%15%9%11%7%9%8%7%0%0%0%0%59%73%74%63%84%72%71%71%65%70%67%84%72%54%82%69%71%0%0%0%0%0%0%0%0%0%4%5%7%4%8%4%6%5%5%7%7%0%0%0%0%0%0%0%0%6%15%4%12%9%6%9%11%4%10%36%4%14%10%0%0%0%0%0%0%6%5%6%SwedenDenmarkFinlandIrelandLithuaniaLatviaPolandGermanyCroatiaEU28United KingdomNetherlandsFranceRomaniaGreeceBelgiumSpainAustria*Bulgaria*Cyprus*Czech Republic*Estonia*Hungary*Italy*Luxembourg*Malta*Portugal*Slovakia*Slovenia*improvedremained unchangeddeterioratednot applicabledon't know26%16%14%12%12%12%11%11%11%10%9%8%6%5%4%1%14%18%13%15%14%15%15%15%10%41%23%13%17%18%10%72%61%72%71%68%67%75%70%78%53%63%70%71%68%73%3%7%3%5%7%4%4%5%6%5%6%3%4%5%9%12%10%7%9%10%8%9%5%7%10%7%9%9%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazelle*high-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeterioratednot applicabledon't know11%12%9%10%7%11%13%10%5%34%18%7%14%13%6% 
 
 
 
 
 
 
 
 
 
 
figure 70 

Changes in the availability of equity capital in the past six months (April to September 2018) 
for SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q9c. Equity capital - 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? 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all of the groups identified report net 
improvements in availability in 2018. Among the various sectors, SMEs in construction 
report the largest net improvement (12%), and those in trade the smallest (9%). For 
SMEs there exists a clear relation between the size of an enterprise and changes in the 
availability of this type of financing. Enterprises of 50-249 employees have 
experienced the largest improvement (net 13%), while micro-sized enterprises of no 
more than 9 employees experienced an improvement least often (net 7%). The 
largest enterprises (at least 250 employees) experienced a net improvement of 5%. 

Gazelles (34%) more often report a net improvement in the availability of equity 
capital to them than non-gazelle high-growth SMEs (18%) do. These young high-
growth enterprises might be of more interest to venture capitalists and business 
angels. Exporters are more positive than non-exporters (net 14% versus 7%) and 
innovative SMEs are significantly more positive regarding the availability of equity 
capital to them than non-innovative SMEs are (net 13% versus 6%). 

83 

14%18%13%15%14%15%15%15%10%41%23%13%17%18%10%72%61%72%71%68%67%75%70%78%53%63%70%71%68%73%3%7%3%5%7%4%4%5%6%5%6%3%4%5%9%12%10%7%9%10%8%9%5%7%10%7%9%9%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazelle*high-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsimprovedremained unchangeddeterioratednot applicabledon't know11%12%9%10%7%11%13%10%5%34%18%7%14%13%6% 
 
 
 
 
 
 
 
 
 
2.4.  Changes in the need for external financing 

Survey on the access to finance of enterprises (SAFE) 

This  section  covers  changes  in  the  need  for  six  types  of  financing  of  SMEs,  detailing 
changes over the years and a breakdown by country and enterprise characteristic for a 
subset  of three of these types.  The three types that are discussed in more detail are 
bank loans, equity capital and leasing or hire-purchasing. Changes in these needs in the 
six months preceding the survey are first presented for SMEs in the EU28 for the period 
2014-2018 in figure 71. Net changes are reported which correspond to the net effect of 
reported increases minus decreases. Leasing and hire-purchase was only introduced as 
a separate category in 2015. 

figure 71 

Changes in in the need for different types of financing for SMEs in EU28 in the period 2014-
2018, for SMEs in the EU28. 

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. 
Source: SAFE, 2014-2018; edited by Panteia. 

84 

19%18%19%19%20%20%18%19%21%24%14%14%14%14%14%13%10%11%12%8%20%19%20%23%24%22%22%22%62%57%57%56%52%71%68%66%65%58%80%74%73%72%61%75%65%65%65%54%66%63%62%60%66%62%61%55%18%17%18%18%19%8%8%10%9%11%5%6%6%5%6%8%12%7%8%8%14%14%15%11%10%10%11%14%8%7%7%8%6%5%5%6%6%6%9%20%4%13%17%15%30%4%4%6%6%6%9%2018201720162015201420182017201620152014201820172016201520142018201720162015201420182017201620152018201720162015increasedremained unchangeddecreaseddk/nabank loanstrade creditequitydebt securities issuedleasing & hire-purchaseother0%0%1%1%1%12%10%10%12%13%9%8%8%8%8%5%-2%3%4%0%6%5%5%12%14%12%11%8% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

In  2018,  19%  of  EU28  SMEs  reported  that  their  needs  for  bank  loans  increased.  A 
decreased need was reported by 18%, resulting in a rounded net balance of 0%. From 
2014 onward, the proportion of SMEs that indicated an increased need as well as the 
proportion of SMEs that indicated a decreased need have remained relatively stable.  

The need for trade credit supplied by business partners has decreased in de period of 
2014 to 2016, but increased in 2018. In 2018, 20% of EU28 SMEs indicated that their 
need  for  trade  credit  increased,  where  8%  indicated  that  their  need  for  trade  credit 
decreased, resulting in a net balance of 12%.  

The need for equity capital (including venture capital and business angels) has remained 
relatively constant throughout the survey years. During 2014 -2018 the proportion of 
SMEs reporting an increased need was 14% in each survey year, where the proportion 
of SMEs  reporting a decreased need  was 5%  or 6%. Another important development 
regarding equity capital is that is has become relevant to a greater proportion of SMEs 
throughout the survey years.  

The relevance of debt securities issued (consisting of short-term commercial paper or 
longer-term  corporate  bonds  issued  by  the  enterprise)  has  experienced  a  different 
development.  The  net  effect  varied  between  -2%  in  2017  and  5%  in  2018.  In  2018, 
13% of EU28 SMEs indicated an increased need for this type of financing, and another 
8% reported a decreased need, resulting in a net increased need of 5%. 

In 2018, 20% of the EU28 SMEs reported an increased need for leasing or hire-purchase 
as a type of financing. Of the EU28 SMEs 14% indicated that their needs for this type 
of financing had decreased, resulting in a net increase of 6%. In 2017 and 2016 this net 
increase was 5%, in 2015 it was 12%. 

Loans  that  do  not  originate  from  banks,  but  from  other  sources  such  as  family  and 
friends,  a  related  enterprise  (excluding  trade  credit)  or  shareholders,  were  not  first 
included in the 2015 survey, but its contents have changed as leasing or hire-purchase 
was added and therefore essentially excluded from the other loan category. In the 2018 
survey, 24% of EU28 SME’s indicated an increased need for this type of financing, versus 
a  decreased  need  for  10%  of  these  enterprises.  This  results  in  a  net  increased  need 
equal to 14%. 

85 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.4.1 Bank loans 

This section presents more detailed breakdowns of changes in the need for bank loans 
to EU28 SMEs. A breakdown by country in figure 72 presents results for SMEs in each 
country  of  the  EU28.  In  addition  figure  73  is  a  map  which  shows  the  net  change  for 
SMEs in the member  states  of the  EU28. A breakdown by enterprise characteristic in 
figure  74  presents  these  results  by  sector  of  the  economy,  enterprise  size,  type  of 
growth, exporter status and innovativeness. Net changes are reported which correspond 
to the net effect of reported increases minus decreases. 

figure 72 

Changes in the need for bank loans in the past six months (April to September 2018) for SMEs 
in the EU28, by country. 

Q5a. Bank loans (excluding overdraft and credit lines) - For each of the following types of external 
financing, please indicate if your needs increased, remained unchanged or decreased over the past six 
months. 
Source: SAFE, 2018; edited by Panteia. 

Increases in the need for bank loans are reported by 19% of all SMEs in the EU28, with 
another 18% having experienced decreased needs, resulting in no net variation. Among 
the countries of the EU28, SMEs in Greece report the largest net increased need for this 
type of financing and SMEs in the Netherlands and Malta the largest net decreased need. 

86 

33%33%31%28%29%24%25%21%28%22%27%19%18%18%15%19%17%21%15%15%16%16%15%17%16%18%16%15%14%56%53%54%55%56%63%59%66%54%63%53%67%68%65%71%62%65%57%67%67%65%62%64%60%60%55%59%58%60%11%15%14%12%14%14%15%12%18%14%19%13%14%16%14%18%18%22%17%17%19%20%20%23%23%26%25%27%26%4%GreeceEstoniaLithuaniaRomaniaCroatiaLuxembourgBelgiumBulgariaCyprusFranceSwedenItalyIrelandPolandSloveniaEU28LatviaDenmarkSlovakiaCzech RepublicSpainHungaryPortugalAustriaUnited KingdomFinlandGermanyNetherlandsMaltaincreasedremained unchangeddecreaseddk/na22%18%17%17%14%10%10%10%10%9%8%6%3%2%0%0%0%-1%-2%-3%-3%-3%-5%-6%-7%-8%-9%-11%-12% 
 
 
 
 
 
 
 
 
 
figure 73 

Changes (the net change between the categories increased and decreased ) in the need for 
bank loans in the past six months (April to September 2018) for SMEs in the EU28, by country 

Survey on the access to finance of enterprises (SAFE) 

Q5a. Bank loans (excluding overdraft and credit lines) - For each of the following types of external 
financing, please indicate if your needs increased, remained unchanged or decreased over the past six 
months. 
Source: SAFE, 2018; edited by Panteia. 

87 

 
 
 
 
 
 
 
 
 
figure 74 

Changes in the need for bank loans in the past six months (April to September 2018) for SMEs 
in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q5a. Bank loans (excluding overdraft and credit lines) - For each of the following types of external 
financing, please indicate if your needs increased, remained unchanged or decreased over the past six 
months. 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, there exists some variation in the reported 
net changes in the need for bank loans in 2018. Among the various sectors, SMEs in 
industry,  construction  and  trade  report  a  net  increase  of  2%,  while  SMEs  in  services 
report a net decrease in the need for bank loans of 2%. There is a relation between the 
size of an enterprise and changes in the need for this type of financing. Large enterprises 
of at least 250 employees have experienced an increased need (net 10%), while small 
enterprises of no more than 49 employees experienced a net decrease (-1%).  

Gazelles reported a net increase for the need for bank loans of 9% while non-gazelle 
high-growth  SMEs  reported  a  net  increase  of  6%.  Exporters  experience  greater 
increased  needs  than  non-exporters  (net  2%  versus  -1%)  and  innovative  SMEs 
experience more needs for bank loans than non-innovative SMEs do. 

88 

21%19%19%17%16%18%23%19%27%27%24%17%21%21%15%59%63%63%63%67%62%56%62%56%52%55%65%59%59%66%19%17%17%19%17%19%20%18%16%18%19%18%19%19%18%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na2%2%2%-2%-1%-1%3%0%10%9%6%-1%2%3%-3% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.4.2 Equity capital 

This section presents more detailed breakdowns of changes in the need for equity capital 
(including  venture  capitalists  and  business  angels)  to  EU28  SMEs.  A  breakdown  by 
country in figure 75 presents results for SMEs in each country of the EU28. A breakdown 
by enterprise characteristic in figure 76 presents these results by sector of the economy, 
enterprise  size,  type  of  growth,  exporter  status  and  innovativeness.  Net  changes  are 
reported which correspond to the net effect of reported increases minus decreases 

figure 75 

Changes in the need for equity capital in the past six months (April to September 2018) for 
SMEs in the EU28, by country. 

Q5c.  Equity  capital  -  For  each  of  the  following  types  of  external  financing,  please  indicate  if  your  needs 
increased, remained unchanged or decreased over the past six months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

Increases in the need for equity capital are reported by 14% of all SMEs in the EU28, 
with another 5% having experienced decreased needs, resulting in a net increase of 
9%. Among the countries of the EU28, SMEs in Cyprus report the largest net 
increased need for this type of financing. Of the countries for which sufficient 
responses are available (i.e., at least 20) the highest net decrease is found in 
Slovenia. 

89 

30%23%22%17%18%11%15%14%11%12%7%8%12%10%10%14%7%3%11%14%5%0%0%0%0%0%0%70%74%69%79%76%86%82%80%87%81%92%90%82%84%86%75%88%94%76%67%84%3%6%6%5%3%4%6%5%5%10%5%3%12%19%12%CyprusItalySwedenGermanyLatviaLithuaniaGreeceEU28RomaniaCroatiaSpainNetherlandsFinlandFranceAustriaUnited KingdomBelgiumDenmarkIrelandPolandSloveniaBulgaria*Czech Republic*Estonia*Hungary*Luxembourg*Malta*Portugal*Slovakia*increasedremained unchangeddecreaseddk/na30%20%16%15%12%11%11%9%8%7%7%6%6%5%5%4%2%-1%-1%-5%-7% 
 
 
 
 
 
 
 
 
 
 
figure 76 

Changes in the need for equity capital in the past six months (April to September 2016) for 
SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q5c. Equity capital - For each of the following types of external financing, please indicate if your needs 
increased, remained unchanged or decreased over the past six months. 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all types of enterprises report net increases 
in the need for equity capital in 2018. Among the various sectors, SMEs in 
construction report the largest net increase (13%), and those in trade and in services 
the smallest (8%). There is a clear relation between the size of an enterprise and 
changes in the need for this type of financing. Large enterprises of at least 250 
employees have experienced the largest increase in need (net 12%), while micro-
sized enterprises of no more than 9 employees experienced a net increased need 
equal to 7%.  

Gazelles (38%) more often report a net increased need for equity capital than regular 
high growth SMEs (13%) do. Exporters experience greater increased needs than non-
exporters (net 10% versus 8%) and innovative SMEs experience more needs for 
equity capital than non-innovative SMEs do (net 12% versus 3%). 

90 

15%18%14%13%13%14%15%14%14%42%20%13%15%17%9%79%76%80%80%80%78%81%80%82%55%73%81%79%77%84%5%5%5%6%5%5%5%2%4%7%5%5%5%6%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na10%13%8%8%7%9%10%9%12%38%13%8%10%12%3% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.4.3 Leasing or hire-purchase 

This section presents more detailed breakdowns of changes in the need for leasing or 
hire-purchase (obtaining the use of a fixed asset, in exchange for regular payments, but 
without the immediate ownership of the asset) to EU28 SMEs. A breakdown by country 
in  figure  77  presents  results  for  SMEs  in  each  country  of  the  EU28.  A  breakdown  by 
enterprise characteristic in figure 78 presents these results by sector of the economy, 
enterprise  size,  type  of  growth,  exporter  status  and  innovativeness.  Net  changes  are 
reported which correspond to the net effect of reported increases minus decreases. 

figure 77 

Changes in the need for leasing or hire-purchase in the past six months (April to September 
2018) for SMEs in the EU28, by country. 

Q5f. Leasing or hire-purchase - For each of the following types of external financing, please indicate if your 
needs 
six  months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

unchanged 

increased, 

decreased 

remained 

over 

past 

the 

or 

Increases in the need for leasing or hire-purchase are reported by 20% of all SMEs in 
the  EU28,  with  another  14%  having  experienced  decreased  needs,  resulting  in  a 
rounded net increase of 6%. Among the countries of the EU28, SMEs in Lithuania and 
Greece report the largest net increased need for this type of financing; SMEs in Germany 
and the Netherlands report net decreased need.  

91 

36%28%29%26%29%26%26%22%23%23%19%27%21%22%16%20%23%20%25%17%16%18%19%16%19%15%14%19%0%53%68%59%66%58%63%59%69%67%66%73%56%67%63%74%66%59%66%55%70%71%67%63%68%62%71%69%61%11%4%11%8%12%11%13%9%10%11%8%17%12%15%9%14%17%14%20%12%13%15%16%15%18%14%16%21%LithuaniaGreeceRomaniaLatviaEstoniaMaltaFranceSloveniaBulgariaHungarySlovakiaBelgiumPolandPortugalIrelandItalySwedenEU28DenmarkSpainLuxembourgUnited KingdomCroatiaFinlandAustriaCzech RepublicGermanyNetherlandsCyprus*increasedremained unchangeddecreaseddk/na25%24%18%17%17%16%13%12%12%12%12%10%9%7%7%7%6%6%5%5%4%3%3%1%1%0%-1%-2% 
 
 
 
 
 
 
 
 
 
 
figure 78 

Changes in the need for leasing or hire-purchase in the past six months (April to September 
2018) for SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q5f. Leasing or hire-purchase - For each of the following types of external financing, please indicate if your 
needs increased, remained unchanged or decreased over the past six months. 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all types of enterprises report net increases 
in the need for leasing or hire-purchase in 2018. Among the various sectors, SMEs in 
industry report the largest net increase (7%), and those in services the smallest (4%). 
There does not exist a clear relation between the size of an enterprise and changes in 
the need for this type of financing. Large enterprises of at least 250 employees have 
experienced  a  net  increase  in  need  equal  to  13%,  while  enterprises  with  10-49 
employees experienced the smallest net increased need (4%).  

Gazelles (25%) more often report a net increased need for leasing or hire-purchase than 
non-gazelle high-growth SMEs (11%) do. These young high-growth enterprises are still 
in a relatively early phase of their life-cycle and may be more dependent on external 
financing  than  other  SMEs  are:  their  net  increased  need  is  highest  among  all  types. 
Exporters  experience  approximately  slightly  higher  increases  in  needs  for  leasing  or 
hire-purchase as non-exporters (net 7% versus net 5%). Innovative SMEs experience 
more needs for leasing or hire-purchase than non-innovative SMEs do (net 9% and net 
1%, respectively). 

92 

21%20%21%18%19%19%21%20%26%35%26%18%21%24%15%64%66%64%67%67%65%64%66%60%53%58%67%64%61%71%14%14%15%14%13%15%14%14%13%10%15%14%14%15%13%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na7%6%6%4%5%4%7%6%13%25%11%5%7%9%1% 
 
 
 
 
 
 
 
 
2.5.  Changes in the terms and conditions of bank financing 

Survey on the access to finance of enterprises (SAFE) 

This section covers changes in the terms and  conditions for bank  financing for SMEs, 
detailing  changes  over  the  years  and  a  breakdown  by  country  and  enterprise 
characteristic for a subset of two types of these terms and conditions. The two types 
that  are  discussed  in  more  detail  are  the  levels  of  interest  rates  and  collateral 
requirements. Changes in these terms and conditions in the six months preceding the 
survey are first presented for SMEs in the EU28 for the period 2013-2018 in figure 79. 
Net changes are reported which correspond to the net effect of reported increases minus 
decreases. 

figure 79 

Changes in the terms and conditions for bank financing for SMEs in EU28 in the period 2013-
2018, for SMEs in the EU28. 

Q10. We will turn now to the terms and conditions of bank financing, such as bank loans, overdrafts and credit 
lines.  Please indicate whether the following items increased, remained unchanged or decreased in the past 
six months. 
Source: SAFE, 2013-2018; edited by Panteia. 

93 

23%17%12%14%23%34%34%33%33%30%39%43%20%19%21%21%20%18%8%8%9%8%9%7%16%16%21%21%31%31%20%19%22%23%25%24%57%56%47%47%40%41%56%55%52%53%48%46%68%67%66%62%60%61%81%80%80%79%74%78%74%72%68%67%59%61%67%68%64%64%60%63%15%22%36%33%32%21%5%7%10%11%9%5%6%8%8%11%15%17%4%5%6%5%8%7%4%4%5%5%5%3%5%4%6%5%5%2%5%5%4%6%5%4%5%5%4%6%5%5%5%6%5%5%5%4%7%7%6%8%9%8%6%7%6%7%5%5%8%9%8%8%10%11%201820172016201520142013201820172016201520142013201820172016201520142013201820172016201520142013201820172016201520142013201820172016201520142013increasedremained unchangeddecreaseddk/na7%-5%-24%-19%-9%14%29%26%23%19%30%38%13%11%13%10%5%2%4%3%3%3%0%0%12%12%16%16%26%28%15%14%16%18%20%22%interest ratesnon-interest cost of financingloan size or credit lineloan maturitycollateral requirementsother 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

The level of interest rates faced by EU28 SMEs has been positive in 2018. 23% of SMEs 
reported  an  increase  in  the  level  of  interest  rates  whereas  15%  that  was  faced  with 
decreased rates by banks. The resulting net effect amounts to a net increase by 7%. In 
the  previous  four  years  the  level  of  interest  rates  faced  by  EU28  SMEs  has  been 
negative. 

Even though interest rates increased more often than they decreased, the net increase 
of the other non-interest costs of financing increased even more. These costs include 
such  items  as  charges,  fees  and  commissions  charged  to  SMEs  when  acquiring  bank 
financing. In 2018, 34% reported an increased level versus a decrease by 5% of SMEs. 
The resultant net change equalled a 29% increase. 

The  size  of  loans  or  credit  lines  available  to  EU28  SMEs  increased,  signalling  an 
improvement  of  this  financing  term.  In  2018,  20%  reported  a  size  increase.  Another 
6% reported a decreased size, resulting in a net increase for 13% of SMEs.  

Loan  maturity  saw  a  net  increase  for  the  first  time  in  2015,  after  a  few  years  of  net 
changes equalling 0%. In 2018, 8% of EU28 SMEs reported an increase in the maturity 
of available loans. Another 4% indicated that the maturity had decreased, resulting in 
a net increase for 4% of SMEs.  

Collateral  may  be  required  by  banks  as  a  form  of  security  given  by  the  borrowing 
enterprise to the lender as a pledge for the repayment of the loan, often in the form of 
fixed assets. Even though the level of interest rates charged to EU28 SMEs and the size 
of  available  loans  and  credit  lines  have  improved  during  2014  -2017,  collateral 
requirements increased continuously - and thus worsened. In 2018, 16% of EU28 SMEs 
reported an increase in collateral requirements versus a decrease reported by 4%. The 
net increase equals 12% of SMEs. 

A similar development, with subsequent increases for each of the survey years, can be 
observed for other terms and conditions for bank financing. These include, but are not 
limited  to,  required  guarantees,  information  requirements,  procedures,  time  required 
for loan approval and loan covenants. In 2018, 20% of EU28 SMEs reported an increase 
in the other terms and conditions for bank financing. Another 5% indicated that it had 
decreased, resulting in a net increase for 15% of SMEs. 

94 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.5.1 Level of interest rates 

This section presents more detailed breakdowns of changes in the level of interest rates 
charged to EU28 SMEs. A breakdown by country in figure 80 presents results for SMEs 
in  each  country  of  the  EU28.  A  breakdown  by  enterprise  characteristic  in  figure  81 
presents  these  results  by  sector  of  the  economy,  enterprise  size,  type  of  growth, 
exporter status and innovativeness. Net changes are reported which correspond to the 
net effect of reported increases minus decreases. 

figure 80 

Changes  in  the  level  of  interest  rates  in  the  past  six  months  (April  to  September  2018)  for 
SMEs in the EU28, by country. 

Q10a. Level of interest rates - We will turn now to the terms and conditions of bank financing, such as bank 
loans, overdrafts and credit lines. Please indicate whether the following items increased, remained unchanged 
or decreased in the past six months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

Increases in the level of interest rates charged are reported by 23% of all SMEs in the 
EU28,  with  another  15%  having  experienced  decreased  levels,  resulting  in  a  net 
increase of 7%. Among the countries of the EU28, SMEs in Croatia and Cyprus report 
the  largest  net  decreased  level  (and  thus  the  largest  improvement)  and  SMEs  in  the 
United Kingdom the largest net increased level. 

95 

53%48%47%32%33%25%27%22%13%23%13%10%16%13%16%15%16%17%20%19%13%13%15%14%18%15%5%4%0%37%42%38%53%54%62%58%67%80%57%68%73%66%65%65%64%67%60%58%50%65%60%53%58%42%43%46%38%5%7%9%4%10%7%13%9%1%15%6%3%9%8%12%13%15%16%21%23%18%20%24%23%32%33%44%50%6%6%10%4%6%7%5%12%14%8%13%8%8%7%8%4%8%9%5%8%8%6%7%United KingdomCzech RepublicRomaniaLithuaniaLuxembourgIrelandItalyAustriaMaltaEU28HungarySwedenPolandLatviaBelgiumGreeceGermanyFinlandSpainFranceDenmarkSloveniaSlovakiaPortugalNetherlandsBulgariaCroatiaCyprusEstonia*increasedremained unchangeddecreaseddk/na48%41%38%28%23%18%14%13%13%7%7%7%7%6%4%1%1%1%-1%-4%-6%-7%-9%-9%-14%-18%-40%-46% 
 
 
 
 
 
 
 
 
 
 
 
figure 81 

Changes  in  the  level  of  interest  rates  in  the  past  six  months  (April  to  September  2016)  for 
SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q10a. Level of interest rates - We will turn now to the terms and conditions of bank financing, such as bank 
loans, overdrafts and credit lines. Please indicate whether the following items increased, remained unchanged 
or decreased in the past six months. 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all types of enterprises report net increases 
in  the  level  of  interest  rates  charged  in  2018.  Among  the  various  sectors,  SMEs  in 
construction and in services face the largest net increase (8%), and those in trade the 
smallest (6%). There exists a relation between the size of an enterprise and changes in 
the level of interest expenses charged. Large enterprises of at least 250 employees have 
experienced a net increase equal to 6%, while micro-sized enterprises of no more than 
9 employees most often experienced a net increase in this level (10%).  

Gazelles  perceive  more  often  an  increase  in  interest  rates  compared  to  high-growth 
enterprises;  in  2018  there  was  an  increase  of  26%  for  the  former  compared  to  an 
increase of 9% for the latter. Exporters and non-exporters experienced a net increase 
of 8% and 7% respectively.  Innovative SMEs  are faced with  increased interest levels 
more often than non-innovative enterprises. 

96 

22%23%24%23%23%23%22%23%25%35%24%23%22%26%19%57%55%54%58%57%56%57%57%52%55%55%54%59%52%63%15%15%18%14%13%16%17%15%19%9%15%16%14%17%13%5%7%4%5%7%5%3%5%4%6%6%4%5%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na7%8%6%8%10%7%5%7%6%26%9%7%8%9%6% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2.5.2 Collateral requirements 

This section presents more detailed breakdowns of changes in collateral requirements 
faced by EU28 SMEs. A breakdown by country in figure 82 presents results for SMEs in 
each country of the EU28. A breakdown by enterprise characteristic in figure 83 presents 
these results by sector of the economy, enterprise size, type of growth, exporter status 
and  innovativeness.  Net  changes  are  reported  which  correspond  to  the  net  effect  of 
reported increases minus decreases. 

figure 82 

Changes in collateral requirements in the past six months (April to September 2018) for SMEs 
in the EU28, by country. 

Q10e. Collateral requirements - We will turn now to the terms and conditions of bank financing, such as bank 
loans, overdrafts and credit lines. Please indicate whether the following items increased, remained unchanged 
or decreased in the past six months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

Increases in collateral requirements are reported by 16% of all SMEs in the EU28, with 
another 4% having experienced decreased levels, resulting in a rounded net increase of 
12%. Among the countries of the EU28, SMEs in Cyprus report the largest net increases 
and SMEs in Belgium the smallest net increased collateral requirements. 

97 

59%35%27%24%23%24%23%19%19%23%19%17%19%18%17%14%14%16%14%17%14%11%11%11%10%12%8%10%0%39%54%65%68%67%71%59%68%74%66%75%74%59%74%70%80%60%74%77%67%74%80%71%77%79%74%80%4%5%5%6%3%5%5%5%4%4%8%5%4%5%5%5%6%4%9%8%5%6%8%14%11%5%5%6%17%4%8%4%23%6%6%8%8%5%13%8%5%8%8%11%CyprusGreeceFranceDenmarkMaltaLuxembourgLithuaniaSwedenSlovakiaBulgariaAustriaFinlandLatviaGermanyNetherlandsCzech RepublicCroatiaEU28PortugalSloveniaHungaryPolandRomaniaSpainItalyIrelandUnited KingdomBelgiumEstonia*increasedremained unchangeddecreaseddk/na58%33%24%22%21%19%18%18%17%16%16%14%13%13%12%12%12%12%10%9%9%8%7%6%6%5%5%1% 
 
 
 
 
 
 
 
 
 
 
figure 83 

Changes in collateral requirements in the past six months (April to September 2018) for SMEs 
in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q10e. Collateral requirements - We will turn now to the terms and conditions of bank financing, such as 
bank loans, overdrafts and credit lines. Please indicate whether the following items increased, remained 
unchanged or decreased in the past six months. 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all types of enterprises report net increases 
in  collateral  requirements  in  2018.  Among  the  various  sectors,  SMEs  in  trade  and  in 
services face the largest net increase (12%), and those in industry the smallest (10%). 
There  is  a  relation  between  the  size  of  an  enterprise  and  changes  in  collateral 
requirements asked. Large enterprises of at least 250 employees have experienced a 
net  increase  equal  to  only  6%,  while  micro-sized  enterprises  of  no  more  than  9 
employees most often experienced a net increase in these requirements (13%).  

Gazelle SMEs (26%) more often report a net increase in collateral requirements than 
non-gazelle high-growth SMEs (9%) do. These young high-growth enterprises are still 
in  a  relatively  early  phase  of  their  life-cycle  and  may  simply  not  possess  sufficient 
collateral.  Exporters  and  non-exporters  present  similar increased  requirements,  while 
innovative SMEs are faced with increased requirements more often than non-innovative 
enterprises. 

98 

14%16%17%16%17%16%14%16%10%28%16%16%16%18%13%75%72%72%75%72%74%75%74%80%63%70%73%74%70%80%4%5%5%4%4%4%5%4%4%3%8%4%5%5%3%7%6%7%6%8%5%6%6%6%6%6%7%6%7%5%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na10%11%12%12%13%12%9%12%6%26%9%12%11%13%10% 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

3.  OUTLOOK FOR THE FUTURE 

3.1.  Key findings 

Most SMEs in the EU28 expect to experience turnover growth in the next two to three 
years, with 64% expecting either moderate or substantial growth. This was slightly less 
than  the  proportion  in  2017.  Grouping  both  substantial  and  moderate  growth 
expectations,  among  countries  in  the  EU28,  SMEs  in  Cyprus  and  Ireland  are  most 
positive about their expected growth. SMEs in  France are the least positive regarding 
growth  expectations.  The  proportion  of  enterprises  expecting  to  grow  substantially  is 
higher among SMEs than among large enterprises. 

Amongst  EU28  SMEs,  68%  is  confident  when  talking  with  banks  about  financing  and 
obtaining  the  desired  results,  while  only  23%  is  confident  when  talking  to  equity 
investors and venture capital firms. Among countries in the EU28, SMEs in Portugal and 
Finland are most confident in their talks with banks, SMEs in Greece and Lithuania were 
the least confident.  

Debt financing is preferred over equity financing by SMEs. In the EU28, 65% preferred 
bank loans in 2018, while another 14% preferred loans from other sources (e.g. trade 
credit), and 6% preferred equity investments. These proportions tend to be stable over 
the years. 

Of  the  EU28  SMEs,  45%  do  not  perceive  any  limitations  in  their  access  to  future 
financing.  Those  that  do  perceive  such  limitations  most  often  cite  interest  rates  and 
prices of financing being too high (13%) and insufficient collateral or guarantees (12%) 
as the main causes. SMEs in Belgium and in Finland most often see no obstacles while 
this is least often the case amongst SMEs in Greece. The more enterprises are, the less 
obstacles they see in obtaining finance. However, the proportion of SMEs that do not 
perceive any limitations in their access to future financing is less than the proportion of 
large enterprises. 

Nearly one out of four SMEs (23%) in the EU28 needs financing amounts of between 
EUR  25,000  and  EUR  100,000  to  realise  their  growth  ambitions.  The  proportions 
requiring larger amounts of finance is higher amongst large enterprises than amongst 
SMEs. SMEs active in industry require the largest amounts to realise their ambitions. 

SMEs expect the availability of all types of financing (ranging from internal financing to 
such external types as bank loans, equity capital and trade credit) to improve in the six 
months from October 2018 to March 2018. 

3.2.  Expected growth SMEs  

This section covers the annual growth in turnover SMEs expect in the coming two to 
three years, detailing changes over the years and a breakdown by country and 
enterprise characteristic of expected growth. Expected growth is presented for SMEs in 
the EU28 for the period 2013-2018 in figure 84 making a distinction between 
moderate and substantial growth.  

 
 
 
 
 
 
 
 
figure 84 

Expected growth in turnover in the next two to three years by SMEs in the EU28, for the period 
2013-2018.  

Survey on the access to finance of enterprises (SAFE) 

Q17. Considering the turnover over the next two to three years (2018-2020), how much does your enterprise 
expect to grow per year? 
Source: SAFE, 2013-2018; edited by Panteia. 

More than half of the SMEs in the EU28 expect to experience annual turnover growth 
in the next two to three years: 9% expects to grow substantially and another 55% 
expects to grow moderately. This was only slightly less than the percentages in 2017. 
The proportion of SMEs that expects substantial growth has remained relatively stable 
in the period from 2013 to 2018, as has the proportion that expects turnover to 
remain the same. The group that expects moderate turnover growth developed in 
proportion from 48% in 2013 to 55% in 2018 and the proportion of SMEs that expects 
turnover to become smaller decreased from 11% to 7% between 2013 and 2018. 

Figure 85 provides a breakdown of SMEs’ expected turnover growth by country in the 
EU28. The EU28 proportions correspond to those for 2018 in the graph presenting 
annual variations. Within the countries of the EU28, Romania’s SMEs are most 
ambitious in their expectations regarding turnover growth: 19% expects to grow 
substantially. This proportion is the smallest for Luxembourg (4%). Grouping both 
substantial and moderate growth expectations, SMEs in Cyprus and in Ireland expect 
growth most (76%) and French SMEs expect growth least (55%). The proportion of 
SMEs that expect turnover to shrink is the largest in Poland and Slovakia (11% of 
SMEs). 

100 

9%12%10%10%10%9%48%49%52%54%56%55%29%27%26%26%24%26%11%10%8%8%6%7%201320142015201620172018grow substantially - over 20% per year in terms of turnovergrow moderately - below 20% per year in terms of turnoverstay the same sizebecome smallerdk/na 
 
 
 
 
 
 
 
 
figure 85 

Expected growth in turnover in the next two to three years by SMEs in the EU28, by country.  

Survey on the access to finance of enterprises (SAFE) 

Q17. Considering the turnover over the next two to three years (2018-2020), how much does your enterprise 
expect to grow per year? 
Source: SAFE, 2018; edited by Panteia. 

A  breakdown  by  enterprise  characteristic  is  presented  in  figure  86  and  details  how 
expected turnover growth varies among sectors of the economy, size-classes, growth 
types,  exporter  status  and  innovativeness.  EU28  SMEs  active  in  industry  are  most 
positive regarding their future turnover: 69% expects moderate to substantial growth. 
There  appears  to  be  a  clear  positive  relation  between  enterprise  size  and  expected 
turnover growth. Even though more than half of micro-sized enterprises (57%) expects 
moderate to substantial growth in the next two to three years, 77% of large enterprises 
expects turnover to grow. The proportion consistently grows with enterprise size. 

High-growth  enterprises  and  gazelles  are  defined  by  their  realised  growth  in  recent 
years. Having realised substantial growth rates recently, it seems these enterprise types 
also expect to maintain such substantial growth rates in the future. The proportion of 
SMEs that expects substantial turnover growth is by far the greatest among these two 
types: 26% for high-growth enterprises and even more impressing 40% for gazelles.  

SMEs  that  export  (71%  expects  some  degree  of  growth)  are  more  ambitious in  their 
expected growth rates than non-exporters (60%). More innovative SMEs (72%) expect 
their  turnover  to  grow  moderately  or  substantially  than  do  the  non-innovative  SMEs 
(55%). 

101 

19%18%17%15%14%14%14%13%12%11%11%11%10%10%10%10%9%9%9%9%8%8%7%7%7%6%5%5%4%52%47%59%47%52%43%58%61%57%49%62%54%57%52%48%58%55%57%67%55%49%68%48%59%48%65%57%58%58%15%26%17%26%24%35%19%21%23%25%21%30%22%26%31%22%29%18%18%26%32%16%34%24%33%21%28%31%33%8%5%4%9%6%6%5%4%7%11%4%6%8%9%9%4%11%5%7%8%6%7%6%7%7%7%5%5%4%3%5%5%4%4%4%4%3%5%3%RomaniaGreeceCyprusLithuaniaCroatiaEstoniaSwedenNetherlandsSloveniaPolandDenmarkPortugalUnited KingdomBulgariaLatviaHungaryFinlandSlovakiaIrelandEU28BelgiumSpainItalyCzech RepublicFranceAustriaGermanyMaltaLuxembourggrow substantially - over 20% per year in terms of turnovergrow moderately - below 20% per year in terms of turnoverstay the same sizebecome smallerdk/na 
 
 
 
 
 
 
 
 
 
figure 86 

Expected growth in turnover in the next two to three years by SMEs in the EU28, by enterprise 
characteristic.  

Survey on the access to finance of enterprises (SAFE) 

Q17. Considering the turnover over the next two to three years (2018-2020), how much does your enterprise 
expect to grow per year? 
Source: SAFE, 2018; edited by Panteia. 

3.3.  Confidence in being able to get future financing  

To  realise  their  growth  ambitions,  SMEs  will  need  to  invest,  innovate  and  expand  by 
entering new markets. This section covers the expected talks with financiers undertaken 
by  SMEs  to  obtain  the  required  funding,  detailing  changes  over  the  years  and  a 
breakdown  by  country  and  enterprise  characteristic  of  the  confidence  SMEs  have  in 
bringing these talks to a successful close. Changes in this confidence are presented for 
SMEs in the EU28 for the period 2013-2018 in figure 87.  

In 2018, 68% of all SMEs in the EU28 felt confident in talking with banks about financing 
and obtaining the desired results. At the same time, 20% did not. T Similar results are 
obtained  for  2015,  2016  and  2017;  before  SMEs  were  less  confident  in  talking  with 
banks obtaining financing. SMEs are less positive regarding talks with equity investors 
and venture capital firms. Only 23% of EU28 SMEs indicate that they feel confident in 
talking with these types of financiers in 2018, while 34% does not.  

When  interpreting  these  proportions  it  is  key  to  realise  that  there  exists  a  large 
difference in the degree to which the two types of financiers are considered relevant by 
SMEs.  Talking  with  equity  investors  to  obtain  external  financing  is  not  considered 
relevant to their situation by 12% of SMEs (figure 1 in section 1.2). 

102 

9%10%6%10%10%9%7%9%6%40%26%8%11%13%5%60%48%55%55%47%58%65%55%71%49%53%52%60%59%50%23%31%27%25%31%23%21%26%17%7%14%29%21%20%33%5%7%9%6%9%6%5%7%5%3%4%8%6%6%8%4%4%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsgrow substantially - over 20% per year in terms of turnovergrow moderately - below 20% per year in terms of turnoverstay the same sizebecome smallerdk/na 
 
 
 
 
 
 
 
 
 
figure 87 

Confidence  in  talking  with  banks,  equity  investors  and  venture  capital  enterprises  about 
financing and obtaining the desired results for SMEs in the EU28, for the period 2013-2018. 

Survey on the access to finance of enterprises (SAFE) 

Q19. Do you feel confident talking about financing with banks and that you will obtain the desired results? 
And how about with equity investors/venture capital enterprises? 
Source: SAFE, 2013-2018; edited by Panteia. 

Figure 88 provides a breakdown of SMEs’ confidence in talking with banks and equity 
investors and venture capital firms to obtain future financing by country in the  EU28. 
The  EU28  proportions  correspond  to  those  for  2018  in  the  graph  presenting  annual 
variations.  Within  the  countries  of  the  EU28,  Portuguese  SMEs  are  most  confident  in 
talks  with  banks  (83%),  while  Maltese  SMEs  are  most  confident  in  talks  with  equity 
investors  and  venture  capital  firms  (43%).  For  talks  with  banks,  this  proportion  is 
smallest  for  Lithuanian  and  Greek  SMEs  (42%).  For  talks  with  equity  investors  and 
venture  capital  firms,  this  proportion  is  smallest  for  Slovenia  and  the  Czech  Republic 
(8%). 

103 

64%63%67%67%68%68%24%27%22%21%19%20%9%8%9%9%10%10%201320142015201620172018Banks14%20%20%22%23%23%19%32%33%32%32%34%64%43%42%40%40%38%5%5%6%5%5%201320142015201620172018Equity investors and venture capital firmsyesnonot applicabledon't know 
 
 
 
 
 
 
 
 
figure 88 

Confidence  in  talking  with  banks,  equity  investors  and  venture  capital  enterprises  about 
financing and obtaining the desired results for SMEs in the EU28, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q19. Do you feel confident talking about financing with banks and that you will obtain the desired results? 
And how about with equity investors/venture capital enterprises? 
Source: SAFE, 2018; edited by Panteia. 

104 

83%82%80%78%77%75%75%74%73%72%71%70%69%69%68%67%66%65%63%59%59%59%54%53%50%49%48%43%42%21%31%31%18%25%30%43%17%40%13%8%33%31%21%23%21%29%16%21%13%38%11%13%29%15%10%8%14%21%PortugalFinlandBelgiumLuxembourgAustriaGermanyMaltaFranceNetherlandsBulgariaCzech RepublicDenmarkUnited KingdomSpainEU28PolandIrelandSwedenCroatiaSlovakiaCyprusItalyHungaryEstoniaRomaniaLatviaSloveniaLithuaniaGreecebanksequity investors and venture capital firms 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A  breakdown  by  enterprise  characteristic  is  presented  in  figure  89  and  details  how 
confidence  in  financing  talks  varies  among  different  sectors  of  the  economy,  size-
classes, growth types, exporter status and innovativeness. EU28 SMEs active in industry 
are  generally  most  confident  in  the  outcome  of  these  talks:  71%  when  talking  with 
banks and 25% with equity investors and venture capital firms. There appears to be a 
clear positive relation between enterprise size and confidence. Even though more than 
half of micro-sized enterprises (60%) feel confident to have talks with banks, 81% of 
large enterprises do so. The proportion consistently grows with enterprise size. 

Gazelles  and  high-growth  enterprises  do  not  differ  much  from  average  EU28  SMEs 
regarding the confidence that talking to banks and equity investors and venture capital 
firms  about  financing  and  obtaining  the  desired  results.  Neither  is  there  a  significant 
difference  between  exporters  and  non-exporters,  or  between  innovative  and  non-
innovative SMEs. 

figure 89 

Confidence  in  talking  with  banks,  equity  investors  and  venture  capital  enterprises  about 
financing and obtaining the desired results for SMEs in the EU28, by enterprise characteristic. 

Q19. Do you feel confident talking about financing with banks and that you will obtain the desired results? 
And how about with equity investors/venture capital enterprises? 
Source: SAFE, 2018; edited by Panteia. 

105 

71%68%69%67%60%72%79%68%81%67%72%66%71%70%66%25%20%19%24%18%24%29%23%36%36%29%21%25%25%20%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsbanksequity investors and venture capital firms 
 
 
 
 
 
 
 
 
3.4.  External financing in the future 

Survey on the access to finance of enterprises (SAFE) 

This  section  covers  various  aspects  of  external  financing  for  SMEs  in  the  future.  It 
discusses the preferred type (3.4.1), factorings limiting the access to future financing 
(3.4.2) and size of the external financing (3.4.3). 

3.4.1 Preferred type of financing 

This  subsection  covers  the  type  of  financing  SMEs  prefer  to  realise  their  growth 
ambitions, detailing changes over the years and a breakdown by country and enterprise 
characteristic of expected growth. Preferred type of external financing is presented for 
SMEs in the EU28 for the period 2014-2018 in figure 90 and distinguishes between three 
main types: bank loans, loans from other sources and equity investments. Other sources 
for loans include trade credit, related enterprises, shareholders and public sources. 

figure 90 

Types of external financing preferred to realise growth ambitions for SMEs in the EU28, for the 
period 2014-2018. 

Q20. If you need external financing to realise your growth ambitions, what type of external financing would 
you prefer most? 
Source: SAFE, 2014-2018; edited by Panteia. 

Debt financing in the form of loans is much more popular than financing through equity 
investments.  In  2018,  65%  of  EU28  SMEs  indicates  that  they  prefer  bank  loans  to 
finance  their  future  growth  ambitions  and  another  14%  reported  loans  from  other 
sources. Equity investment is the preferred type for 6% of SMEs. These proportions vary 
little since 2016; in 2014 and 2015, the preference for bank loans was somewhat lower. 

106 

62%61%64%64%65%15%17%16%15%14%7%9%6%6%6%10%9%5%9%6%5%5%8%6%9%20142015201620172018bank loanloan from other sourcesequity investmentotherdk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure 91 provides a breakdown of SMEs’ preference for type of external financing by 
country in the EU28. The EU28 proportions correspond to those for 2018 in the graph 
presenting annual variations. Within the countries of the EU28, French and Portuguese 
SMEs (77%) have the strongest preference for bank loans and Romanian SMEs (43%) 
have the weakest preference for this type. When taken together, debt financing in the 
form of loans from both banks and other sources is most popular in Portugal (89%) and 
least  in  Sweden  and  Denmark  (60%).  Compared  to  other  EU  countries  equity 
investments are most popular in Latvia (30%). Loans from other sources are particularly 
popular  in  Lithuania  and  Romania  (24%).  Other  alternatives  are  most  popular  in 
Hungary, United Kingdom and Estonia (11%). 

figure 91 

Types  of  external  financing  preferred  to  realise  growth  ambitions  for  SMEs  in  the  EU28,  by 
country. 

Q20. If you need external financing to realise your growth ambitions, what type of external financing would 
you prefer most? 
Source: SAFE, 2018; edited by Panteia. 

107 

77%77%74%74%73%72%71%71%71%69%69%68%66%65%65%62%62%61%58%58%57%55%53%51%51%48%47%46%43%8%12%12%10%13%14%13%15%13%14%13%9%20%14%18%9%8%8%17%20%24%19%15%21%14%12%13%15%24%3%10%3%3%5%8%5%8%7%6%6%11%17%8%7%6%8%4%23%26%26%30%8%6%6%8%5%4%6%5%3%9%9%6%5%6%6%7%3%7%6%11%11%11%5%6%8%10%6%4%5%8%6%7%3%5%12%8%7%9%6%12%7%15%15%12%7%14%14%12%8%7%6%7%15%FrancePortugalMaltaBelgiumItalyBulgariaSpainFinlandGermanyCzech RepublicIrelandLuxembourgSlovakiaEU28AustriaCyprusSloveniaCroatiaNetherlandsPolandLithuaniaHungaryUnited KingdomEstoniaGreeceSwedenDenmarkLatviaRomaniabank loanloan from other sourcesequity investmentotherdk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A  breakdown  by  enterprise  characteristic  is  presented  in  figure  92  and  details  how 
preference for certain financing types varies among different sectors of the economy, 
size-classes, growth types, exporter status and innovativeness. (Bank) loans are least 
popular as a type of financing among EU28 SMEs active in services: 64%. There does 
not  appear  to  be  a  clear  relation  between  enterprise  size  and  the  preferred  type  of 
external financing to realise growth ambitions. 

Gazelles are the SME type that is most likely to make use of equity investments as a 
source  of  external  financing  to  realise  their  growth  ambitions:  12%  versus  the  EU28 
SME average of 6%. This may be related to the age criterion used to identify this type 
of  enterprise  as  a  similar  reliance  is  not  observed  for  the  non-gazelle  high-growth 
enterprises. Young high-growth enterprises are more likely to attract venture capitalists 
and business angels.  

figure 92 

Types  of  external  financing  preferred  to  realise  growth  ambitions  for  SMEs  in  the  EU28,  by 
enterprise characteristic. 

Q20. If you need external financing to realise your growth ambitions, what type of external financing would 
you prefer most? 
Source: SAFE, 2018; edited by Panteia. 

108 

65%68%67%64%64%67%65%65%64%65%63%67%63%63%68%16%13%15%13%13%13%17%14%17%13%14%12%17%16%12%5%5%5%7%6%6%6%6%7%12%8%6%7%7%5%6%5%5%7%7%6%5%6%5%4%5%6%6%5%8%8%9%7%9%10%8%7%9%7%6%10%9%8%9%8%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsbank loanloan from other sourcesequity investmentotherdk/na 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

3.4.2 Perceived limiting factors to obtaining financing 

This  section  covers  the  perceived  limiting  factors  to  obtaining  the  future  financing 
required  by  SMEs  to  realise  their  growth  ambitions,  detailing  changes  over  the  years 
and a breakdown by country and enterprise characteristic of expected growth. Perceived 
limitations are presented for SMEs in the  EU28 for the period 2016-2018 in figure 93 
and  distinguishes  between  five  main  limitations:  collateral,  costs  of  the  financing, 
paperwork, availability and control. 

figure 93 

Perceived factors limiting the access to future financing for SMEs in the EU28, for the period 
2016-2018. 

Q22.What do you see as the most important limiting factor to get this financing? 
Source: SAFE, 2016-2018; edited by Panteia. 

A large part of the SMEs in the EU28 that are looking to obtain external funds to finance 
their growth ambitions expect to run into no obstacles at all in doing so: 45% in 2018, 
which is a slight decrease respect to 2017. 

Most  of  the  EU28  SMEs  that  do  feel  that  there  are  limiting  factors,  consider  costs 
associated with the financing, including interest rates and price as the prime limitation: 
13%. It should be noted that this limitation is only applicable to enterprises that prefer 
debt financing for future financing.  

109 

45%13%12%11%8%5%4%2%47%12%13%9%8%5%4%3%44%11%15%10%8%5%4%3%41%12%15%10%7%5%6%3%there are no obstaclesinterest rates or price too highinsufficient collateral or guaranteeothertoo much paperwork is involveddk/nafinancing not available at allreduced control over the enterprise2018201720162015 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Insufficient availability of collateral or guarantees in their organisation is considered by 
12%  of  EU28  SMEs  to  be  the  most  important  limiting  factor,  followed  by  too  much 
paperwork  (8%),  the  unavailability  of  financing  (4%)  and  reduced  control  over  the 
enterprise (2%).  

Figure  94  provides  a  breakdown  of  SMEs’  the  most  cited  limiting  factors  in  obtaining 
future financing for growth ambitions by country in the EU28. The graph is limited to 
the three most relevant responses. The EU28 proportions correspond to those for 2018 
in the graph presenting annual variations (figure 93). Within the countries of the EU28, 
Belgian and Finnish SMEs (62%) most often expect to run in no obstacles at all, which 
is by far least often the case for Greek SMEs (15%). Insufficient collateral or guarantees 
is most often cited as a perceived limitation in Estonia (35%). Interest rates or the price 
of financing are most often cited as a limitation by SMEs in Greece (31%). 

figure 94 

Three most cited perceived factors limiting the access to future financing for SMEs in the EU28, 
by country. 

Q22.What do you see as the most important limiting factor to get this financing? 
Source: SAFE, 2018; edited by Panteia. 

110 

62%62%60%59%57%57%56%53%49%48%48%45%44%44%44%38%34%33%32%31%31%28%27%27%26%25%20%17%15%4%9%6%6%13%7%5%11%17%13%11%9%9%12%15%16%18%8%23%22%27%6%24%22%25%22%31%11%16%9%11%11%9%18%15%11%12%17%12%13%8%15%20%18%18%7%11%16%22%13%35%11%10%18%23%13%0%10%20%30%40%50%60%70%80%90%100%BelgiumFinlandGermanyAustriaItalySwedenHungaryLuxembourgNetherlandsCzech RepublicBulgariaEU28MaltaDenmarkFranceSlovakiaPolandLatviaUnited KingdomSloveniaSpainLithuaniaPortugalEstoniaIrelandCroatiaRomaniaCyprusGreecethere are no obstaclesinterest rates or price too highinsufficient collateral or guarantee 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure 95 

Three most cited perceived factors limiting the access to future financing for SMEs in the EU28, 
by enterprise characteristic. 

Q22.What do you see as the most important limiting factor to get this financing? 
Source: SAFE, 2018; edited by Panteia. 

Gazelles are both most likely to see obstacles (33% expect there to be no obstacle) and 
most  likely  to  feel  that  their  enterprises  do  not  contain  sufficient  collateral  or 
guarantees. 

111 

49%39%46%44%38%46%52%45%56%33%41%44%46%43%47%11%16%14%13%16%12%10%13%9%13%14%14%12%13%13%12%15%13%12%14%12%11%12%7%18%13%12%13%13%11%0%10%20%30%40%50%60%70%80%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsthere are no obstaclesinterest rates or price too highinsufficient collateral or guarantee 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

3.4.3 Amount of financing 

This  subsection  covers  the  amount  of  future  financing  SMEs  require  to  realise  their 
growth ambitions, detailing a breakdown by five classes of financing size, followed by a 
breakdown by country and enterprise characteristic. The amount of external financing 
required is presented for SMEs in the EU28 for 2018 in figure 96. 

figure 96 

Amount of external financing needed to realise growth ambitions over the next two to three 
years for SMEs in the EU28, 2018. 

Q21. If you need external financing to realise your growth ambitions over the next two to three years (2016-
2018), what amount of financing would you aim to obtain? 
Source: SAFE, 2018; edited by Panteia. 

The largest proportion of EU28 SMEs is looking to obtain future external financing in the 
range of EUR 25,000 to EUR 100,000 in size to realise their growth ambitions for the 
next two to three years: this is the size-class in which the amount falls for 23% of EU28 
SMEs. The smallest proportion of SMEs looks to obtain financing in the range over EUR 
1,000,000: 13%. These amounts are mostly suitable only to large enterprises. 

112 

15%23%17%17%13%15%< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Figure  97  provides  a  breakdown  of  the  amount  of  external  financing  SMEs  seek  to 
finance  their  future  growth  ambitions  by  country  in  the  EU28.  The  EU28  proportions 
correspond to figure 96. Within the countries of the EU28, SME’s in Luxembourg has the 
largest proportion seeking financing amounts over EUR 250.000: 52%. This proportion 
is  smallest  in  Hungary,  for  which  it  is  only  21%.  Future  financing  needs  seem  to  be 
smallest  in  Sweden:  45%  of  SMEs  indicates  that  they  external  financing  to  realise 
growth ambitions is not relevant to them (or they do not know). SME’s in Spain (23%) 
have  the  largest  proportion  of  SMEs  seeking  future  financing  no  greater  than  EUR 
25.000. 

figure 97 

Amount of external financing needed to realise growth ambitions over the next two to three 
years for SMEs in the EU28, by country. 

Q21. If you need external financing to realise your growth ambitions over the next two to three years (2016-
2018), what amount of financing would you aim to obtain? 
Source: SAFE, 2018; edited by Panteia. 

113 

4%6%2%14%7%12%12%17%15%7%9%12%18%13%14%9%15%15%17%10%14%16%15%6%21%17%23%17%20%14%22%21%9%24%23%19%18%19%11%19%21%27%27%22%30%29%23%29%23%27%18%29%9%25%20%29%33%29%11%18%23%24%13%19%18%14%18%21%15%17%14%20%15%22%18%17%16%24%20%15%20%15%16%16%15%16%13%29%22%19%15%17%27%17%18%18%18%18%18%15%23%21%19%18%17%20%16%18%14%19%16%14%14%15%14%14%23%24%22%25%22%10%19%18%17%16%16%16%18%11%12%13%14%13%10%13%11%13%8%9%11%10%8%8%7%18%7%14%12%17%9%14%15%13%26%23%16%7%7%16%7%7%15%8%15%10%23%9%45%14%23%11%12%17%LuxembourgFinlandCyprusMaltaAustriaLithuaniaSloveniaNetherlandsBelgiumDenmarkEstoniaGermanyIrelandGreeceFranceRomaniaItalyEU28PortugalCroatiaPolandUnited KingdomBulgariaSwedenSlovakiaCzech RepublicSpainLatviaHungary< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic is presented in figure 98 and details how the 
amount of future financing varies among different sectors of the economy, size-classes, 
growth types, exporter  status and innovativeness.  The largest  financing amounts are 
needed  by  EU28  SMEs  active  in  industry:  22%  needs  an  amount  greater  than  EUR 
1,000,000 and another 27% needs an amount in the range from EUR 250,000 to EUR 
1,000,000.  The  size  of  future  financing  needed  is  relatively  similar  among  SMEs  that 
operate in construction, trade and services.  

There appears to be a clear positive relation between enterprise size and the amount of 
future external financing needed to realise growth ambitions: the larger enterprises are, 
the larger the proportions for the larger financing size-classes. While only 3% of micro-
sized enterprises requires a financing amount greater than EUR 1 million, 64% does so 
among large enterprises. 

Gazelles  generally  need  smaller  amounts  of  future  financing  to  realise  their  growth 
ambitions than non-gazelle high-growth SMEs. Gazelles are high-growth SMEs that are 
no more than five years old and are hence more likely to be smaller in size than high-
growth SMEs in general. 

SMEs  that  generate  part  of  their  turnover  from  exports  are  more  likely  to  require 
external  funds  sized  EUR  250,000  and  over  (41%)  than  non-exporting  SMEs  (22%). 
Innovative SMEs (35% needs an amount over EUR 250,000) also need more funds to 
realise their ambitions than non-innovative SMEs (24%). 

figure 98 

Amount of external financing needed to realise growth ambitions over the next two to three 
years for SMEs in the EU28, by enterprise characteristic. 

Q21. If you need external financing to realise your growth ambitions over the next two to three years (2016-
2018), what amount of financing would you aim to obtain? 
Source: SAFE, 2018; edited by Panteia. 

114 

6%15%16%17%28%8%3%15%16%13%20%9%12%18%15%26%25%25%34%24%8%23%30%24%28%19%23%24%17%20%16%17%14%23%13%17%3%18%19%16%17%18%15%27%16%16%15%8%20%28%17%13%16%18%13%23%20%14%22%11%11%11%3%9%32%13%64%10%14%9%18%15%10%13%13%16%15%13%16%16%15%15%10%12%15%14%12%19%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firms< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na 
 
 
 
 
 
 
 
 
 
3.5.  Expected availability of internal funds and external financing 

Survey on the access to finance of enterprises (SAFE) 

SMEs prefer to finance their expected growth mostly using debt, either originating from 
banks  or  other  sources  (section  3.4.1).  This  section  covers  expected  changes  in  the 
availability of eight types of financing, detailing changes over the years and a breakdown 
by country and enterprise characteristic of the confidence SMEs have in bringing these 
talks to a successful close. The eight types are internal finance, bank loans, other loans, 
equity capital, trade credit, debt securities, credit line and leasing. Expected changes in 
availability are first presented for SMEs in the EU28 for the period 2013-2018 in figure 
99. Net changes are reported which correspond to the net effect of reported increases 
minus decreases. When years are excluded, the particular financing type was only first 
included in a later survey year.  

figure 99 

Changes in the availability of types of financing available in the next six months (October  to 
March) for SMEs in the EU28, for the period 2013-2018. 

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. 
Source: SAFE, 2013-2018; edited by Panteia. 

SMEs in the EU28 report the highest net improvement in retained earnings or sale of 
assets, i.e. in internally generated equity. A bit over one in four SMEs (26%) expects 
an  improvement  in  the  availability  of  this  type  of  financing  and  9%  expects  a 
deterioration, resulting in a rounded net improvement of 17%. In the survey years since 

115 

26%29%26%27%28%23%17%21%21%22%21%16%18%19%19%19%18%8%16%19%19%21%21%13%12%13%8%12%18%6%17%20%19%21%21%15%16%18%18%20%11%12%14%12%61%61%61%59%54%54%62%61%59%59%55%56%67%67%66%66%51%38%66%66%64%65%60%62%60%64%66%59%46%39%66%65%65%64%59%62%71%71%71%69%72%73%68%70%9%7%9%10%12%13%14%11%14%12%17%13%5%6%6%6%8%5%12%8%11%8%12%9%9%11%10%12%12%5%12%10%12%10%15%12%6%4%4%4%9%6%8%6%3%9%3%3%3%3%3%13%6%5%6%7%20%48%3%4%4%3%4%14%13%9%12%12%20%48%10%4%4%3%4%6%7%7%9%4%4%4%6%4%5%5%20182017201620152014201320182017201620152014201320182017201620152014201320182017201620152014201320182017201620152014201320182017201620152014201320182017201620152018201720162015retained earningsor sale of assetsbank loansequity capitaltrade creditdebt securitiesissuedcredit line, bankoverdraft or creditcards overdraftleasing orhire-purchaseotherloanswill improvewill remain unchangedwill deterioratenot applicabledon't know17%21%17%17%16%10%3%10%8%10%4%4%13%13%13%13%11%3%4%11%8%13%10%4%3%1%-1%0%6%1%4%10%7%11%5%4%10%14%14%15%2%6%6%6% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

2013,  EU28  SMEs  never  expected  a  net  deterioration  and  the  size  of  the  net 
improvement they  expect has been increasing each time until 2018. In 2018 the net 
improvement declined. 

Out of the external sources of financing, the availability of equity capital is expected to 
improve most. SMEs expect a net improvement in equity capital, the source of external 
equity (versus the source of internal equity in retained earnings or sale of assets), of 
13%. The expected net improvement for the availability of trade credit is 4%. The two 
types of financing do differ in their nature: the former is equity financing, the second a 
type  of  debt  financing.  Furthermore,  SMEs  have  always  expected  a  non-negative  net 
effect for the availability of equity capital.  

EU28 SMEs expect the availability of financing via a credit line, bank overdraft or credit 
cards overdraft to improve (17%) more often than to deteriorate (12%), resulting in a 
rounded net improvement of 4%. This is a deterioration in comparison to 2017. 

The availability of bank loans is also expected to improve: more EU28 SMEs expect an 
improvement of availability (17%) than do a deterioration (14%) for a net change of 
3%. This is a deterioration compared to 2017.  

SMEs expect a slight improvement in the availability of  debt securities (net change of 
3%)  as  the  proportion  that  expects  an  improvement  is  a  bit  larger  in  size  than  the 
proportion that expects a deterioration.  

Leasing  or  hire-purchases  are  explicitly  distinguished  as  a  separate  type  of  financing 
since 2015. Of the EU28 SMEs, 16% expects an improvement in the availability of this 
type of financing, while 6% expects a deterioration, for a net improvement of 10%.  

The  other  loan  category  has  been  included  only  for  2015  -2018  in  the  figure,  even 
though it was part of earlier surveys. The reason for this choice is that leasing or hire-
purchase was an implicit part of this type of financing in the previous waves, rendering 
temporal comparisons moot. 

3.6.  Important factors in future financing 

This  section  covers  six  factors  affecting  future  financing:  tax  incentives,  public 
measures,  guarantees,  business  support  services,  measures  facilitating  equity 
investments and export credits or guarantees. Average grades are presented for SMEs 
in the EU28 for the period 2014-2018 in figure 100. 

Both tax incentives and making existing public measures easier to obtain are considered 
by EU28 SMEs to be the most (and equally so) important factors for their financing in 
the future. Each factor scores an average of 5.8 on a one to ten scale. For tax incentives 
and for making existing public measures easier to obtain there is a slight decrease in 
the average grade when compared to preceding survey years. Business support services 
(4.8  EU28  average)  and  guarantees  for  loans  (4.7)  are  considered  to  be  similarly 
important factors in SMEs’ future financing. Again, these averages represent a further 
decline in importance of these factors in comparison to earlier survey years. The two 
least  important  factors  for  SMEs’  future  financing  based  on  their  average  grade  are 
measures  to  facilitate  equity  investments  (3.3  EU28  average)  and  export  credits  or 
guarantees (2.4). 

116 

 
 
 
 
 
 
 
 
 
figure 100 

Factors affecting future financing for SMEs in EU28, weighted average of grades on a scale of 
1-10, where 1 means it is not at all important and 10 means that it is extremely important, 
sorted from high to low based on the grade received in 2018, for the period 2014-2018 

Survey on the access to finance of enterprises (SAFE) 

Q24. On a scale of 1-10, where 1 means it is not important at all and 10 means it is extremely important, 
how important are each of the following factors for your enterprise’s financing in the future? 
Source: SAFE, 2014-2018; edited by Panteia 

117 

5.85.84.84.73.32.46.05.94.94.83.32.46.06.04.94.83.32.56.36.35.15.23.83.17.26.75.55.84.13.66.96.65.75.84.03.3201820172016201520142013making existing public measures easier to obtainexport credits or guaranteesmeasures to facilitate equity investmentsguarantees for loansbusiness support servicestax incentives 
 
 
 
 
 
 
 
 
 
4.  CHARACTERISTICS AND CURRENT STATE OF ENTERPRISES 

Survey on the access to finance of enterprises (SAFE) 

This  chapter  presents  background  information  on  the  characteristics  and  the  current 
state of enterprises. It serves as a comparative framework against all of the other tables 
and figures may be viewed as a means to help explain part of the differences that are 
observed  between  years,  countries  and  types  of  enterprises.  The  chapter  covers  the 
financial state of enterprises (section 4.2), the most pressing problems experienced by 
enterprises  (section  4.3)  and  a  set  of  enterprise  characteristics  that  consists  of 
innovativeness, growth and exports (sections 4.4 to 4.6). 

4.1.  Key findings 

In general, the financial state of SMEs in the EU28 has improved in recent survey years. 
SMEs more often report net increases in turnover (25% of SMEs in 2018) and profits 
(3%). Interest expenses increased somewhat in 2018, labour costs saw a net increase 
(54%) which was slightly larger than the increase reported in the preceding year. On 
the other hand, more EU28 SMEs report increases in fixed investments (net 18%), in 
inventories and working capital (net 10%), and in the number of employees (net 13%). 
A larger proportion of the SMEs reported the debt to asset ratio to fall rather than to 
increase. 

Overall, large enterprises of at least 250 employees, reap these benefits of an improving 
economy  more  strongly  than  SMEs  do.  They  more  often  report  increases  in  turnover 
and profits. On the other hand, the labour costs increase more strongly. 

The availability of skilled staff and  experienced managers,  which has become a more 
pressing problem over the years, is the most pressing problem experienced by SMEs in 
the  EU28.  It  is  the  most  urgent  problem  according  to  25%  of  SMEs.  The  next  most 
urgent problem is finding customers. On the other hand, the access to finance for SMEs 
has  fallen  in  importance  as  a  problem.  By  2015  it  had  become  the  least  important 
problem. Nonetheless, it remains a major issue to SMEs in Greece. 

Out of the EU28 SMEs, 52% can be considered as innovative, with Finnish SMEs being 
the most innovative (76%). SMEs in industry (63%) are decidedly more innovative than 
the average SME, as are exporting SMEs (61%). 

Out of the EU28 SMEs, 17% experienced high-growth and 1% can be categorised as a 
gazelle, due to having experienced high-growth rates and being no more than five years 
old. Romanian SMEs most often experience high-growth (32%). The prevalence of high-
growth enterprises does not vary much amongst micro, small, medium-sized and large 
enterprises.  

In the EU28, 42% of SMEs engage in exports, with SMEs in Estonia (67%) and Slovenia 
(65%) exporting most often. SMEs in industry (76%) export decidedly more often than 
the average SME, as do large enterprises (63%) and medium sized enterprises (60%). 

 
 
 
 
 
 
 
 
4.2.  The financial state of enterprises 

Survey on the access to finance of enterprises (SAFE) 

This section covers the financial state of enterprises, detailing changes in indicators over 
the years and a breakdown by country and enterprise characteristic for each of these 
indicators.  These  more  detailed  breakdowns  are  presented  for  a  selected  set  of  key 
indicators. Changes in company indicators in the six months preceding the survey are 
presented for SMEs in the EU28 for the period 2013-2018 in figure 101. The financial 
state  of  enterprises  is  detailed  using  changes  in  turnover,  labour  costs,  other  costs, 
interest  expenses,  profits,  fixed  investments,  inventories  and  working  capital,  the 
number of employees and the ratio of debt compared to assets. 

figure 101 

Changes in company indicators in the past six months for SMEs in the EU28 in the period 2013-
2018. 

Q2. Have the following company indicators decreased, remained unchanged or increased over the past six 
months?  
Source: SAFE, 2013-2018; edited by Panteia. 

120 

43%45%41%42%41%35%58%56%51%49%56%52%61%54%44%43%56%66%20%14%14%15%20%28%31%33%32%33%31%25%28%28%27%21%21%20%25%26%25%14%12%15%39%37%38%36%33%31%37%39%43%44%36%38%36%42%49%47%36%28%66%52%50%48%53%48%38%38%37%35%31%29%58%57%58%64%63%63%62%62%63%60%51%58%18%17%21%21%25%33%4%4%5%6%7%9%2%4%6%9%7%6%12%13%18%16%18%13%28%26%29%29%35%43%9%10%11%11%11%13%12%12%12%22%21%24%18%21%9%11%5%5%5%4%4%4%201820172016201520142013201820172016201520142013201820172016201520142013201820172016201520142013201820172016201520142013201820172016201820172016201820172016201820172016increasedremained unchangeddecreaseddk/na25%28%20%20%16%3%54%51%46%43%49%43%59%50%38%34%50%60%8%1%-4%-1%3%15%3%6%3%4%-4%-18%18%18%16%10%9%8%13%14%13%-8%-9%-8%turnoverlabour costother costinterest expensesprofitfixed investmentinventories and working capitalnumber of employeesdebt compared to assets 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Turnover or sales or revenues are an important indicator of the financial state of 
enterprises and the economy in general. In 2018, 43% of all SMEs in the EU28 
reported that their turnover had increased in the preceding six months, while 18% 
reported a decrease in turnover. The net balance is a 25% increase in turnover. 
Changes in turnover have improved over the years, although 2018 was slightly less 
positive than 2017. 

The costs of inputs to the production process increased in the six months from April to 
September 2018. The proportion of SMEs in the EU28 that reported increased costs 
was far greater than the proportion of SMEs that reported decreases for both labour 
costs (including social contributions) and other costs (consisting among others of 
materials and energy costs). On balance 59% of EU28 SMEs reported increase in other 
costs and 54% reported an increase in labour costs. From 2013 onward, there have 
been net increases in costs for each survey year. In terms of the proportion of SMEs 
reporting them, these increases in costs outweigh the increases in turnover. 

Interest expenses have increased for a proportion of EU28 SMEs greater than the 
proportion that reported decreases. The net effect over the period from April to 
September 2018 is therefore a positive one of 8%. In the previous survey year this 
was a slightly positive one of 1%. The interest rates charged to enterprises consist of 
a base interest and a risk mark-up. The base follows the Euribor (Euro interbank 
offered rate), which is a benchmark rate on the money market. The Euribor peaked in 
October 2008, which was followed by a very strong and continuing drop. From April 
2010 to October 2011 it increased, after which it again dropped and reached a 
consistent rate close to zero percent. The net changes reported by enterprises partially 
reflect these movements in the Euribor. Starting from 2013, the positive net effect has 
been decreasing resulting in a net decrease in interest expenses in 2015 and 2016, a 
trend that has reversed since 2017. 

Investments in fixed assets (property, plant and equipment) are means for enterprises 
to grow, to expand the scale of their operations and to introduce new methods of 
production. Investments in fixed assets have a higher rate of return than inventories 
and working capital, which are necessary in the day-to-day operation of an enterprise. 
Managers will want to keep the size of stock and highly liquid funds to a minimum. 
Both investments in fixed assets and inventories and working capital experienced net 
increases in 2016, 2017 and 2018. The net increases in fixed investments are greater, 
which suggests that enterprises have been able to apply their funds to the higher 
yielding corporate assets. 

On balance, a larger proportion of EU28 report an increase in the number of 
employees rather than a decrease in 2016, 2017 and 2018. This reflects the good 
performance of the SMEs regarding turnover. 

EU28 SMEs’ assets increase in size from investments in fixed assets and net increases 
in inventories and working capital. At the same time, they report net decreases in the 
ratio of debt to their assets. 

121 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

4.2.1 Turnover 

This section presents more detailed breakdowns of changes in turnover. A breakdown 
by  country  in  figure  102  presents  results  for  SMEs  in  each  country  of  the  EU28.  A 
breakdown by enterprise characteristic in figure 103 presents these results by sector of 
the economy, enterprise size, type of growth, exporter status and innovativeness. Net 
changes  are  reported which correspond to the  net effect  of reported increases  minus 
decreases. 

figure 102 

Changes in turnover in the past six months (April to September 2018) for SMEs in the EU28, 
by country. 

Q2a. Turnover – Have the following company indicators decreased, remained unchanged or increased over 
the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Increases in turnover are reported by 43% of all SMEs in the EU28, with another 18% 
having experienced decreases in turnover, resulting in a rounded net positive change 
of 25%. Among the countries of the EU28, SMEs in Slovenia reported the largest 
positive net change and SMEs in Latvia the lowest change. Slightly more than a 
quarter of the Latvian SMEs indicates that their turnover has decreased in the six 
months from April to September 2018.  

122 

51%54%51%52%49%40%49%46%43%47%43%47%47%45%45%43%43%43%44%44%47%44%33%39%36%37%35%32%33%40%32%36%32%38%51%36%42%44%38%43%34%34%37%34%39%39%38%35%36%28%34%51%38%43%41%43%47%39%8%14%13%15%13%5%15%12%12%15%12%18%18%18%20%18%18%19%20%19%23%21%14%23%21%22%21%20%27%SloveniaNetherlandsAustriaIrelandSwedenMaltaHungaryDenmarkCzech RepublicCyprusGermanyFinlandLithuaniaPortugalUnited KingdomEU28EstoniaSpainBelgiumCroatiaRomaniaFranceLuxembourgGreeceSlovakiaPolandBulgariaItalyLatviaincreasedremained unchangeddecreaseddk/na43%40%39%38%36%35%34%33%32%31%31%29%29%28%25%25%25%24%24%24%24%22%18%16%15%15%14%12%6% 
 
 
 
 
 
 
 
 
 
 
figure 103 

Changes in turnover in the past six months (April to September 2018) for SMEs in the EU28, 
by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q2a. Turnover – Have the following company indicators decreased, remained unchanged or increased over 
the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all of the groups identified report positive 
net changes in turnover in 2018. Among the various sectors, enterprises in industry 
report the largest net positive change (29%) and trade the smallest net positive 
change (17%). There exists a clear relation between the enterprise size and changes 
in turnover. Large enterprise of at least 250 employees have experienced the most 
increases in turnover (net 41%), micro enterprises of no more than 9 employees the 
least (net 14%).  

By virtue of their definition as high-growth enterprises, gazelles have experienced the 
largest  positive  net  changes  among  all  groups  identified:  70%  on  balance.  Exporting 
enterprises  more  often  report  turnover  increases  than  non-exporting  enterprises. 
Innovative enterprises experienced increases in turnover more often than those that are 
not identified as being innovative. 

123 

46%42%41%43%35%45%53%43%55%77%65%39%47%50%35%36%42%35%41%44%37%33%39%30%15%25%42%34%32%46%17%15%24%15%21%17%13%18%14%7%10%18%18%17%18%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na29%26%17%27%14%28%40%25%41%70%55%22%30%32%17% 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

4.2.2 Labour costs 

This section presents more detailed breakdowns of changes in labour costs (including 
social contributions). A breakdown by country in figure 104 presents results for SMEs in 
each  country  of  the  EU28.  A  breakdown  by  enterprise  characteristic  in  figure  105 
presents  these  results  by  sector  of  the  economy,  enterprise  size,  type  of  growth, 
exporter status and innovativeness. Net changes are reported which correspond to the 
net effect of reported increases minus decreases. 

figure 104 

Changes  in  labour  costs  (including  social  contributions)  in  the  past  six  months  (April  to 
September 2018) for SMEs in the EU28, by country. 

Q2b.  Labour  costs  (including  social  contributions)  –  Have  the  following  company  indicators  decreased, 
remained unchanged or increased over the past six months?   
Source: SAFE, 2018; edited by Panteia. 

Increases in labour costs are reported by 58% of all EU28 SMEs, with another 4% 
having experienced decreases in labour costs, resulting in a rounded net increase in 
costs of 54%. Among the countries of the EU28, SMEs in Romania and Luxembourg 
report the largest net increases and SMEs in Greece and Cyprus the smallest net 
increase. There are no countries in which SMEs report an average net decrease.  

124 

77%75%70%67%66%65%65%65%63%64%62%62%62%62%60%61%57%58%56%54%57%53%50%51%50%50%46%44%38%19%24%26%29%31%33%31%30%35%30%35%34%33%34%37%32%40%37%41%42%34%38%45%41%45%43%49%52%59%4%4%4%3%4%2%5%3%3%4%4%3%6%4%3%4%8%7%5%6%5%6%4%4%3%RomaniaLuxembourgLithuaniaBulgariaIrelandSlovakiaUnited KingdomCzech RepublicPolandHungaryMaltaGermanyAustriaEstoniaLatviaNetherlandsSloveniaEU28CroatiaSpainBelgiumSwedenDenmarkFrancePortugalFinlandItalyGreeceCyprusincreasedremained unchangeddecreaseddk/na74%74%66%64%64%63%62%61%60%59%59%58%58%58%57%56%55%54%52%50%49%45%45%45%45%44%42%39%35% 
 
 
 
 
 
 
 
 
 
figure 105 

Changes  in  labour  costs  (including  social  contributions)  in  the  past  six  months  (April  to 
September 2018) for SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q2b.  Labour  costs  (including  social  contributions)  –  Have  the  following  company  indicators  decreased, 
remained unchanged or increased over the past six months?   
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all of the groups identified report net 
increases in labour costs in 2018. Among the various sectors, SMEs in trade and in 
services report the smallest net increase (53%). The differences among the sectors 
are relatively limited. There exists a clear relation between the size of an enterprise 
and changes in labour costs. Large enterprise of at least 250 employees have 
experienced the most increases labour costs (net 64%), micro enterprises of no more 
than 9 employees the least (net 46%), both of which are higher than seen in 2017. 

There  exists  only  a  marginal  difference  in  the  changes  in labour  costs  between  high-
growth enterprises and gazelles with net increases of 64% and 66% respectively. Non-
exporting enterprises report increases in labour costs slightly more often than exporting 
enterprises.  Innovative  enterprises  experienced  increases  in  labour  costs  more  often 
than those that are not identified as being non-innovative. 

125 

60%61%57%57%50%63%66%58%68%68%66%57%60%63%53%35%34%39%38%45%32%30%37%27%31%31%39%35%32%42%4%4%4%4%4%4%3%4%3%4%4%4%4%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na57%57%53%53%46%59%63%54%64%66%64%53%56%58%49% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

4.2.3 Other costs 

This section presents more detailed breakdowns of changes in other costs (materials, 
energy and other). A breakdown by country in figure 106 presents results for SMEs in 
each  country  of  the  EU28.  A  breakdown  by  enterprise  characteristic  in  figure  107 
presents  these  results  by  sector  of  the  economy,  enterprise  size,  type  of  growth, 
exporter status and innovativeness. Net changes are reported which correspond to the 
net effect of reported increases minus decreases. 

figure 106 

Changes in other costs (materials, energy, other) in the past six months (April to September 
2018) for SMEs in the EU28, by country. 

Q2c.  Other  costs  (materials, energy, other)  –  Have  the  following company  indicators decreased, remained 
unchanged or increased over the past six months? 
Source: SAFE, 2018; edited by Panteia. 

Increases in other costs are reported by 61% of all SMEs in the EU28, with another 
2% having experienced decreases in other costs, resulting in a net increase in costs of 
59%. Among the countries of the EU28, SMEs in Romania report the largest net 
increase and SMEs in Denmark the smallest net increase. There are no countries in 
which SMEs report an average net decrease. 

126 

75%70%69%68%68%68%67%66%64%62%63%62%61%61%62%59%59%57%56%54%55%53%56%54%49%50%48%43%41%22%28%30%29%31%28%29%32%32%37%35%35%36%36%33%37%37%40%41%46%43%45%36%41%48%45%46%54%54%3%4%4%4%3%2%3%7%5%2%4%5%3%4%RomaniaIrelandCyprusSpainPolandUnited KingdomHungaryLithuaniaFranceLuxembourgBulgariaFinlandEU28GermanyLatviaCroatiaBelgiumPortugalItalySlovakiaSloveniaAustriaEstoniaMaltaCzech RepublicNetherlandsSwedenGreeceDenmarkincreasedremained unchangeddecreaseddk/na74%69%68%66%66%66%65%63%61%61%60%60%59%59%58%55%55%54%54%53%52%51%50%49%46%45%43%40%37% 
 
 
 
 
 
 
 
 
 
 
figure 107 

Changes in other costs (materials, energy, other) in the past six months (April to September 
2018) for SMEs in the EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q2c.  Labour  costs  (including  social  contributions)  –  Have  the  following  company  indicators  decreased, 
remained unchanged or increased over the past six months?   
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, all of the groups identified report net 
increases in other costs in 2018. Among the various sectors, the industry has the 
largest net increase (67%) and services the smallest net increase (54%). There exists 
a slight relation between the enterprise size and changes in other costs. Large 
enterprise of at least 250 employees have experienced the most increases in other 
costs (net 63%), micro enterprises of no more than 9 employees the least (net 56%).  

High-growth  enterprises  experience  relatively  more  increases  in  other  costs  than 
gazelles, with net increases of  62% and 54%  respectively. Non-exporting enterprises 
and  exporting  enterprises  have  the  same  net  increase  (59%).  Innovative  enterprises 
experienced increases in other costs more often than those that are not identified as 
being innovative. 

127 

69%66%63%57%58%63%64%61%66%57%64%61%62%64%58%28%32%34%40%38%34%33%36%29%39%34%36%35%33%39%2%2%2%3%2%2%3%2%3%3%2%2%3%3%2%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na67%64%60%54%56%61%62%59%63%54%62%59%59%61%56% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

4.2.4 Interest expenses 

This  section  presents  more  detailed  breakdowns  of  changes  in  interest  expenses.  A 
breakdown by  country in figure 108 presents results for SMEs in each country  of the 
EU28. A breakdown by enterprise characteristic in figure 109 presents these results by 
sector  of  the  economy,  enterprise  size,  type  of  growth,  exporter  status  and 
innovativeness. Net changes are reported which correspond to the net effect of reported 
increases minus decreases. 

figure 108 

Changes in interest expenses in the past six months (April to September 2018) for SMEs in the 
EU28, by country. 

Q2d. Interest expenses – Have the following company indicators decreased, remained unchanged or increased 
over the past six months?  
Source: SAFE, 2018; edited by Panteia. 

Increases in interest expenses are reported by 20% of all SMEs in the EU28, with 
another 12% having experienced decreases in interest expenses, resulting in a net 
increase in costs of 8%. Among the countries of the EU28, SMEs in Slovenia and 
Germany report the largest net decrease and SMEs in Romania the largest net 
increase. In other words, the interest costs of financing have increased most strongly 
in Romania.  

128 

50%29%29%24%24%22%23%23%21%24%16%18%21%16%20%18%16%19%20%18%11%13%13%18%14%10%12%12%12%42%65%63%70%68%68%70%65%70%62%76%71%67%74%66%69%71%66%65%67%80%77%75%65%71%73%70%65%66%5%4%6%5%7%8%9%8%12%7%9%12%7%12%11%9%12%14%13%6%9%12%17%14%15%17%19%20%3%3%4%3%3%3%RomaniaIrelandUnited KingdomLatviaCzech RepublicLithuaniaMaltaItalyGreeceFrancePolandHungarySpainLuxembourgEU28BulgariaSwedenCyprusBelgiumPortugalFinlandSlovakiaEstoniaCroatiaDenmarkAustriaNetherlandsSloveniaGermanyincreasedremained unchangeddecreaseddk/na45%25%23%20%17%15%15%14%12%12%9%9%9%9%8%7%7%6%6%5%5%4%1%1%1%-4%-5%-7%-8% 
 
 
 
 
 
 
 
 
 
figure 109 

Changes in interest expenses in the past six months (April to September 2018) for SMEs in the 
EU28, by enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q2d. Interest expenses – Have the following company indicators decreased, remained unchanged or increased 
over the past six months?  
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, there exist some more distinct variations in 
net effects between the groups identified. Among the various sectors, construction has 
experienced the largest net increase of interest expenses (15%) and industry the 
smallest net decrease (6%). Among the SMEs, there exists a clear relation between 
the size of an enterprise and changes in interest expenses. Enterprises with 50-249 
employees have experienced the smallest net increases in interest expenses (net 3%), 
micro enterprises of no more than 9 employees the largest increases in interest 
expenses (net 12%). Large enterprises of at least 250 employees have experienced a 
net increase of 5%.  

High-growth SMEs experienced a net 13% increase in interest expenses. Gazelles, which 
are high-growth SMEs no more than five years old, are more risky to financiers due to 
their  young  age  and  report  increases  in  interest  expenses  slightly  more  often:  15%. 
Non-exporting enterprises report a net increase of 9% and exporting enterprises report 
a  net  increase  of  7%.  Innovative  enterprises  report  a  net  increase  of  10%  and  non-
innovative enterprises report a net increase of 6%. 

129 

19%24%22%18%21%20%18%20%22%22%24%20%20%23%17%67%66%63%68%68%65%65%66%60%71%64%67%65%62%71%13%8%13%12%9%13%16%12%17%6%11%11%13%13%11%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na6%15%9%7%12%8%3%8%5%15%13%9%7%10%6% 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

4.2.5 Profit 

This section presents more detailed breakdowns of changes in profits. A breakdown by 
country  in  figure  110  presents  results  for  SMEs  in  each  country  of  the  EU28.  A 
breakdown by enterprise characteristic in figure 111 presents these results by sector of 
the economy, enterprise size, type of growth, exporter status and innovativeness. Net 
changes  are  reported which correspond to the  net effect  of reported increases  minus 
decreases. 

figure 110 

Changes in profit in the past six months (April to September 2018) for SMEs in the EU28, by 
country. 

Q2e. Profit – Have the following company indicators decreased, remained unchanged or increased over the 
past six months?   
Source: SAFE, 2018; edited by Panteia. 

Increases in profits are reported by 31% of all SMEs in the EU28, with another 28% 
having experienced decreases in profits, resulting in a net positive change of 3%. 
Among the countries of the EU28, SMEs in the Netherlands and Slovenia report the 
largest positive net change and SMEs in Latvia and Greece the largest negative 
change. 40% of Greek SMEs indicates that their profits have decreased in the six 
months from April to September 2018. 

130 

45%37%38%37%38%41%37%37%35%36%34%32%32%31%27%31%35%33%31%25%29%28%31%34%26%28%21%23%23%31%44%39%39%36%30%37%37%39%37%42%43%36%38%48%39%28%34%35%45%33%38%31%24%40%36%46%37%33%22%15%20%23%25%28%25%25%23%25%22%23%27%28%24%29%33%31%31%27%31%30%34%38%32%35%31%38%40%4%4%5%4%7%4%5%4%NetherlandsSloveniaAustriaCzech RepublicIrelandMaltaFinlandSwedenHungaryDenmarkGermanyPortugalCroatiaEU28LuxembourgSpainBelgiumUnited KingdomPolandCyprusFranceSlovakiaLithuaniaRomaniaBulgariaEstoniaItalyLatviaGreeceincreasedremained unchangeddecreaseddk/na23%22%18%14%13%12%12%12%12%11%11%10%5%3%3%2%2%2%0%-2%-2%-2%-3%-4%-5%-6%-10%-15%-16% 
 
 
 
 
 
 
 
 
 
figure 111 

Changes in profit in the past six months (April to September 2018) for SMEs in the EU28, by 
enterprise characteristics. 

Survey on the access to finance of enterprises (SAFE) 

Q2e. Profit – Have the following company indicators decreased, remained unchanged or increased over the 
past six months?   
Source: SAFE, 2018; edited by Panteia. 

Broken down by enterprise characteristic, there exist some distinct variations in net 
effects between the groups identified. Among the various sectors, trade is the only 
one to have experienced a net decrease of profits (-4%). The largest net increase is 
experienced by the services industry (7%). There exists a clear relation between the 
size of an enterprise and changes in profits. Large enterprise of at least 250 
employees have experienced the largest net increases in profits (net 10%), micro 
enterprises of no more than 9 employees on balance experience a decrease in profits 
(net -2%). 

By virtue of their definition as strongly-growing enterprises, both high-growth SMEs and 
gazelles have experienced the largest positive net changes among all groups identified 
(31%  and  50%  respectively).  Exporting  enterprises  report  a  bigger  net  increase  that 
non-exporting  enterprises.  Innovative  enterprises  also  experienced  better  changes  in 
profits than those that are not identified as being innovative. 

131 

33%30%29%33%27%34%37%31%38%62%50%29%35%36%27%37%41%35%39%41%36%35%38%31%24%28%40%35%33%43%28%26%33%26%29%28%26%28%28%12%20%28%28%29%27%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsincreasedremained unchangeddecreaseddk/na5%3%-4%7%-2%6%10%3%10%50%31%1%6%7%0% 
 
 
 
 
 
 
 
 
4.3.  The most important problems 

Survey on the access to finance of enterprises (SAFE) 

This section covers the most pressing problems to SMEs, detailing changes in various 
sources of problems over the years and a breakdown by country and enterprise 
characteristic for each of these indicators. Changes in problems in the six months 
preceding the survey are presented for SMEs in the EU28 for the period 2013-2018 in 
figure 112. The problems identified are finding customers, the availability of skilled 
staff, competition, regulation, costs of production or labour and access to finance. 

figure 112 

Most  pressing  problems  in  the  past  six  months  (April  to  September)  for  SMEs  in  the  EU28. 
Percentages in the figure indicate the percentage of SMEs that consider a specific problem to 
be the most urgent problem.  

Q0b.  How  important  have  the  following  problems  been  for  your  enterprise  in  the  six  past  months?  Please 
answer on a scale of 1-10, where 1 means it is not at all important and 10 means it is extremely important. 
Source: SAFE, 2013-2018; edited by Panteia. 

132 

25%23%13%12%11%8%7%23%24%12%12%13%8%7%20%25%12%12%13%9%9%18%25%13%13%14%6%10%17%20%16%12%15%7%13%14%23%14%13%14%7%15%201820172016201520142013competitionaccess to financeotheravailability of skilled staff or experienced managersfinding customersregulationcosts of production or labour 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

From the varied set of potential problems enterprises may encounter, SMEs in the 
EU28 most often cite the availability of skilled staff or experienced managers as the 
most pressing problem (figure 112). This ranking is calculated based on grades 
respondents were asked to assign to a fixed set of problems: the problem given the 
highest importance is then designated the most pressing problem. The urgency of the 
availability of skilled staff or experienced managers as a problem have increased every 
year since 2013. For a quarter of the SMEs in the EU28 this is the most pressing 
problem at the moment. 

The second most pressing problem is finding customers for their products or services: 
the problem is most urgent to 23% of SMEs in the EU28. The urgency of finding 
customers for their products or services as a problem have decreased slightly after 
2016. 

The third most pressing problem is regulation (European and national laws and 
industrial regulations): the problem is most urgent to 13% of SMEs in the EU 28 and 
has remained almost constant around that proportion ever since 2015. 

The costs of production or labour occupies the fourth place among the most pressing 
problems: these problems are most urgent to 12% of SMEs in the EU28. Labour costs 
include wages, employee benefits and payroll taxes paid by an employer. The 
proportion of SMEs reporting the cost of production or labour as their most pressing 
problem has been fairly stable since 2013. The fifth most pressing problem is 
competition: the problem is most urgent to 11% of SMEs in the EU 28 and has 
declined every year since 2014. 

Finally, the access to finance has dropped to be the least pressing of the problems 
identified: it is the most pressing problem to 7% of SMEs in the EU28 in 2018. Access 
to finance has steadily declined in importance throughout the survey years. In 2013 it 
was the second-most important problem. In 2014 it became the fourth most pressing 
problem and in 2015, 2016, 2017 and 2018 it is the least urgent problem reported by 
SMEs in the EU28. The map (figure 114) presents for all EU28 countries the proportion 
of SMEs for which access to finance is the most important problem. 

Figure 113 provides a breakdown of the most pressing problems SMEs face in the 
EU28. The EU28 proportions correspond to those for 2018 in figure 112. It follows that 
among the countries in the EU28, finding customers is most urgent as a problem to 
SMEs in the United Kingdom, Spain and Portugal and least to SMEs in Croatia and 
Finland. 

133 

 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Some further distinct deviations from the EU28 average are as follows. Competition is 
much more of an urgent issue to SMEs in Finland and  Lithuania (22%) and relatively 
little so in the Czech Republic, Germany and Hungary (7%). Access to finance is a very 
pressing problem to SMEs in Greece (17%), Cyprus and Lithuania (both 13%) and least 
so in Finland (4%). The cost of labour and production is a more urgent issue in Estonia 
(20%)  and  relatively  little  so  in  Austria  (7%).  The  availability  of  skilled  staff  or 
experienced managers is a relatively big issue in Finland (39%) and in the Netherlands 
and Slovakia (37%), while regulation is most pressing in Croatia (20%). 

figure 113 

Most pressing problems in the past six months (April to September 2018) for SMEs in the EU28, 
by country. Percentages in the figure indicate the percentage of SMEs that consider a specific 
problem to be the most urgent problem.  

Q0b.  How  important  have  the  following  problems  been  for  your  enterprise  in  the  six  past  months?  Please 
answer on a scale of 1-10, where 1 means it is not at all important and 10 means it is extremely important. 
Source: SAFE, 2018; edited by Panteia. 

134 

31%28%28%27%26%25%25%24%24%24%23%23%22%22%21%19%18%18%17%16%14%14%12%10%9%8%7%6%6%11%17%16%7%11%11%14%8%7%9%14%11%15%7%17%9%11%11%22%10%16%11%12%18%20%14%13%9%22%6%6%7%6%7%6%8%5%6%7%9%7%8%6%5%6%6%8%13%8%8%8%13%5%8%17%11%4%10%14%12%8%12%11%11%7%17%18%18%12%11%10%10%10%16%13%18%13%13%14%10%8%20%12%11%12%10%19%16%17%35%24%29%22%36%27%24%15%25%24%33%26%37%29%28%12%24%20%32%37%25%31%34%9%36%39%13%11%11%14%11%10%9%14%7%12%10%13%13%13%18%16%10%15%6%13%10%15%10%13%10%11%8%20%16%10%7%11%9%9%10%6%12%6%10%8%7%8%9%7%12%16%18%6%17%13%4%13%35%7%United KingdomSpainPortugalGermanySwedenBulgariaIrelandAustriaHungaryRomaniaItalyEU28DenmarkCzech RepublicLuxembourgNetherlandsSloveniaFranceLithuaniaPolandLatviaBelgiumSlovakiaCyprusEstoniaMaltaGreeceCroatiaFinlandfinding customerscompetitionaccess to financecosts of production or labourskilled staff/ experienced managersregulationother 
 
 
 
 
 
 
 
 
 
figure 114 

Proportion of SMEs that indicated access to finance as the most important problems in the past 
six months (April to September 2018), EU28 by country 

Survey on the access to finance of enterprises (SAFE) 

Q0b.  How  important  have  the  following  problems  been  for  your  enterprise  in  the  six  past  months?  Please 
answer on a scale of 1-10, where 1 means it is not at all important and 10 means it is extremely important. 
Source: SAFE, 2009-2016; edited by Panteia. 

135 

 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

A breakdown by enterprise characteristic is presented in figure 115. Comparing the 
problems identified among the various characteristics to the SME average reveals that 
enterprise characteristics account for much less of the variation in the urgency of 
problems that enterprises experience than differences at a national level do. 

A  selection  of  interesting  deviations  from  the  EU28  SME  base:  finding  customers  is 
somewhat less of a problem in construction. Access to finance is least pressing to SMEs 
in  general,  but  is  considered  the  most  urging  problem  for  11%  of  the  gazelles.  The 
availability of skilled staff or experienced managers is the most urging problem for SMEs 
in construction (33%). For SMEs in trade finding customers is most often cited as the 
most  pressing  problem,  followed  by  the  availability  of  skilled  staff  or  experienced 
managers. 

figure 115 

Most pressing problems in the past six months (April to September 2018) for SMEs in the EU28, 
by  enterprise  characteristic.  Percentages  in  the  figure  indicate  the  percentage  of  SMEs  that 
consider a specific problem to be the most urgent problem.  

Q0b.  How  important  have  the  following  problems  been  for  your  enterprise  in  the  six  past  months?  Please 
answer on a scale of 1-10, where 1 means it is not at all important and 10 means it is extremely important. 
Source: SAFE, 2018; edited by Panteia. 

136 

20%17%26%24%23%23%22%23%22%27%23%22%24%23%22%10%10%17%10%12%10%11%11%14%7%9%11%11%11%12%7%7%8%7%8%7%6%7%6%11%9%7%7%8%6%15%13%11%12%12%12%12%12%12%12%12%13%11%12%12%30%33%19%25%21%28%30%25%28%24%27%25%26%26%25%11%10%12%14%14%12%12%13%11%10%12%13%12%12%14%7%9%9%8%10%8%6%8%7%8%9%8%8%9%7%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growthenterprisesnon exporterexporterinnovative firmsnon-innovative firmsfinding customerscompetitionaccess to financecosts of production or labourskilled staff/ experienced managersregulationother 
 
 
 
 
 
 
 
 
 
4.4.  Innovativeness 

Survey on the access to finance of enterprises (SAFE) 

This section is the first of three to cover variations in background details by country 
and enterprise characteristic as a means to help interpret and explain the variations in 
the access to finance uncovered by the preceding chapters. The section focuses on the 
innovativeness of enterprises. A breakdown by country is presented in figure 116. 

figure 116 

Share of innovative enterprises among SMEs in the EU28, by country.  

Q1. During the past 12 months have you introduced… 
… a new or significantly improved product or service to the market? 
… a new or significantly improved production process or method? 
… a new organisation of management? 
… a new way of selling your goods or services? 
An enterprise is considered innovative when it has answered “yes” to at least one of these questions. 
Source: SAFE, 2018; edited by Panteia. 

137 

76%73%67%66%64%62%61%59%57%56%55%55%54%52%52%52%52%52%52%51%51%51%50%49%49%48%47%46%37%75%67%61%64%64%62%55%62%60%59%58%54%63%54%56%55%57%54%64%55%52%49%50%52%38%53%54%46%40%FinlandCyprusSloveniaRomaniaGreeceMaltaSlovakiaPortugalItalyDenmarkAustriaCzech RepublicLithuaniaSpainBelgiumEU28FranceIrelandLuxembourgLatviaCroatiaSwedenNetherlandsGermanyEstoniaBulgariaUnited KingdomPolandHungary20182017 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

An  enterprise  is  considered  innovative  when  it  has  introduced  either  a  new  or 
significantly 
improved  product,  service,  production  process,  organisation  of 
management or way of selling goods or services in the past twelve months. Innovation 
is an important source of improvements in labour productivity and hence of economic 
growth. Additionally, it has the potential to increase consumer welfare and to increase 
the  efficiency  of  the  production  process.  In  2018,  52  of  all  SMEs  in  the  EU28  were 
considered  innovative.  Among  the  EU28  countries,  Finnish  SMEs  are  most  innovative 
(76%) and Hungary SMEs least (37%).  

A breakdown by enterprise characteristic is presented in figure 117. Enterprises active 
in  construction  are  least  innovative  (44%),  while  enterprises  in  industry  are  most 
innovative (63%). Process innovation is likely to be an important source of innovation 
in industry when compared to the other sectors of the economy. There exists a clear 
relationship between enterprise size and innovativeness. Among micro-sized enterprises 
with  no  more  than  nine  employees,  48%  is  innovative.  Among  large  enterprises  the 
proportion  equals  62%.  The  highest  percentage  on  innovative  SMEs  can  be  found  in 
gazelles (70%). 

figure 117 

Share of innovative enterprises among SMEs in the EU28, by enterprise characteristic.  

Q1. During the past 12 months have you introduced… 
… a new or significantly improved product or service to the market? 
… a new or significantly improved production process or method? 
… a new organisation of management? 
… a new way of selling your goods or services? 
An enterprise is considered innovative when it has answered “yes” to at least one of these questions. 
Source: SAFE, 2018; edited by Panteia. 

4.5.  High-growth enterprises and gazelles 

This section is the second of three to cover variations in background details by country 
and enterprise characteristic as a means to help interpret and explain the variations in 
the access to finance uncovered by the preceding chapters. 

138 

63%44%53%50%48%54%57%52%62%70%65%46%61%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesgazellehigh-growth enterprisesnon exporterexporter 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

4.5.1 High-growth enterprises 

The section focuses on the growth of enterprises. A breakdown by country for high-
growth enterprises is presented in figure 118.  

figure 118 

Share of high-growth enterprises among SMEs in the EU28, by country.  

Q16. Over the past three years (2016-2018), how much did your enterprise grow on average per year? 
An enterprise is considered to have experienced high-growth if it experienced average annualised growth of 
20% per annum over a three-year period. 
Source: SAFE, 2018; edited by Panteia. 

139 

32%29%28%27%24%24%22%21%21%21%21%21%20%19%19%19%19%19%19%18%18%17%17%16%16%15%13%12%11%36%31%11%25%19%27%18%17%20%21%26%18%20%22%23%21%17%19%15%15%18%17%20%13%24%15%15%9%12%RomaniaCyprusEstoniaCroatiaNetherlandsPortugalSloveniaCzech RepublicSwedenGreeceMaltaHungaryFinlandIrelandSlovakiaBulgariaSpainPolandAustriaLatviaDenmarkEU28United KingdomItalyLithuaniaBelgiumGermanyLuxembourgFrance20182017 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

An enterprise is considered a high-growth enterprise when it has experienced average 
annualised growth of 20% per annum over a three-year period. The fast growth these 
high-growth enterprises experience make them an important source of employment but 
also of special policy interest as certain conditions have to be in place to facilitate this 
degree of enterprise growth. In 2018, 17% of all SMEs in the EU28 were considered a 
high-growth  enterprise.  Among  the  EU28  countries,  Romanian  SMEs  most  often 
experience high-growth (32%) and French SMEs least often (11%).  

A breakdown by enterprise characteristic is presented in figure 119. Enterprises active 
in the trade least often experience high-growth (15%), enterprises in construction most 
often do so (21%). Enterprises with no more than 49 employees most often experience 
a  high  rate  of  growth  (18%).  Innovative  SMEs  and  exporter  SMEs  saw  more  growth 
than non-innovative SMEs and non-exporter SMEs. 

figure 119 

Share of high-growth enterprises among SMEs in the EU28, by enterprise characteristic.  

Q16. Over the past three years (2016-2018), how much did your enterprise grow on average per year? 
An enterprise is considered to have experienced high-growth if it experienced average annualised growth of 
20% per annum over a three-year period. 
Source: SAFE, 2018; edited by Panteia. 

4.5.2 Gazelles 

A breakdown by  country for gazelles is presented in figure 120 showing the  share  of 
gazelles among SMEs in the EU28. 

An enterprise is considered to be a gazelle when it experiences high-growth and is no 
more  than  five  years  old.  Hence,  it  is  a  subset  of  high-growth  enterprises:  8%  of  all 
high-growth enterprises is a gazelle. In addition to requiring conditions to facilitate such 
rates  of  growth,  gazelles  also  face  the  additional  challenges  related  to  starting  and 
expanding a business. In 2018, 1% of all SMEs in the EU28 were considered a gazelle. 

140 

18%21%15%18%18%18%16%17%14%22%13%16%20%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesinnovative firmsnon-innovative firmsnon exporterexporter 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

Among the EU28 countries, Dutch SMEs can most often be labelled gazelles (3%) and 
SMEs in Cyprus, Latvia, Lithuania and Luxembourg least often (all 0%). 

figure 120 

Share of gazelles among SMEs in the EU28, by country.  

Q16. Over the past three years (2016-2018), how much did your enterprise grow on average per year? 
D5. In which year was your enterprise first registered? 
An enterprise is considered to be a gazelle if it experienced average annualised growth of 20% per annum 
over a three-year period and is up to five years old. 
Source: SAFE, 2018; edited by Panteia. For some countries there are insufficient observations in one or more 
years to warrant presentation of results 

141 

3%2%2%2%2%2%2%2%2%1%1%1%1%1%1%1%0%0%0%0%3%3%2%1%1%1%3%2%1%1%1%1%2%2%4%2%2%2%3%3%1%NetherlandsMaltaCroatiaSwedenGreeceSloveniaPolandAustriaPortugalGermanySpainFranceBelgiumEU28SlovakiaUnited KingdomEstoniaRomaniaCzech RepublicDenmarkIrelandBulgariaItalyFinlandHungaryCyprusLatviaLithuaniaLuxembourg20182017 
 
 
 
 
 
 
 
 
 
figure 121 

Share of gazelles among SMEs in the EU28, by enterprise characteristic.  

Survey on the access to finance of enterprises (SAFE) 

Q16. Over the past three years (2016-2018), how much did your enterprise grow on average per year? 
D5. In which year was your enterprise first registered? 
An enterprise is considered to be a gazelle if it experienced average annualised growth of 20% per annum 
over a three-year period and is up to five years old. 
Source: SAFE, 2018; edited by Panteia. 

A breakdown by enterprise characteristic is presented in figure 121. Due in part to the 
relatively  small  number  of  gazelles,  variation  among  the  group  is  not  particularly 
pronounced. Gazelles occur slightly more often among enterprises active in services. It 
is easier for smaller enterprises to experience a high rate of growth within their first five 
years  of  existence:  this  makes  sense  as  the  age  criterion  practically  excludes  large 
enterprises with at least 250 employees from being characterised as a gazelle. 

High-growth and young enterprise age seem to be positively related to innovativeness. 
Innovative enterprises are more often a gazelle than non-innovative enterprises. This 
relation  is  not  observed  for  internationalisation,  perhaps  due  to  the  age  criterion, 
assuming that it requires a number of years active as a business to penetrate foreign 
markets. 

4.6.  Exporters 

This section is the third of three to cover variations in background details by country 
and enterprise characteristic as a means to help interpret and explain the variations in 
the access to finance uncovered by the preceding chapters. The section focuses on the 
exporting enterprises. A breakdown by country is presented in figure 122. 

An  enterprise  is  considered  to  be  an  exporter  when  at  least  some  percentage  of  its 
turnover is accounted for by exports of goods or services. In 2018, 42% of all SMEs in 
the EU28 were exporting enterprises. Among the EU28 countries, SMEs in Estonia are 
most often exporters (67%) and French SMEs least often (28%). Large proportions of 

142 

1%1%1%2%2%1%1%1%2%1%8%2%1%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesinnovative firmsnon-innovative firmshigh-growth enterprisesnon exporterexporter 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

exporting SMEs seem to concentrate in relatively small-sized countries, such as Estonia 
and Slovenia. 

figure 122 

Share of exporters among SMEs in the EU28, by country.  

D7.  What  percentage  of  your  company´s  total  turnover  in  2017  is  accounted  for  by  exports  of  goods  and 
services? 
An enterprise is considered to be an exporter if any share of its total turnover is accounted for by exports. 
Source: SAFE, 2018; edited by Panteia. 

143 

67%65%61%58%57%55%53%53%51%50%49%49%48%48%47%45%44%43%43%42%42%40%40%40%39%37%37%37%28%48%65%56%67%51%54%58%57%51%52%53%47%50%47%44%41%44%44%41%42%41%45%39%36%42%39%38%37%29%EstoniaSloveniaAustriaLuxembourgCroatiaDenmarkLithuaniaCzech RepublicPortugalGreeceHungarySwedenLatviaSlovakiaBelgiumMaltaCyprusGermanyItalyEU28PolandNetherlandsFinlandBulgariaUnited KingdomRomaniaIrelandSpainFrance20182017 
 
 
 
 
 
 
 
 
 
figure 123 

Share of exporters among SMEs in the EU28, by enterprise characteristic.  

Survey on the access to finance of enterprises (SAFE) 

D7.  What  percentage  of  your  company´s  total  turnover  in  2018  is  accounted  for  by  exports  of  goods  and 
services? 
An enterprise is considered to be an exporter if any share of its total turnover is accounted for by exports. 
Source: SAFE, 2018; edited by Panteia. 

A breakdown by enterprise characteristic is presented in figure 123.  There  exist very 
strong variations in the proportion of exporting SMEs by sector in the economy. Export 
is a relatively rare activity among enterprises active in construction (20%). The largest 
proportion  of  exporting  SMEs  are  active  in  industry:  76%.  There  exists  a  clear 
relationship  between  enterprise  size  and  internationalisation.  Among  micro-sized 
enterprises with no more than nine employees, 30% exports. Among large enterprises 
the proportion equals 63%. 

Innovative  enterprises  are  more  often  exporters  than  the  average  EU28  SME.  The 
difference with non-innovative enterprises is particularly pronounced: 49% versus 34%. 
This suggests a relation between innovativeness and internationalisation. High-growth 
SMEs  are  more  often  exporters  than  gazelles.  This  may  again  be  related  to  the  age 
criterion  inherent  to  gazelles  as  discussed  in  the  previous  section  (less  than  5  years 
old). 

144 

76%20%41%35%30%44%60%42%63%49%34%36%48%industryconstructiontradeservices1-9 employees10-49 employees50-249 employeesSME250+ employeesinnovative firmsnon-innovative firmsgazellehigh-growth enterprises 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

APPENDICES 

APPENDIX 1  METHODOLOGICAL NOTES  

The survey sample was selected randomly according to three criteria:  

  Country:  28  EU  members  states,  Albania,  Bosnia  and  Herzegovina,  the  Former 
Yugoslav republic of Macedonia, Kosovo*4, Iceland, Montenegro, Serbia and Turkey. 
  Enterprise  size:  micro  (1-9  employees),  small  (10-49  employees),  medium-sized 

(50-249 employees) and large (250 or more employees). 

  Sector of industry. The following industries have been taken into account5: 

-  Industry (NACE B, C, D, E). 
-  Construction (NACE F). 
-  Trade (NACE G). 
-  Services (NACE H, I, J, L, M, N, R, S). 

The number of completed interviews is summarised in table A1.1.  

The fieldwork has been done between 17 September and 26 October 2018. 

The distribution of interviews across countries, sectors of industry and enterprise size-
classes is not the same as the distribution of the population of enterprises along these 
dimensions.  Hence,  calibrated  weights  were  used  with  regard  to  company  size  and 
economic activity. Since the economic weight of the companies varies according to their 
size,  weights  that  restore  the  proportions  of  the  economic  weight  of  each  size  class, 
economic activity and country. The number of persons employed is used as a proxy for 
economic weight.  

The calibration targets were derived from the latest figures from Eurostat’s  Structural 
Business  statistics  (SBS)  in  terms  of  the  number  of  persons  employed,  economic 
activity,  size  class  and  country,  with  figures  from  national  accounts  and  different 
country-specific registers used to cover activities not included in the SBS regulations, 
as well as from figures from the European Commission’s SME Performance Review. 

The questionnaire has been included in Appendix 3. Since the 9th wave, some questions 
have  been  changed.  Specifically,  question  Q4  was  reformulated  so  that  first  the 
respondent is asked if a particular instrument is relevant, i.e. the enterprise used it in 
the  past  or  considered  using  it  in  the  future.  If  yes,  the  follow-up  question  is  asked 
whether the instrument had been used in the past 6 months. Such reformulation caused 
an  increase  in  the  category  “not  relevant”  and  a  drop  in  category  “relevant”,  and 
introduced a structural break in the series so the past data are not directly comparable. 
The filter based on Q4 also affected questions Q5, Q7A, Q7B, Q9, Q10, Q11, Q8A and 
Q23. 

4 This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the 

ICJ Opinion on the Kosovo declaration of independence. 

5 The NACE Rev. 2 classification of economic activities has been used. 

 
 
 
 
 
 
 
 
 
                                                 
Survey on the access to finance of enterprises (SAFE) 

For  consistency  reasons  and  to  avoid  structural  breaks  in  the  time  series,  past 
aggregated data were revised accordingly. The impact on the time series is minimal to 
small in most cases, and is only visible when the sample sizes are small. In all cases, 
the changes are within the confidence intervals of the survey. In particular, to enable 
comparison  over  time,  the  past  aggregated  results  were  aligned  by  excluding  the 
responses from the enterprises for which a specific instrument was not relevant. Such 
ex-post filter was applied to the questions Q5, Q9, Q7A, Q11 (items f, g, h) and Q23, 
having also an indirect impact on questions Q7B and Q10 since they are based of the 
newly filtered question Q7A. It also affects the question Q12, which was replaced by the 
question Q8A, now filtered by the question Q7B. 

Detailed  methodological 
information  can  be 
(https://www.ecb.europa.eu/stats/money/surveys/sme/html/index.en.html).  

found  on 

the  ECB’s  website  

 Table A1.1 

sample size by country 

country 

Austria 

Belgium 

Bulgaria 

Croatia 

Cyprus 

Czech Republic 

Denmark 

Estonia 

Finland 

France 

Germany 

Greece 

Hungary 

Ireland 

Italy 

Latvia 

Lithuania 

Luxembourg 

Malta 

Netherlands 

Poland 

Portugal 

Romania 

Slovakia 

Slovenia 

Spain 

Sweden 

United Kingdom 

Albania 

Bosnia and Herzegovina 

Iceland 

Kosovo 

Montenegro 

Serbia 

The former Yugoslav Republic of Macedonia 

Turkey 

Total 

Source: GDCC/Panteia 

number of completes 

502 

502 

501 

300 

102 

497 

501 

100 

501 

1501 

1503 

504 

502 

502 

1500 

200 

300 

101 

100 

804 

1304 

502 

502 

292 

201 

1303 

471 

1177 

86 

100 

101 

83 

100 

201 

101 

301 

17848 

146 

 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

APPENDIX 2 

RESULTS FOR NON-EU COUNTRIES  

This  annex  reproduces  all  figures  from  the  main  report  containing  country-specific 
information,  with  results  for  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav 
Republic of Macedonia, Kosovo6, Iceland, Montenegro, Serbia and Turkey. For ease of 
reference, the numbering of the figures in this appendix follows the numbering in the 
main report; for example, figure A2.2 below corresponds to figure 2 in the main report.  

2.1 Use of external financing  

figure A2.2 

Relevance of debt financing for SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav 
Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country in 2015-
2018 

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?  
Note:  Debt  financing:  credit  line,  bank  overdraft  or  credit  cards  overdraft  +  leasing  or  hire-purchase  + 
factoring + trade credit + bank loan + other loan + grants or subsidised bank loan + debt securities issued 
* This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the 
ICJ Opinion on the Kosovo declaration of independence 

6 This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the 

ICJ Opinion on the Kosovo declaration of independence. 

100%92%91%87%84%84%80%73%#N/A82%92%83%#N/A83%79%82%#N/A86%81%93%#N/A84%85%#N/A92%91%84%81%KosovoTurkeyIcelandMontenegroBosnia and HerzegovinaAlbaniaSerbiaThe Former YugoslavRepublic of Macedonia  *2018201720162015 
 
 
 
 
 
 
 
 
 
                                                 
Source: SAFE, 2015-2018; edited by Panteia. 

Survey on the access to finance of enterprises (SAFE) 

figure A2.5 

Use of credit line, bank overdraft or credit overdraft in the past six months (April to September 
2018)  for  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country. 

Q4c. Credit line, bank overdraft or credit overdraft - 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? Have you obtained 
trade credit from your business partners in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.7 

Use of bank loan in the past six months (April to September 2018) for SMEs in Albania, Bosnia 
and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, 
Serbia and Turkey, by country. 

Q4d. Bank loan - 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? Have you taken out a new loan or renewed such a 
loan in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

148 

59%52%40%32%31%30%28%26%16%34%22%24%27%28%35%38%23%9%36%44%37%39%37%22%5%5%13%IcelandKosovoSerbiaTurkeyThe Former YugoslavRepublic of MacedoniaBosnia and HerzegovinaMontenegroAlbaniaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na35%32%25%23%23%19%18%15%28%30%51%38%38%37%22%41%36%36%23%38%33%42%53%33%1%6%7%11%TurkeySerbiaKosovoMontenegroIcelandBosnia and HerzegovinaThe Former YugoslavRepublic of MacedoniaAlbaniaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
 
 
 
 
figure A2.9 

Use of leasing or hire-purchase in the past six months (April to September 2018) for SMEs in 
Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, 
Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q4m. Leasing or hire-purchase - 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? Have you obtained new financing of 
this type in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.11  Use of trade credit in the past six months (April to September 2018) for SMEs in Albania, Bosnia 
and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, 
Serbia and Turkey, by country. 

Q4e. Trade credit - 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? Have you obtained trade credit from your business 
partners in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

149 

16%13%12%12%10%9%6%5%35%39%39%23%24%18%35%12%47%48%34%62%50%68%57%77%14%3%16%5%6%SerbiaTurkeyKosovoBosnia and HerzegovinaAlbaniaIcelandMontenegroThe Former YugoslavRepublic of Macedoniaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na38%13%12%6%6%5%5%4%16%34%61%14%40%9%14%23%43%44%26%72%38%75%79%71%3%9%8%15%10%IcelandKosovoTurkeyBosnia and HerzegovinaAlbaniaThe Former YugoslavRepublic of MacedoniaSerbiaMontenegroused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
 
 
 
figure A2.13  Use of grants or subsidised bank loans in the past six months (April to September 2018) for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q4b. Grants or subsidised bank loans - 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? Have you obtained new 
financing of this type in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.15  Use of retained earnings or sale of assets in the past six months (April to September 2018) for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Q4a. Retained earnings or sale of assets - 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? Have you retained earnings 
or sold assets in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

150 

14%13%13%8%6%4%3%48%35%68%36%36%25%40%37%52%12%53%37%83%64%56%7%20%11%8%SerbiaTurkeyKosovoBosnia and HerzegovinaAlbaniaIcelandThe Former YugoslavRepublic of MacedoniaMontenegroused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na26%25%16%15%12%7%7%4%14%26%27%8%23%25%9%10%53%45%53%74%51%68%82%79%6%4%4%13%7%Bosnia and HerzegovinaAlbaniaIcelandSerbiaKosovoTurkeyMontenegroThe Former YugoslavRepublic of Macedoniaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
 
 
 
 
figure A2.17  Use of other loan in the past six months (April to September 2018) for SMEs in Albania, Bosnia 
and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, 
Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q4f. Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade 
credit - 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?  Have  you  taken  out  or  renewed  such  a  loan  in  the  past  six 
months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.19  Use of equity capital in the past six months (April to September 2018) for SMEs in Albania, 
Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo,  Iceland, 
Montenegro, Serbia and Turkey, by country. 

Q4j. Equity capital - 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? Have you issued equity in the past six months? 
Source: SAFE, 2018; edited by Panteia. 

151 

29%18%8%8%6%5%4%3%15%12%30%19%14%10%11%5%56%64%46%54%77%77%81%88%6%16%19%4%8%4%3%TurkeyIcelandKosovoAlbaniaMontenegroThe Former YugoslavRepublic of MacedoniaBosnia and HerzegovinaSerbiaused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na17%10%6%30%44%57%26%20%17%72%39%40%28%68%78%79%75%28%14%6%9%5%4%22%AlbaniaIcelandKosovoBosnia and HerzegovinaSerbiaMontenegroThe Former YugoslavRepublic of MacedoniaTurkeyused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na 
 
 
 
 
 
 
 
 
 
 
 
 
figure A2.21  Use of factoring in the past six months (April to September 2018) for SMEs in Albania, Bosnia 
and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, 
Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q4r.  Factoring  -  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? Have you used factoring in the past six months?   
Source: SAFE, 2018; edited by Panteia. 

figure A2.24  Proportion  of  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey that applied for credit line, bank 
overdraft  or  credit  cards  overdraft  or  did  not  apply  because  of  possible  rejection,  sufficient 
internal funds or other reasons, in the period between April and September 2018, by country. 
The proportions relate to SMEs that indicated credit line and overdrafts are relevant to their 
enterprise. 

Q7ad. Credit line, bank overdraft or credit cards overdraft - Have you applied for the following types of 
financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

152 

20%8%6%5%20%10%18%15%7%13%12%44%82%59%78%79%82%78%91%15%16%11%9%6%KosovoTurkeyAlbaniaMontenegroThe Former YugoslavRepublic of MacedoniaSerbiaBosnia and HerzegovinaIcelandused in the past 6 monthsdid not use in the past 6 monthsnot relevant to enterprisedk/na57%47%44%41%38%29%29%28%5%4%4%9%5%28%16%21%25%6%33%33%39%7%35%34%30%52%37%30%26%IcelandSerbiaThe Former YugoslavRepublic of MacedoniaAlbaniaKosovoMontenegroTurkeyBosnia and Herzegovinaappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure A2.25  Obtained result of SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey that applied for credit line, bank 
overdraft or credit cards overdraft,  by country in 2018. The proportions relate to SMEs that 
indicated that credit line and overdrafts are relevant to their enterprise. 

Q7bd. Credit line, bank overdraft or credit cards overdraft - If you applied and tried to negotiate for this 
type of financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

figure A2.29  Proportion  of  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey that applied for bank loans or did 
not apply because of possible rejection, sufficient internal funds or other reasons, in the period 
between April and September 2018, by country. The proportions relate to SMEs that indicated 
bank loans are relevant to their enterprise. 

Q7aa. Bank loan (excluding overdraft and credit lines) - Have you applied for the following types of 
financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

153 

82%79%75%71%61%27%0%0%13%8%15%11%11%0%0%9%4%14%0%0%5%0%0%7%11%0%0%7%10%28%28%0%0%9%6%3%The Former YugoslavRepublic of MacedoniaIcelandSerbiaKosovoMontenegroTurkeyBosnia andHerzegovina*Albania*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na44%41%33%33%29%26%23%23%3%9%8%7%3%8%18%29%35%26%45%24%19%51%34%25%31%32%17%43%50%13%4%4%4%SerbiaThe Former YugoslavRepublic of MacedoniaMontenegroTurkeyIcelandAlbaniaKosovoBosnia and Herzegovinaappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure A2.30  Obtained result of SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey that applied for bank loans, by 
country in 2018. The proportions relate to SMEs that indicated that bank loans are relevant to 
their enterprise. 

Q7ba. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

figure A2.34  Obtained result of SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of 
Macedonia,  Kosovo,  Iceland,  Montenegro,  Serbia  and  Turkey,  that  applied  for  bank  loans. 
Sorted by SMEs that applied and did not get the financing they had planned for. The proportions 
relate to SMEs that indicated that bank loans are relevant to their enterprise. 

Q7bb. Bank loan (excluding overdraft and credit lines) - If you applied and tried to negotiate for this type of 
financing over the past six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

154 

82%75%69%29%0%0%0%0%9%4%22%16%0%0%0%0%4%5%14%0%0%0%0%10%0%0%0%0%3%9%0%0%0%0%5%10%9%21%0%0%0%0%MontenegroSerbiaIcelandTurkeyThe Former YugoslavRepublic of Macedonia*Kosovo*Bosnia andHerzegovina*Albania*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na29%69%75%82%0%0%0%0%49%22%14%13%21%9%10%5%0%TurkeyIcelandSerbiaMontenegroThe Former YugoslavRepublic of Macedonia*Kosovo*Bosnia and Herzegovina*Albania*applied and received everythingapplied and did not get the financing they had planned forapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure A2.36  Proportion  of  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey that applied for trade credit or 
did not apply because of possible rejection, sufficient internal funds or other reasons, in  the 
period  between  April  and  September 2018, by  country.  The proportions relate  to SMEs that 
indicated that trade credit is relevant to their enterprise. 

Q7ab. Trade credit - Have you applied for the following types of financing in the past six months?  
Source: SAFE, 2018; edited by Panteia. 

figure A2.37  Obtained result of SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey that applied for trade credit, by 
country in 2018. The proportions relate to SMEs that indicated that trade credit is relevant to 
their enterprise. 

Q7bb. Trade credit - If you applied and tried to negotiate for this type of financing over the past six months, 
what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

. 

155 

44%40%35%20%18%18%17%7%6%3%7%14%7%24%31%42%19%19%24%24%20%26%20%19%52%63%50%45%59%9%5%6%7%TurkeyIcelandThe Former YugoslavRepublic of MacedoniaSerbiaKosovoAlbaniaBosnia and HerzegovinaMontenegroappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na83%41%0%0%0%0%0%0%8%11%0%0%0%0%0%0%3%18%0%0%0%0%0%4%0%0%0%0%0%10%0%0%0%0%0%15%0%0%0%0%0%0%6%IcelandTurkeyThe Former YugoslavRepublic of Macedonia*Serbia*Montenegro*Kosovo*Bosnia andHerzegovina*Albania*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure A2.41  Proportion  of  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia,  Kosovo, Iceland, Montenegro,  Serbia  and  Turkey  that  applied for other  external 
financing  or  did  not  apply  because  of  possible  rejection,  sufficient  internal  funds  or  other 
reasons, in the period between April and September 2018, by country. 

Q7ac. Other external financing - Have you applied for the following types of financing in the past six 
months?  
Source: SAFE, 2018; edited by Panteia. 

figure A2.42  Obtained result of SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of 
Macedonia,  Kosovo, Iceland, Montenegro,  Serbia  and  Turkey  that  applied for other  external 
financing, by country in 2018.  

Q7bc. Other external financing - If you applied and tried to negotiate for this type of financing over the past 
six months, what was the outcome? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, because of too low a number of observations. 

156 

19%17%13%11%9%8%8%5%9%9%9%5%5%50%29%46%43%35%29%21%8%15%43%30%36%44%60%59%79%16%11%7%IcelandThe Former YugoslavRepublic of MacedoniaBosnia and HerzegovinaTurkeyAlbaniaMontenegroSerbiaKosovoappliedno - fear of rejectionno - sufficient internal fundsno - other reasonsdk/na31%0%0%0%0%0%0%0%22%0%0%0%0%0%0%0%21%0%0%0%0%0%0%3%0%0%0%0%0%11%0%0%0%0%0%0%13%0%0%0%0%0%0%0%TurkeyThe Former YugoslavRepublic of Macedonia*Serbia*Montenegro*Kosovo*Iceland*Bosnia and Herzegovina*Albania*applied - got everythingapplied - got mostapplied - got limited partapplied - refused because cost too highapplied - rejectedapplication is still pendingdk/na 
 
 
 
 
 
 
 
 
 
 
 
figure A2.46  Size of the last loan of SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic 

of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey by country in 2018 

Survey on the access to finance of enterprises (SAFE) 

Q8a.  What  is  the  size  of  the  last  bank  loan  that  your  enterprise  obtained  or  renegotiated  in  the  past  six 
months?  /  What  is  the  size  of  the  last  bank  loan  that  your  enterprise  attempted  to  obtain  in  the  past  six 
months? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

figure A2.48  Mean  of  the  interest  rate  on bank overdraft  and  credit  line  for  SMEs  in  Albania,  Bosnia  and 
Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia 
and Turkey, by country in 2018 

Q8b. What interest rate was charged for the credit line or bank overdraft for which you applied?  
Source: SAFE, 2018; edited by Panteia. 

157 

27%27%32%0%0%0%17%28%36%27%0%0%0%0%6%11%14%10%0%0%0%0%37%26%16%12%0%0%0%0%40%6%7%5%12%IcelandSerbiaTurkeyMontenegroThe Former YugoslavRepublic of Macedonia*Kosovo*Bosnia andHerzegovina*Albania*< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na18,8 6,8 6,1 5,5 5,3 4,9 3,8 3,1 11,9 6,3 4,9 4,6 3,8 2,8 11,8 8,2 7,7 5,1 6,0 TurkeyIcelandKosovoMontenegro*Bosnia andHerzegovina*The FormerYugoslav Republic ofMacedoniaSerbiaAlbania*201820172016 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure A2.51  External financing used as investments in property, plant or equipment (fixed investment) by 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey in the past six months (April to September 2018), by 
country 

Q6a1. Investments in property, plant or equipment (fixed investment) - For what purpose was financing 
used by your enterprise during the past six months? 
Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

figure A2.53  External financing used as inventory or other working capital by SMEs in Albania, Bosnia and 
Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia 
and Turkey in the past six months (April to September 2018), by country 

Q6a2. Inventory and other working capital - For what purpose was financing used by your enterprise during 
the past six months? 
Source: SAFE, 2016, 2017 and 2018; edited by Panteia. 

158 

61%57%55%49%45%37%35%28%#N/A#N/A38%33%35%36%31%38%#N/A#N/A41%#N/A31%26%29%30%KosovoBosnia and HerzegovinaSerbiaThe Former YugoslavRepublic of MacedoniaIcelandMontenegroAlbaniaTurkey20182017201671%49%47%45%40%40%36%34%#N/A35%#N/A45%40%44%34%35%#N/A45%#N/A50%29%22%28%#N/AKosovoIcelandBosnia and HerzegovinaAlbaniaTurkeyMontenegroSerbiaThe Former YugoslavRepublic of Macedonia201820172016 
 
 
 
 
 
 
 
 
 
 
2.2 Access to external sources of finance 

Survey on the access to finance of enterprises (SAFE) 

figure A2.56  Changes  in  general  economic  outlook  in  the  past  six  months  (April  to  September  2018)  for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Q11a. General economic outlook, insofar as it affects the availability of external financing - For each of the 
following factors, would you say that they have improved, remained unchanged or deteriorated over the 
past six months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.58  Changes in bank lending in the past six months (April to September 2018) for SMEs in Albania, 
Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo,  Iceland, 
Montenegro, Serbia and Turkey, by country. 

Q11f. The willingness of banks to provide credit to your enterprise - For each of the following factors, would 
you say that they have improved, remained unchanged or deteriorated over the past six months? 
Source: SAFE, 2014-2018; edited by Panteia. 

159 

40%37%26%9%17%9%36%30%50%5%54%54%38%22%24%30%20%16%25%28%76%4%93%22%3%25%KosovoAlbaniaThe Former YugoslavRepublic of MacedoniaSerbiaMontenegroBosnia andHerzegovinaIcelandTurkeyimprovedremained unchangeddeteriorateddk/na16%7%5%1%-7%-8%-19%-75%57%52%54%45%42%30%20%20%34%44%38%47%52%60%66%48%5%5%5%4%9%11%32%4%5%4%The Former YugoslavRepublic of MacedoniaKosovoBosnia andHerzegovinaSerbiaAlbaniaMontenegroIcelandTurkeyimprovedremained unchangeddeteriorateddk/na52%52%49%39%39%21%9%-13% 
 
 
 
 
 
 
 
 
 
 
 
figure A2.62  Changes in the availability of credit line, bank overdraft or credit cards overdraft in the past 
six months (April to September 2018) for SMEs in Albania, Bosnia and Herzegovina, the Former 
Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q9f. Credit line, bank overdraft or credit cards overdraft - 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? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.64  Changes in the availability of bank loans in the past six months (April to September 2018) for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Q9a. Bank loans (excluding overdraft and credit lines) - 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? 
Source: SAFE, 2018; edited by Panteia. 

160 

41%38%36%32%27%22%13%5%45%54%47%53%60%74%72%54%4%4%10%37%13%7%12%8%4%6%KosovoSerbiaThe Former YugoslavRepublic of MacedoniaAlbaniaBosnia andHerzegovinaMontenegroIcelandTurkeyimprovedremained unchangeddeterioratednot applicabledon't know40%34%32%30%25%20%2%-33%47%38%35%29%23%24%10%6%49%46%60%52%65%63%71%50%3%8%14%38%15%11%7%6%5%5%4%The Former YugoslavRepublic of MacedoniaKosovoSerbiaAlbaniaBosnia and HerzegovinaMontenegroIcelandTurkeyimprovedremained unchangeddeterioratednot applicabledon't know45%36%34%26%20%17%-3%-31% 
 
 
 
 
 
 
 
 
 
 
 
figure A2.67  Changes in the availability of trade credit in the past six months (April to September 2018) for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q9b.Trade  credit  -  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? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.69  Changes in the availability of equity capital in the past six months (April to September 2018) 
for  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia, 
Kosovo, Iceland, Montenegro, Serbia and Turkey, by country. 

Q9c.  Equity capital - 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? 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

161 

38%21%21%14%8%9%10%10%46%44%53%65%81%80%71%51%5%4%5%19%36%16%35%21%18%6%4%KosovoThe Former YugoslavRepublic of MacedoniaAlbaniaSerbiaBosnia and HerzegovinaIcelandMontenegroTurkeyimprovedremained unchangeddeterioratednot applicabledon't know38%21%16%14%4%4%-8%-26%34%21%23%8%0%0%0%61%72%67%65%0%0%0%0%3%8%26%0%0%0%5%0%0%KosovoSerbiaIcelandTurkeyThe Former YugoslavRepublic of Macedonia*Montenegro*Bosnia andHerzegovina*Albania*improvedremained unchangeddeterioratednot applicabledon't know34%18%15%-18% 
 
 
 
 
 
 
 
 
 
 
 
figure A2.72  Changes in the need for bank loans in the past six months (April to September 2018) for SMEs 
in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q5a. Bank loans (excluding overdraft and credit lines) - For each of the following types of external 
financing, please indicate if your needs increased, remained unchanged or decreased over the past six 
months. 
Source: SAFE, 2018; edited by Panteia. 

figure A2.75  Changes in the need for equity capital in the past six months (April to September 2018) for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Q5c.  Equity  capital  -  For  each  of  the  following  types  of  external  financing,  please  indicate  if  your  needs 
increased, remained unchanged or decreased over the past six months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

162 

46%23%23%27%23%13%21%10%39%66%66%54%51%64%46%49%16%10%11%19%25%23%31%37%5%TurkeySerbiaMontenegroThe Former YugoslavRepublic of MacedoniaIcelandBosnia and HerzegovinaAlbaniaKosovoincreasedremained unchangeddecreaseddk/na22%30%13%12%8%-2%-9%-10%-27%43%32%19%21%12%20%0%55%65%78%63%79%55%3%13%8%25%KosovoIcelandSerbiaAlbaniaBosnia and HerzegovinaTurkeyThe Former YugoslavRepublic of Macedonia*Montenegro*increasedremained unchangeddecreaseddk/na41%29%16%8%4%-6% 
 
 
 
 
 
 
 
 
 
 
 
figure A2.77  Changes in the need for leasing or hire-purchase in the past six months (April to September 
2018)  for  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q5f. Leasing or hire-purchase - For each of the following types of external financing, please indicate if your 
needs increased, remained unchanged or decreased over the past six months. 
Source: SAFE, 2018; edited by Panteia. 

figure A2.80  Changes  in  the  level  of  interest  rates  in  the  past  six  months  (April  to  September  2018)  for 
SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Q10a. Level of interest rates - We will turn now to the terms and conditions of bank financing, such as bank 
loans, overdrafts and credit lines. Please indicate whether the following items increased, remained unchanged 
or decreased in the past six months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

163 

46%31%34%39%24%20%21%0%45%57%51%36%51%61%47%9%11%15%25%22%19%26%7%TurkeySerbiaMontenegroIcelandBosnia and HerzegovinaKosovoAlbaniaThe Former YugoslavRepublic of Macedonia*increasedremained unchangeddecreaseddk/na37%19%19%14%2%2%-5%94%6%9%11%5%7%4%6%80%71%58%41%57%52%47%11%19%30%41%38%41%46%4%9%8%TurkeyIcelandAlbaniaKosovoSerbiaThe Former YugoslavRepublic of MacedoniaMontenegroBosnia and Herzegovinaincreasedremained unchangeddecreaseddk/na94%-5%-17%-21%-30%-34%-34%-43% 
 
 
 
 
 
 
 
 
 
 
 
figure A2.82  Changes in collateral requirements in the past six months (April to September 2018) for SMEs 
in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo, 
Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q10e. Collateral requirements - We will turn now to the terms and conditions of bank financing, such as bank 
loans, overdrafts and credit lines. Please indicate whether the following items increased, remained unchanged 
or decreased in the past six months. 
Source: SAFE, 2018; edited by Panteia. 
* Results are not reliable, number of observations is below 20. 

2.3 Outlook for the future  

figure A2.85  Expected growth in turnover in the next two to three years by  SMEs in Albania, Bosnia and 
Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia 
and Turkey, by country.  

Q17. Considering the turnover over the next two to three years (2018-2020), how much does your enterprise 
expect to grow per year? 
Source: SAFE, 2018; edited by Panteia. 

164 

49%25%17%15%13%11%11%4%44%68%74%81%82%86%83%71%7%10%7%9%6%15%TurkeyAlbaniaBosnia and HerzegovinaKosovoThe Former YugoslavRepublic of MacedoniaMontenegroIcelandSerbiaincreasedremained unchangeddecreaseddk/na41%25%17%14%13%8%7%-6%41%33%31%24%23%22%17%8%49%46%54%26%42%69%64%62%8%12%8%32%22%4%15%24%6%19%6%5%3%6%8%KosovoAlbaniaThe Former YugoslavRepublic of MacedoniaTurkeyBosnia and HerzegovinaMontenegroSerbiaIcelandgrow substantially - over 20% per year in terms of turnovergrow moderately - below 20% per year in terms of turnover 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

figure A2.88  Confidence  in  talking  with  banks,  equity  investors  and  venture  capital  enterprises  about 
financing and obtaining the desired results for SMEs in Albania, Bosnia and Herzegovina, the 
Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by 
country. 

Q19. Do you feel confident talking about financing with banks and that you will obtain the desired results? 
And how about with equity investors/venture capital enterprises? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.91  Types of external financing preferred to realise growth ambitions for SMEs in Albania, Bosnia 
and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, 
Serbia and Turkey, by country. 

Q20. If you need external financing to realise your growth ambitions, what type of external financing would 
you prefer most? 
Source: SAFE, 2018; edited by Panteia. 

165 

84%79%78%74%68%63%62%58%77%47%23%20%25%27%27%36%TurkeyKosovoBosnia andHerzegovinaSerbiaIcelandMontenegroThe Former YugoslavRepublic of MacedoniaAlbaniabanksequity investors and venture capital firms74%65%58%53%52%50%49%39%4%9%11%21%14%22%26%8%4%14%16%14%6%40%25%5%7%12%10%6%10%7%9%15%5%13%11%9%The Former YugoslavRepublic of MacedoniaSerbiaKosovoAlbaniaBosnia and HerzegovinaMontenegroIcelandTurkeybank loanloan from other sourcesequity investmentotherdk/na 
 
 
 
 
 
 
 
 
 
 
 
figure A2.94  Three most cited perceived factors limiting the access to future financing for SMEs in Albania, 
Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo,  Iceland, 
Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q22.What do you see as the most important limiting factor to get this financing? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.97  Amount of external financing needed to realise growth ambitions over the next two to three 

years for SMEs in the EU28, by country. 

Q21. If you need external financing to realise your growth ambitions over the next two to three years (2016-
2018), what amount of financing would you aim to obtain? 
Source: SAFE, 2018; edited by Panteia. 

166 

34%28%28%24%23%22%20%8%29%15%41%29%39%61%32%45%10%14%7%18%10%6%20%16%0%10%20%30%40%50%60%70%80%90%100%IcelandSerbiaBosnia and HerzegovinaThe Former Yugoslav Republic of MacedoniaMontenegroTurkeyAlbaniaKosovothere are no obstaclesinterest rates or price too highinsufficient collateral or guarantee9%9%5%6%21%17%11%17%8%25%38%23%21%30%33%16%19%20%8%18%18%17%25%21%23%23%25%23%26%22%17%33%23%18%14%16%12%7%8%5%25%5%11%13%3%8%7%KosovoIcelandBosnia and HerzegovinaAlbaniaThe Former YugoslavRepublic of MacedoniaTurkeySerbiaMontenegro< €25,000€25,000 -100,000€100,000 -250,000€250,000 -1,000,000> €1,000,000dk/na 
 
 
 
 
 
 
 
 
 
 
 
2.4 Characteristics and current state of enterprises  

Survey on the access to finance of enterprises (SAFE) 

figure A2.102  Changes  in  turnover  in  the past  six  months  (April  to September 2018) for  SMEs  in Albania, 
Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo,  Iceland, 
Montenegro, Serbia and Turkey, by country. 

Q2a. Turnover – Have the following company indicators decreased, remained unchanged or increased over 
the past six months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.104  Changes  in  labour  costs  (including  social  contributions)  in  the  past  six  months  (April  to 
September 2018) for SMEs in Albania, Bosnia and Herzegovina, the Former Yugoslav Republic 
of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country. 

Q2b.  Labour  costs  (including  social  contributions)  –  Have  the  following  company  indicators  decreased, 
remained unchanged or increased over the past six months?   
Source: SAFE, 2018; edited by Panteia. 

167 

59%46%49%39%41%44%43%28%26%37%26%47%41%28%31%23%15%17%25%15%18%25%25%48%4%MontenegroKosovoAlbaniaSerbiaBosnia and HerzegovinaThe Former YugoslavRepublic of MacedoniaIcelandTurkeyincreasedremained unchangeddecreaseddk/na44%29%25%24%24%19%18%-20%82%70%54%55%51%48%45%42%16%22%44%39%45%51%48%53%2%8%6%3%6%4%IcelandTurkeyKosovoAlbaniaBosnia and HerzegovinaSerbiaThe Former YugoslavRepublic of MacedoniaMontenegroincreasedremained unchangeddecreaseddk/na80%62%52%50%48%47%39%38% 
 
 
 
 
 
 
 
 
 
 
 
 
figure A2.106  Changes in other costs (materials, energy, other) in the past six months (April to September 
2018)  for  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of 
Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q2c.  Other  costs  (materials, energy, other)  –  Have  the  following company  indicators decreased, remained 
unchanged or increased over the past six months? 
Source: SAFE, 2018; edited by Panteia. 

figure A2.108  Changes in interest  expenses in the past six months (April to September 2018) for SMEs in 
Albania, Bosnia and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, 
Montenegro, Serbia and Turkey, by country. 

Q2d. Interest expenses – Have the following company indicators decreased, remained unchanged or increased 
over the past six months?  
Source: SAFE, 2018; edited by Panteia. 

168 

94%65%57%53%51%48%40%42%4%35%41%46%47%50%58%51%7%TurkeyKosovoBosnia and HerzegovinaSerbiaIcelandAlbaniaThe Former YugoslavRepublic of MacedoniaMontenegroincreasedremained unchangeddecreaseddk/na91%65%57%52%49%46%37%35%91%25%28%13%18%23%12%17%8%64%61%76%64%49%68%55%6%12%10%16%28%20%28%5%TurkeyAlbaniaIcelandMontenegroSerbiaKosovoBosnia and HerzegovinaThe Former YugoslavRepublic of Macedoniaincreasedremained unchangeddecreaseddk/na89%19%16%4%1%-5%-8%-12% 
 
 
 
 
 
 
 
 
 
 
 
 
figure A2.110  Changes in profit in the past six months (April to September 2018) for SMEs in Albania, Bosnia 
and Herzegovina, the Former Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, 
Serbia and Turkey, by country. 

Survey on the access to finance of enterprises (SAFE) 

Q2e. Profit – Have the following company indicators decreased, remained unchanged or increased over the 
past six months?   
Source: SAFE, 2018; edited by Panteia. 

figure A2.113  Most pressing problems in the past six months (April to September 2018) for SMEs in Albania, 
Bosnia  and  Herzegovina,  the  Former  Yugoslav  Republic  of  Macedonia,  Kosovo,  Iceland, 
Montenegro, Serbia and Turkey, by country. Percentages in the figure indicate the percentage 
of SMEs that consider a specific problem to be the most urgent problem.  

Q0b.  How  important  have  the  following  problems  been  for  your  enterprise  in  the  six  past  months?  Please 
answer on a scale of 1-10, where 1 means it is not at all important and 10 means it is extremely important. 
Source: SAFE, 2018; edited by Panteia. 

169 

49%38%32%34%31%28%27%16%30%30%44%31%34%35%37%14%20%26%21%32%30%35%36%70%5%4%MontenegroAlbaniaSerbiaIcelandBosnia and HerzegovinaThe Former YugoslavRepublic of MacedoniaKosovoTurkeyincreasedremained unchangeddecreaseddk/na30%12%11%2%1%-7%-9%-54%26%19%18%15%15%10%9%8%12%16%12%11%11%15%13%12%11%13%15%15%24%4%17%12%10%9%9%16%9%28%8%8%15%24%23%12%26%21%27%37%12%9%10%8%10%12%16%10%14%12%12%22%5%9%11%14%KosovoThe Former YugoslavRepublic of MacedoniaAlbaniaTurkeyMontenegroIcelandBosnia and HerzegovinaSerbiafinding customerscompetitionaccess to financecosts of production or labourskilled staff/ experienced managersregulationother 
 
 
 
 
 
 
 
 
 
 
 
figure A2.116  Share of innovative enterprises among SMEs in Albania, Bosnia and Herzegovina, the Former 
Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country.  

Survey on the access to finance of enterprises (SAFE) 

Q1. During the past 12 months have you introduced… 
… a new or significantly improved product or service to the market? 
… a new or significantly improved production process or method? 
… a new organisation of management? 
… a new way of selling your goods or services? 
An enterprise is considered innovative when it has answered “yes” to at least one of these questions. 
Source: SAFE, 2018; edited by Panteia. 

figure A2.118  Share of high-growth enterprises among SMEs in Albania, Bosnia and Herzegovina, the Former 
Yugoslav Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country.  

Q16. Over the past three years (2016-2018), how much did your enterprise grow on average per year? 
An enterprise is considered to have experienced high-growth if it experienced average annualised growth of 
20% per annum over a three-year period. 
Source: SAFE, 2018; edited by Panteia. 

170 

91%82%76%74%72%72%72%68%87%69%81%73%63%70%KosovoAlbaniaSerbiaBosnia andHerzegovinaThe Former YugoslavRepublic of MacedoniaIcelandMontenegroTurkey2018201766%43%39%38%38%33%31%29%45%40%35%21%43%35%KosovoTurkeyIcelandSerbiaMontenegroAlbaniaThe Former YugoslavRepublic of MacedoniaBosnia andHerzegovina20182017 
 
 
 
 
 
 
 
 
 
 
 
figure A2.120  Share  of  gazelles  among  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav 

Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country.  

Survey on the access to finance of enterprises (SAFE) 

Q16. Over the past three years (2016-2018), how much did your enterprise grow on average per year? 
D5. In which year was your enterprise first registered? 
An enterprise is considered to be a gazelle if it experienced average annualised growth of 20% per annum 
over a three-year period and is up to five years old. 
Source: SAFE, 2018; edited by Panteia. 

figure A2.122  Share  of  exporters  among  SMEs  in  Albania,  Bosnia  and  Herzegovina,  the  Former  Yugoslav 

Republic of Macedonia, Kosovo, Iceland, Montenegro, Serbia and Turkey, by country.  

D7.  What  percentage  of  your  company´s  total  turnover  in  2018  is  accounted  for  by  exports  of  goods  and 
services? 
An enterprise is considered to be an exporter if any share of its total turnover is accounted for by exports. 
Source: SAFE, 2018; edited by Panteia. 

171 

19%10%6%3%2%1%1%0%3%3%5%5%4%2%KosovoMontenegroThe Former YugoslavRepublic of MacedoniaTurkeyAlbaniaSerbiaBosnia andHerzegovinaIceland2018201765%62%55%54%53%51%50%42%57%57%45%52%58%48%KosovoBosnia andHerzegovinaTurkeyIcelandSerbiaAlbaniaThe Former YugoslavRepublic of MacedoniaMontenegro20182017 
 
 
 
 
 
 
 
 
 
 
 
APPENDIX 3  QUESTIONNAIRE  

Survey on the access to finance of enterprises (SAFE) 

European Commission and European Central Bank 

Survey on the access to finance of enterprises, 

 April to September 2018 

[INTRODUCTION TO THE ONLINE SURVEY] 
Welcome to the Survey on the access to finance of enterprises: a joint initiative of the European Commission and the European Central 
Bank.  
Your business has been selected to participate in this Europe-wide survey, which aims to assess the financing needs and the availability of 
financing among companies like yours. We very much appreciate your participation. 
Your answers to this voluntary survey will be treated in strict confidence, used for statistical or policy research purposes and published in 
aggregate form only. 

Please click ‘next’ to continue.  

------------------------------------- 
[INTRODUCTION TO THE TELEPHONE SURVEY]7 
Hello, my name is <interviewer> and I am calling from <survey company> on behalf of the European Commission and the European 
Central  Bank.  Your  business  has  been  selected  to  participate  in  a  Europe-wide  survey  on  the  financing  needs  and  the  availability  of 
financing among companies like yours.  
European policy-makers want to have a better understanding of the issues and circumstances faced by small, medium-sized and large non-
financial enterprises when it comes to accessing finance from banks and other institutions. This survey is now being conducted across 
Europe  and  your  input  is  of  the  utmost  importance:  the  responses  to  the  survey  will  help  shape  policy  decisions  by  the  European 
Commission and the European Central Bank.  
[IF RESPONDENT IS FROM PANEL: You may remember that we spoke to you about  <INSERT CORRECT TIME PERIOD (e.g. six 
months, one year, one and a half years)> ago and you kindly said that you would be willing to participate again in the survey at around 
this time.] 
[READ IF NECESSARY (IF RESPONDENTS ASK FOR MORE INFORMATION ABOUT THE PROJECT): The results of the survey 
will  help  the  European  Commission  in  its  evidence-based  policy-making  to  improve  the  access  to  finance  for  businesses  and  in  the 
monetary policy of the European Central Bank. Can I e-mail you some more information about the survey?] 
May I speak with the most appropriate person – the person best able to provide information on how your company is financed?  
[READ IF NECESSARY: This person could be the owner, a finance manager, the finance director or the chief financial officer (CFO).] 
Your answers to this voluntary survey will be treated in strict confidence, used for statistical or policy research purposes and published in 
aggregate form only.  
[READ IF NECESSARY: Would you prefer to participate in the survey by phone or online?] 

D0. Can you please confirm that the name of your company is correct? If not, please indicate the correct company name. 
SECTION 1: GENERAL CHARACTERISTICS OF THE ENTERPRISE (DEMOGRAPHIC PART, COMMON) 
[FOR PANEL MEMBERS:] First a few demographic questions – you may have already answered these, but it would be good to 

confirm that the details are still correct. 
D2. NEW RESPONDENTS: How would you characterise your enterprise? Is it... 
D2. PANEL MEMBERS: Can you confirm that  your enterprise is <STATE ANSWER FROM PREVIOUS WAVE>? [READ  IF 
NECESSARY: If not, what is the correct category?] 
[ONLY ONE ANSWER IS POSSIBLE] 

- 

a subsidiary of another enterprise [READ IF NECESSARY: a separate, distinct legal entity that is part 
of a profit-oriented enterprise] ......................................................................................................................................... 4 

7 Used formatting:  

 
 

TEXT IN CAPITAL LETTERS refers to the instructions and should never be read; 
<text in brackets and italics> refers to the parameters – the dynamic text which should be adapted based on the 
respondent’s information.  

 
 
 
 
 
 
 
 
                                                 
Survey on the access to finance of enterprises (SAFE) 

- 

- 

- 
- 

a branch of another enterprise [READ IF NECESSARY: branches are controlled by a parent company 
and are not separate legal entities] ................................................................................................................................... 5 
an  autonomous  profit-oriented  enterprise,  making  independent  financial  decisions  [READ  IF 
NECESSARY: in the sense of making independent management decisions; this includes partnerships 
and cooperatives] ............................................................................................................................................................. 2 
a non-profit enterprise [READ IF NECESSARY: foundation, association, semi-government] ....................................... 3 
[DK/NA] .......................................................................................................................................................................... 9 

[IF 3 (NON-PROFIT)  STOP INTERVIEW  INTERVIEW NOT VALID] 
[IF 4 (SUBSIDIARY)  MAKE THE FOLLOWING REQUEST] 

In your replies to all the following questions, please respond on behalf of the subsidiary. 
[IF 5 (BRANCH)  ASK THE FOLLOWING QUESTION] 

Are you knowledgeable about the finances of the whole enterprise, that is, the head office and all branches? 
[IF NO  STOP INTERVIEW  INTERVIEW NOT VALID] 
[IF YES: Please respond on behalf of the whole enterprise, that is, the head office and all branches.] 
[FILTER: IF D2 FEATURES 4 OR 5] 

Czech Republic 
Denmark 
Hungary 
Poland 
Romania 
Sweden 
United Kingdom 

D2A. NEW RESPONDENTS: In which country is the parent company of your enterprise located? 
D2A. PANEL MEMBERS: Can you confirm that the parent company of your enterprise is located <in STATE ANSWER FROM 
PREVIOUS WAVE>? [READ IF NECESSARY: If not, what is the correct country?] 
[DO NOT READ OUT – USE ISO COUNTRY CODES]  
[LIST OF MAIN COUNTRY CODES] 
EURO AREA COUNTRIES 
Austria 
AT 
Belgium 
BE 
Cyprus 
CY 
Estonia 
EE 
Finland 
FI 
France 
FR 
Germany 
DE 
Greece 
GR 
Ireland 
IE 
Italy  
IT 
Lithuania 
LT 
Latvia 
LV 
Luxembourg 
LU 
Malta 
MT 
Netherlands 
NL 
Portugal 
PT 
Slovakia 
SK 
Slovenia 
SI 
ES 
Spain 
OTHER EU MEMBER STATES 
Bulgaria 
BG 
HR 
Croatia 
[FILTER: ALL ENTERPRISES] 

Albania 
Bosnia and Herzegovina 
China 
The former Yugoslav Republic of Macedonia 
Iceland 
Japan 
Montenegro 
Norway 
Serbia 
Russian Federation 
Switzerland 
Turkey 
United States 
Kosovo 
Don’t know 

CZ 
DK 
HU 
PL 
RO 
SE 
UK 
OTHER COUNTRIES 
AL 
BA 
CN 
MK 
IS 
JP 
ME 
NO 
RS 
RU 
CH 
TR 
US 
XK 
-99 

D1. How many people does your enterprise currently employ either full or part-time at all its locations <in your country>? Please 
do not include unpaid family workers and freelancers working regularly for your enterprise. 
[READ IF NECESSARY: Full-time and part-time employees should each count as one employee. Employees working less than 12 hours 
per week are to be excluded.] 
[ONLY ONE ANSWER IS POSSIBLE] 

NUMERICAL ANSWER [1-999999] 
[DK/NA] 

[READ IF 1 EMPLOYEE: The business must have at least one employee beyond the owner(s). Can you confirm that the employee is not 
the owner?] 
[IF 0 EMPLOYEES  STOP INTERVIEW  INTERVIEW NOT VALID] 
D1_rec. [IF NA/DK  ASK ABOUT APPROXIMATE NUMBER IN BRACKETS – ONLY ONE ANSWER IS POSSIBLE  IF STILL 
NA/DK  STOP INTERVIEW  INTERVIEW NOT VALID] 

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Survey on the access to finance of enterprises (SAFE) 

What is the approximate number? 

- 
- 
- 
- 
- 

from 1 employee to 9 employees ......................................................................................................... 1 
from 10 employees to 49 employees .................................................................................................... 2 
from 50 employees to 249 employees .................................................................................................. 3 
250 employees or more ........................................................................................................................ 4 
[DK/NA] .............................................................................................................................................. 9 

D1_C. PANEL MEMBERS: [IF THE NEW CATEGORY DIFFERS SIGNIFICANTLY (I.E. BY MORE THAN ONE CATEGORY) 
FROM THE PREVIOUS WAVE, ASK THE FOLLOWING QUESTION.] 

The last time your enterprise was interviewed, it had <STATE ANSWER FROM PREVIOUS WAVE> employees. Can you confirm 
that the number <has increased/decreased> to <STATE ANSWER FROM CURRENT WAVE>? [READ  IF NECESSARY:  If not, 
what is the correct number?] 

D3. What is the main activity of your enterprise?  
[ONLY ONE ANSWER IS POSSIBLE]  

- 
- 

construction...................................................................................................................................................................... 2 
industry [READ IF NECESSARY: it includes manufacturing, mining and electricity, gas and water 
supply] ........................................................................................................................................................................... 12 
-  wholesale or retail trade ................................................................................................................................................... 4 
- 
transport ........................................................................................................................................................................... 5 
agriculture [STOP INTERVIEW  INTERVIEW NOT VALID] .................................................................................. 8 
- 
public administration [STOP INTERVIEW  INTERVIEW NOT VALID] .................................................................. 9 
- 
financial services [STOP INTERVIEW  INTERVIEW NOT VALID] ...................................................................... 10 
- 
- 
other services to businesses or persons [READ IF NECESSARY: for example, hotels and restaurants, 
IT services] .................................................................................................................................................................... 13 
[READ IF NECESSARY: If none of these, please specify.]  
[IF RECODING IS NOT POSSIBLE, STOP INTERVIEW  INTERVIEW NOT VALID] ....................................... 11 
[DK/NA] [STOP INTERVIEW  INTERVIEW NOT VALID] .................................................................................. 99 

- 

- 

D3_C. PANEL MEMBERS: [IF SECTOR DIFFERS FROM THE PREVIOUS WAVE, ASK THE FOLLOWING QUESTION.]  

The last time your enterprise was interviewed, it was active in <STATE ANSWER FROM PREVIOUS WAVE>. Can you confirm 
that it is involved in <STATE ANSWER FROM CURRENT WAVE>? [READ IF NECESSARY: If not, what is the correct category?] 

D6. NEW RESPONDENTS: Who owns the largest stake in your enterprise?  
D6. PANEL MEMBERS: Can you confirm that the largest stake in your enterprise is still owned by <STATE ANSWER FROM 
PREVIOUS WAVE>? [READ IF NECESSARY: If not, what is the correct category?] 
[ONLY ONE ANSWER IS POSSIBLE. IF RESPONDENT CLASSIFIES THE ENTERPRISE IN ONE OF THE FIRST CATEGORIES, 
THERE IS NO NEED TO READ ALL THE CATEGORIES] 
[READ IF NECESSARY (NOTE ON THE REFERENCE TO THE LIMITED LIABILITY COMPANY): A limited liability company is 
a legal form of an enterprise that provides protection against personal liability to its owners. The owners can be natural persons or other 
enterprises. To which category would you classify the owner with the largest stake in your enterprise? READ THE CATEGORIES] 
one owner only, that is yourself or another natural person ............................................................................................... 5 
family or entrepreneurs [READ IF NECESSARY: more than one owner] ...................................................................... 2 
other enterprises or business associates ............................................................................................................................ 3 
public shareholders, as your enterprise is listed on the stock market ................................................................................ 1 
venture capital enterprises or business angels [READ IF NECESSARY: individual investors providing 
capital or know-how to young innovative enterprises] ..................................................................................................... 4 
other ................................................................................................................................................................................. 7 
[DK/NA] .......................................................................................................................................................................... 9 

- 
- 
- 
- 
- 

- 
- 

D4.  What  was  the  annual  turnover  of  your  enterprise  in  2017?  [READ  IF  NECESSARY:  Please  include  all  locations  of  your 
enterprises, both <in your country> and abroad.] 
[ONLY ONE ANSWER IS POSSIBLE]  
[For non-euro area countries, the amounts in euro will be converted to national currency.] 

- 
up to €500,000 ..................................................................................................................................... 5 
-  more than €500,000 and up to €1 million ............................................................................................. 6 
-  more than €1 million and up to €2 million ........................................................................................... 7 
-  more than €2 million and up to €10 million ......................................................................................... 2 
-  more than €10 million and up to €50 million ....................................................................................... 3 
-  more than €50 million .......................................................................................................................... 4 
- 
[DK/NA] .............................................................................................................................................. 9 

D4_C. PANEL MEMBERS: [IF  THE NEW CATEGORY DIFFERS SIGNIFICANTLY (I.E. BY MORE THAN ONE CATEGORY) 
FROM THE PREVIOUS WAVE, ASK THE FOLLOWING QUESTION.] 

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Survey on the access to finance of enterprises (SAFE) 

The last time your enterprise was interviewed, the turnover was <STATE ANSWER FROM PREVIOUS WAVE>. Can you confirm 
that it is now <STATE ANSWER FROM CURRENT WAVE>? [READ IF NECESSARY: If not, what is the correct category?] 
D7.  What  percentage of  your company’s  total  turnover in  2017 is  accounted for  by  exports of goods and  services? [READ  IF 
NECESSARY: Exports comprise sales of goods or the provision of services to non-residents, including to foreign tourists visiting the 
relevant country.]  

NUMERICAL ANSWER IN PERCENTAGES [0-100] 
[DK/NA: -99] 

D7_rec. [IF (NA/DK)  ASK WHETHER ONE OF THE FOLLOWING CATEGORIES WOULD APPLY – ONLY ONE ANSWER IS 
POSSIBLE] 
Which of the following categories apply? 

- 
- 
- 
- 
- 

0% – my enterprise did not export any goods and services last year .................................................... 1 
less than 25% ....................................................................................................................................... 2 
between 25% and 50% ......................................................................................................................... 3 
over 50% .............................................................................................................................................. 4 
[DK] ..................................................................................................................................................... 9 

D7_C. PANEL MEMBERS: [IF  THE NEW CATEGORY DIFFERS SIGNIFICANTLY (I.E. BY MORE THAN ONE CATEGORY) 
FROM THE PREVIOUS WAVE, ASK THE FOLLOWING QUESTION.] 

The last time your enterprise was interviewed, the share of total turnover accounted for by exports was <STATE ANSWER FROM 
PREVIOUS WAVE>. Can you confirm that it is now <STATE ANSWER FROM CURRENT WAVE>? [READ IF NECESSARY: If 
not, what is the correct number?] 
D5.  NEW  RESPONDENTS:  In which year was  your  enterprise first registered?  [READ  IF  NECESSARY:  In  the  case  of  a  past 
acquisition, please  refer  to  the  year  when  the  acquiring  enterprise  was  registered  or,  in  the  case  of  a  merger,  to  the  largest  enterprise 
involved (in terms of employees)]. 

D5. PANEL MEMBERS: Can you please confirm that your enterprise was registered in <STATE ANSWER FROM PREVIOUS 
WAVE>? [READ IF NECESSARY: If not, what is the correct year?] 

NUMERICAL ANSWER [1700-2018] <FOUR DIGITS, LESS OR EQUAL THAN YEAR OF SURVEY> 
[DK/NA] 

[THE AGE OF THE ENTERPRISE IS CALCULATED AS 2017 MINUS THE YEAR OF REGISTRATION.] 
D5_rec. [IF NA/DK  ASK WHETHER ONE OF THE FOLLOWING CATEGORIES WOULD APPLY – ONLY ONE ANSWER IS 
POSSIBLE]  

Approximately, how old is your enterprise? 

- 
- 
- 
- 
- 

10 years or more .................................................................................................................................. 1 
5 years or more, but less than 10 years ................................................................................................. 2 
2 years or more, but less than 5 years ................................................................................................... 3 
less than 2 years ................................................................................................................................... 4 
[DK/NA] .............................................................................................................................................. 9 

SECTION 2: GENERAL INFORMATION ON THE TYPE AND SITUATION OF THE ENTERPRISE 
We will now turn to your enterprise’s current situation. When asked about the changes experienced by your enterprise over the 
past six months, please report just the changes that have occurred between April 2018 and now.  
[FILTER: ALL ENTERPRISES] 
Q0b. How important have the following problems been for your enterprise in the past six months? Please answer on a scale of 1-
10, where 1 means it is not at all important and 10 means it is extremely important.  
[ONE ANSWER PER LINE. DK/NA (CODE 99) OPTION PERMITTED] 

1. 
Finding customers ...............................................................................................................................................................  
2.  Competition ........................................................................................................................................................................  
3.  Access to finance [READ IF NECESSARY: Financing of your business – bank loans, trade credit, equity, debt 

securities, other external financing] ....................................................................................................................................  

4.  Costs of production or labour [READ IF NECESSARY: If your company does not have production costs, please 
refer  only  to  labour  costs.  Labour  costs  include  wages,  employee  benefits  and  payroll  taxes  paid  by  an 
employer.] ...........................................................................................................................................................................  
5.  Availability of skilled staff or experienced managers .........................................................................................................  
6.  Regulation, for example European and national laws, industrial regulations ......................................................................  
7.  Other, please specify [WRITE DOWN THE VERBATIM ANSWER. USE THE FOLLOWING CODES, IF 
THE ANSWER CAN BE CLASSIFIED AS ONE OF THE FOLLOWING CATEGORIES: 11  - Taxes, 12 - 
Cash flow / liquidity, 13 – Bureaucracy, 14 – Exchange rate fluctuations, 15 – Political instability / economic 
crisis, 16 – Brexit] 

176 

 
 
 
 
 
 
 
 
Q2. Have the following company indicators decreased, remained unchanged or increased over the past six months?  
[ONLY ONE ANSWER PER LINE] 

Survey on the access to finance of enterprises (SAFE) 

- 
Increased .................................................................................................................. 1 
-  Remained unchanged ............................................................................................... 2 
-  Decreased ................................................................................................................. 3 
- 
[NOT APPLICABLE, ENTERPRISE HAS NO DEBT] .......................................... 7 
- 
[DK/NA] .................................................................................................................. 9 

[AS REGARDS ITEM (d) and (j), IF THE COMPANY HAS NO DEBT, CODE 7 (NOT APPLICABLE) 
SHOULD BE USED.] 

a)  Turnover ............................................................................................................................................ 1 2 3 9 
b)  Labour costs (including social contributions) ..................................................................................... 1 2 3 9 
c)  Other costs (materials, energy, other) ................................................................................................. 1 2 3 9 
d)  Interest expenses [READ IF NECESSARY: what your company pays in interest for its debt]....... 1 2 3 7 9 
e)  Profit [READ IF NECESSARY: net income after taxes] ................................................................... 1 2 3 9 
g)  Investments in property, plant or equipment)[READ IF NECESSARY: fixed investment]  .............. 1 2 3 9 
h)  Inventories and other working capital [*READ IF NECESSARY: Inventories are the goods and materials 
that a business holds for the ultimate purpose of resale. *READ IF NECESSARY: Working capital is the 
difference between current assets, such as inventories and invoices, and current liabilities, that is, debt or 
other obligations coming due within a year.]  .................................................................................... 1 2 3 9 
i)  Number of employees [READ  IF NECESSARY (IF RESPONDENTS  GIVES  THE NUMBER): Please 
indicate if it increased or decreased in the past six months]  .............................................................. 1 2 3 9 
j)  Debt compared to assets [READ IF NECESSARY: that is the ratio of all kinds of debt to total assets]1 2 3 

7 9 

SECTION 3: FINANCING OF THE ENTERPRISE  

We will now turn to the financing of your enterprise.  
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? Please provide a separate answer in each case. 
[ONE ANSWER PER LINE IS POSSIBLE (CODE 3, 7 OR 9)] 

-  Yes, this source is relevant to my enterprise [READ FOR THE FIRST TWO ITEMS, AFTERWARDS IF 
NECESSARY: that is, I have used it in the past or I considered using it in the future) ............................... 3 
-  No, this source is not relevant to my enterprise ........................................................................................... 7 
- 
[DK] ............................................................................................................................................................ 9 

[FOR EACH FINANCING SOURCE, IF THE ANSWER IS “YES” (CODE 3), ASK THE RELEVANT FOLLOW-UP QUESTION – 
ONE ANSWER PER LINE IS POSSIBLE (CODE 1, 2 OR 99)] 

-  Yes .............................................................................................................................................................. 1 
-  No ............................................................................................................................................................... 2 
- 
[DK] .......................................................................................................................................................... 99 
c)   Credit  line,  bank  overdraft  or  credit cards  overdraft. [*READ  IF  NECESSARY:  A  credit  line  is a pre-

arranged loan that can be used, in full or in part, at discretion and with limited advance warning.  
*READ IF NECESSARY: The difference between a bank loan and a credit line is that in the case of a bank 
loan, the precise amount of loan and the dates of repayments are usually fixed, while in the case of a credit 
line, the borrower can draw only part of the money at discretion up to an agreed maximum balance, and 
interest is charged only on money actually withdrawn.  
*READ  IF NECESSARY:  A bank overdraft is the negative balance on a bank account with or without 
specific penalties.  
*READ IF NECESSARY: A credit card overdraft is a negative balance on a credit card.] .................. 3 7 9  

IF “YES” (CODE 3)  Have you drawn on such types of credit in the  past six 
months? ......................................................................................................... 1 2 99 
b)   Grants or subsidised bank loans [READ  IF NECESSARY: involving, for example, support from public 
sources in the form of guarantees or reduced interest rate loans.] ......................................................... 3 7 9 
IF “YES” (CODE 3)  Have you obtained new financing of this type in the past six months?1  2 
99 

d)   Bank loan (excluding subsidised bank loans, overdrafts and credit lines) [*READ IF NECESSARY: both 

short and long-term.  
*READ IF NECESSARY: The difference between a bank loan and a credit line is that in the case of a bank 
loan, the precise amount of loan and the dates of repayments are usually fixed, while in the case of a credit 

177 

 
 
 
 
 
 
 
 
 
 
 
 
Survey on the access to finance of enterprises (SAFE) 

line, the borrower can draw only part of the money at discretion up to an agreed maximum balance, and 
interest is charged only on money actually withdrawn.] ....................................................................... 3 7 9 
IF “YES” (CODE 3)  Have you taken out a new loan or renewed such a loan in the past six 
months? ................................................................................................................................. 1 2 99 
e)   Trade credit [READ IF NECESSARY: that means paying your suppliers at the later agreed date, usually 
30, 60 or 90 days after the delivery of the purchased goods or services]  .............................................. 3 7 9 
IF “YES” (CODE 3)  Have you obtained trade credit from your business partners in the past six 
months? ................................................................................................................................. 1 2 99 
f)   Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade credit
 .............................................................................................................................................................. 3 7 9 
IF “YES” (CODE 3)  Have you taken out or renewed such a loan in the past six months?1 2 99 

m) Leasing or hire-purchase [READ IF NECESSARY: obtaining the use of a fixed  

asset  (for  example,  cars  or  machinery)  in  exchange  for  regular  payments,  but  without  the  immediate 
ownership of the asset]  ......................................................................................................................... 3 7 9 
IF “YES” (CODE 3)  Have you obtained new financing of this type in the past six months? 1 2 
99 

h)   Debt securities issued [READ  IF  NECESSARY: short-term commercial paper or longer-term corporate 
bonds issued by your enterprise] ........................................................................................................... 3 7 9 
IF “YES” (CODE 3)  Have you issued any debt securities in the past six months? ........... 1 2 99 
j)   Equity capital [*READ IF NECESSARY: Equity capital refers to raising capital through the sale of shares 
in your enterprise. It is usually associated with the financing of companies listed on an exchange via public 
offerings. It can also involve a private sale, in which the transaction between investors and the enterprise 
takes place directly.  
*READ  IF NECESSARY: Equity capital includes quoted and unquoted shares or other forms of equity 
provided by the owners themselves or by external investors, including venture capital or business angels. 
*READ IF NECESSARY: Venture capital enterprises or business angels are individual investors providing 
capital or know-how to young innovative enterprises.] ......................................................................... 3 7 9 

IF “YES” (CODE 3)  Have you issued equity in the past six months? .............................. 1 2 99 
r)   Factoring [READ IF NECESSARY: selling your invoices to a factoring company; this company gets your 
debt and has to collect it; it will make a profit by paying you less cash than the face value of the invoice] 3 
7 9 

IF “YES” (CODE 3)  Have you used factoring in the past six months? ............................ 1 2 99 
a)   Retained earnings or sale of assets [READ IF NECESSARY: internal funds like cash or cash equivalent, 
resulting for instance from savings, retained earnings or sale of assets] ................................................ 3 7 9 
IF “YES” (CODE 3)  Have you retained earnings or sold assets in the past six months? .. 1 2 99 
p)  Other sources of financing, for example subordinated debt instruments, participating loans, peer-to-peer 
lending, crowdfunding [*READ IF NECESSARY: Subordinated debt is repayable only after other debts 
have been satisfied.  
*READ  IF  NECESSARY:  A  participating  loan  gives  the  lender  the  right  to  convert  the  loan  into  an 
ownership or equity interest in the company under specified clauses and conditions.  
*READ IF NECESSARY: Peer-to-peer lending consists of lending money to an unrelated individual or 
enterprise without a traditional financial intermediary, usually via dedicated online lending portals.  
*READ IF NECESSARY: Crowdfunding involves raising monetary contributions from a large number of 
people, typically via the internet] .......................................................................................................... 3 7 9 
IF “YES” (CODE 3)  Have you obtained such sources of financing in the past six months?1  2 
99 

[FILTER: IF ITEM Q4.d) (BANK LOANS) IS “NOT RELEVANT” (CODE 7)] 

Q32. You mentioned that bank loans are not relevant for your enterprise. What is the main reason for this?  
[ONLY ONE ANSWER IS POSSIBLE]  

- 
Insufficient collateral or guarantee .................................................................................. 1 
- 
Interest rates or price too high ......................................................................................... 2 
-  Reduced control over the enterprise ................................................................................ 3 
-  Too much paperwork is involved  ................................................................................... 6 
-  No bank loans are available ............................................................................................. 4 
- 
I do not need this type of financing ................................................................................. 8 

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Survey on the access to finance of enterprises (SAFE) 

-  Other ............................................................................................................................... 5 
- 
[DK] ................................................................................................................................ 9 

[FILTER: FOR EACH Q4 ITEMS THAT IS “RELEVANT” (CODE 1, 2, 99), NAMELY Q4.c), Q4.d), Q4.b), Q4.e), Q4.h) AND Q4.j), 
FILL THE RELEVANT ITEM IN Q5] 

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.  
[ONE ANSWER PER LINE IS POSSIBLE]  

- 
Increased ......................................................................................................................... 1 
-  Remained unchanged ...................................................................................................... 2 
-  Decreased ........................................................................................................................ 3 
- 
[INSTRUMENT NOT APPLICABLE TO MY ENTERPRISE] ..................................... 7 
- 
[DK] ................................................................................................................................ 9 
[FILTER: IF Q4.c) FEATURES CODE 1, 2 OR 99] 

f)  Credit line, bank overdraft or credit cards overdraft ........................................................................ 1 2 3 7 9 

[FILTER: IF Q4.d) OR Q4.b) FEATURES CODE 1, 2 OR 99] 

a)  Bank loans (excluding overdraft and credit lines) ........................................................................... 1 2 3 7 9 

[FILTER: IF Q4.e) FEATURES CODE 1, 2 OR 99] 

b)  Trade credit ..................................................................................................................................... 1 2 3 7 9 

[FILTER: IF Q4.j) FEATURES CODE 1, 2 OR 99] 

c)  Equity capital [READ IF NECESSARY: including venture capital or business angels] ................. 1 2 3 7 9 

[FILTER: IF Q4.h) FEATURES CODE 1, 2 OR 99] 

d)  Debt securities issued [READ  IF  NECESSARY: short-term commercial paper or longer-term corporate 
bonds issued by your enterprise] ..................................................................................................... 1 2 3 7 9 

[FILTER: IF Q4.m) FEATURES CODE 1, 2 OR 99] 

g)  Leasing or hire-purchase [READ IF NECESSARY: obtaining the use of a fixed asset, for example, cars or 
machinery, in exchange for regular payments, but without the immediate ownership of the asset] 1 2 3 7 9 

[FILTER: IF Q4.f) FEATURES CODE 1, 2 OR 99] 

h) 

 Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade credit
 ....................................................................................................................................................... 1 2 3 7 9 
[FILTER: FOR EACH Q4 ITEM THAT IS “RELEVANT” (CODE 1, 2, 99), NAMELY Q4.c), Q4.d), Q4.b) AND Q4.e), FILL THE 
RELEVANT ITEM IN Q7A] 
Q7A. Have you applied for the following types of financing in the past six months? [READ IF NECESSARY: Please also take into 
account renewal of the existing contracts.] 
[ONE ANSWER PER LINE IS POSSIBLE]  

-  Applied..................................................................................................................... 1 
-  Did not apply because of possible rejection ............................................................. 2 
-  Did not apply because of sufficient internal funds.................................................... 3 
-  Did not apply for other reasons ................................................................................ 4 
- 
[DK/NA] .................................................................................................................. 9 
[FILTER: IF Q4.c) FEATURES CODE 1, 2 OR 99] 

d)  Credit line, bank overdraft or credit cards overdraft ........................................................................ 1 2 3 4 9 

[FILTER: IF Q4.d) OR Q4.b) FEATURE CODE 1, 2, 3 OR 99] 

a)  Bank loan (excluding overdraft and credit lines) ............................................................................. 1 2 3 4 9 

[FILTER: IF Q4.e) FEATURES CODE 1, 2 OR 99] 

b)  Trade credit [READ IF NECESSARY: It covers not only an explicit request for trade credit to the business 
partners, but also if you have received a trade credit within a standard business practice] .............. 1 2 3 4 9 
[FILTER:  IF  AT  LEAST  ONE  OF  THE  Q4  ITEMS  Q4.f),  Q4.h),  Q4.j),  Q4.m),  Q4.r)  OR  Q4.p)  IS  “RELEVANT” 
(CODE 1, 2, 99)] 

c)  Other  external  financing  [READ  IF  NECESSARY:  for  example,  loans  from  a  related  company, 
shareholders or family and friends, leasing, factoring, grants, subordinated debt instruments, participating 
loans, peer-to-peer lending, crowdfunding, and issuance of equity and debt securities] ................. 1 2 3 4 9 

[FILTER: FOR EACH Q7A ITEM THAT IS “APPLIED” (CODE 1), FILL THE RELEVANT ITEM IN Q7B] 

Q7B. If you applied and tried to negotiate for this type of financing over the past six months, what was the outcome? Please provide 
a separate answer in each case.  
[ONLY ONE ANSWER PER LINE IS POSSIBLE]  

-  Received everything .................................................................................................................. 1 

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-  Received 75% and above [DO NOT READ: received most of it]  ............................................ 5 
-  Received below 75% [DO NOT READ: only received a limited part of it] .............................. 6 
-  Refused because the cost was too high ...................................................................................... 3 
-  Was rejected .............................................................................................................................. 4 
-  Application is still pending........................................................................................................ 8 
- 
[DK] .......................................................................................................................................... 9 
[FILTER: IF Q7A.d) FEATURES CODE 1] 

d)  Credit line, bank overdraft or credit cards overdraft .................................................................. 1 3 4 5 6 8 9 

[FILTER: IF Q7A.a) FEATURES CODE 1] 

a)  Bank loan (excluding overdraft and credit lines) ....................................................................... 1 3 4 5 6 8 9 

[FILTER: IF Q7A.b) FEATURES CODE 1] 

b)  Trade credit ............................................................................................................................... 1 3 4 5 6 8 9 

[FILTER: IF Q7A.c) FEATURES CODE 1] 

c)  Other  external  financing  [READ  IF  NECESSARY:  for  example,  loans  from  a  related  company, 
shareholders or family and friends, leasing, factoring, grants, subordinated debt instruments, participating 
loans, peer-to-peer lending, crowdfunding, and issuance of equity and debt securities] ........... 1 3 4 5 6 8 9 

[FILTER: IF Q7B.a) FEATURES CODE 1, 3, 4, 5, 6 OR 8] 
Q8A. What is the size of the last bank loan that your enterprise…  

[IF Q7B. a) FEATURES CODE 1, 5 or 6] 
…obtained or renegotiated in the past six months?  
[IF Q7B. a) FEATURES CODE 3, 4 or 8] 
…attempted to obtain in the past six months?  

[ONLY ONE ANSWER IS POSSIBLE] 
[For non-euro area countries, the amounts in euro will be converted into national currency.] 

- 
up to €25,000 .................................................................................................................. 1 
-  more than €25,000 and up to €100,000 ........................................................................... 2 
-  more than €100,000 and up to €250,000 ......................................................................... 5 
-  more than €250,000 and up to €1 million ........................................................................ 6 
- 
over €1 million ................................................................................................................ 4 
- 
[DK/NA] ......................................................................................................................... 9 
[FILTER: IF Q7B.d) FEATURES CODE 1, 3, 5 OR 6] 
Q8B_TYPE. What interest rate was charged for the credit line or bank overdraft for which you applied? Was it fixed or variable 
rate? [READ IF NECESSSARY: variable interest rates are generally characterised by the reference rate and the spread, for example 6-
month EURIBOR plus 1.5%.] 

- 
- 

fixed ................................................................................................................................ 1 
variable............................................................................................................................ 2 

[FILTER: IF Q8B_TYPE IS “FIXED” (CODE 1)] 
Q8B_FIX. Please indicate the interest rate. 

NUMERICAL ANSWER IN PERCENTAGES [0-100],  
UP  TO  FOUR  DECIMAL  PLACES,  SEPARATED  BY  DECIMAL  POINT,  FOR  EXAMPLE: 
12.5988%, 0.5%  
[DK/NA: -99] 

[FILTER: IF Q8B_TYPE IS “VARIABLE” (CODE 2)] 
Q8B_VAR.  Please  indicate  the  name  of  the  reference  rate  and  the  spread  [READ  IF  NECESSARY:  variable  interest  rates  are 
characterised by the reference rate, the maturity of the reference rate and the spread, for example 6-month EURIBOR plus 1.5%. The most 
frequently used reference rate in the euro area is EURIBOR, the euro interbank offered rate. The maturity of the reference rate usually 
varies from 1 week to 12 months. The spread is a fixed percentage over the reference rate]  
Q8B_VAR_REFERENCE RATE  
What was the reference rate? 

DROP-DOWN LIST:  

-  EURIBOR – 1 week ......................................................................................................................... 1 
-  EURIBOR – 2 weeks ....................................................................................................................... 2 
-  EURIBOR – 1 month ....................................................................................................................... 3 
-  EURIBOR – 2 months...................................................................................................................... 4 
-  EURIBOR – 3 months...................................................................................................................... 5 
-  EURIBOR – 6 months...................................................................................................................... 6 
-  EURIBOR – 9 months...................................................................................................................... 7 
-  EURIBOR – 12 months .................................................................................................................... 8 
-  EURIBOR – unknown maturity ....................................................................................................... 9 

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-  EONIA [READ IF NECESSARY: euro overnight index average] ................................................ 10 
-  Other, please specify ...................................................................................................................... 11 
- 
[DK] .............................................................................................................................................. -99 
[FILTER: IF Q8B_REF_RATE FEATURES CODE 11] 
Q8B_VAR_OTHER. What was the reference rate? 

VERBATIM ANSWER [0-30 CHARACTERS] 
[DK/NA: -99] 

[FILTER: IF Q8B_TYPE IS “VARIABLE” (CODE 2)] 
Q8B_VAR_SPREAD. What was the spread? 

NUMERICAL ANSWER IN PERCENTAGES [0-100],  
UP  TO  FOUR  DECIMAL  PLACES,  SEPARATED  BY  DECIMAL  POINT,  FOR  EXAMPLE: 
12.5988%, 0.5%  
[DK/NA: -99] 

[FILTER: IF Q8B_VAR_REF_RATE IS “DK” (CODE -99)] 
Q8B_VAR_TOTAL.  If  you  do  not  know  the  reference  rate,  what  was  the  final  interest  rate  charged  by  the  bank?  [READ  IF 
NECESSARY: that is the sum of reference rate and the spread] 
Final interest rate: 

NUMERICAL ANSWER IN PERCENTAGES [0-100],  
UP  TO  FOUR  DECIMAL  PLACES,  SEPARATED  BY  DECIMAL  POINT,  FOR  EXAMPLE: 
12.5988%, 0.5%  
[DK/NA: -99] 

[IF  Q8B_FIX,  Q8B_VAR_SPREAD  OR  Q8B_VAR_TOTAL  IS  HIGHER  THAN  25%,  THEN  READ:  The  interest  rate  charged  is 
relatively high. Could you confirm that it was indeed <STATE ANSWER OF THE RESPONDENT> percent?] 
[IF Q8B_FIX OR Q8B_TOTAL IS EQUAL TO 0%, THEN READ: Could you confirm that no interest rate was indeed charged?] 
[FILTER: ALL ENTERPRISES] 
Q6A. For what purpose was financing used by your enterprise during the past six months? [READ IF NECESSARY: Financing 
could have been obtained both from the external sources and from funds generated by your enterprise.] 

- 
- 
- 

 ............................................................................................................................................... 1 
 ............................................................................................................................................... 2 

Yes 
No 
[DK/NA (NOT APPLICABLE TO MY ENTERPRISE  - I HAVE NOT USED ANY 
FINANCING)] ....................................................................................................................................... 99 

1) 
Investments in property, plant or equipment [READ IF NECESSARY: fixed investment] ................... 1 2 99 
2) 
Inventory and other working capital ....................................................................................................... 1 2 99 
3)  Hiring and training of employees ........................................................................................................... 1 2 99 
4)  Developing and launching of new products or services .......................................................................... 1 2 99 
5)  Refinancing or paying off obligations  ................................................................................................... 1 2 99 
6)  Other ...................................................................................................................................................... 1 2 99 

[FILTER: ALL ENTERPRISES] 
SECTION 4: AVAILABILITY OF FINANCE AND MARKET CONDITIONS 
In this part of the survey, we would like to ask about your enterprise’s experiences and views on the availability of finance and 
market conditions.  
Q11. For each of the following factors, would you say that they have improved, remained unchanged or deteriorated over the past 
six months?  
[ONE ANSWER PER LINE] 

- 
Improved .................................................................................................................. 1 
-  Remained unchanged ............................................................................................... 2 
-  Deteriorated .............................................................................................................. 3 
- 

[NOT APPLICABLE TO MY ENTERPRISE - ONLY FOR b), e), f), 
g), h)]  ...................................................................................................................... 7 
[DK] ......................................................................................................................... 9 

- 

a)  General economic outlook, insofar as it affects the availability of external financing  .................... 1 2 3 9 
b)  Access to public financial support, including guarantees ............................................................. 1 2 3 7 9 
c)  Your enterprise-specific outlook with respect to your sales and profitability or business plan [READ IF 
NECESSARY: insofar as it affects the availability of external financing for you] ......................... 1 2 3 9 
d)  Your enterprise’s own capital [READ IF NECESSARY: capital provided by the owners or shareholders 
of the enterprise] ............................................................................................................................. 1 2 3 9 

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e)  Your enterprise’s credit history [READ IF NECESSARY: in other words, your credit worthiness, that is 
your track record of repaying past debts] ..................................................................................... 1 2 3 7 9 

[FILTER: IF THE ITEM Q4.c) (CREDIT LINE, BANK OVERDRAFT, CREDIT CARD OVERDRAFT), Q4.d) (BANK LOAN) OR 
Q4.b) (SUBSIDISED BANK LOAN) IS “RELEVANT” (CODE 1, 2, 99)] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.d), OR Q7A.a)] 

f)  Willingness of banks to provide credit to your enterprise [READ IF NECESSARY: lender’s attitude] . 1 

2 3 7 9 

[FILTER: IF THE ITEM Q4.e) (TRADE CREDIT) IS “RELEVANT” (CODE 3)] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.b)] 

g)  Willingness  of  business  partners  to  provide  trade  credit [READ  IF  NECESSARY:  business  partners’ 
attitude] ........................................................................................................................................ 1 2 3 7 9 

[FILTER: IF ONE OF THE Q4 ITEMS Q4.f) (OTHER LOAN), Q4.h) (DEBT SECURITIES), Q4.j) (EQUITY CAPITAL) OR Q4.p) 
(OTHER SOURCES OF FINANCING) IS “RELEVANT” (CODE 1, 2, 99)] 

h)  Willingness  of  investors  to  invest  in  your  enterprise  [READ  IF  NECESSARY:  investors’  attitudes 
towards, for example, investing in equity or debt securities issued by your enterprise] ............... 1 2 3 7 9 

[FILTER: FOR EACH OF THE Q4 ITEMS THAT ARE “RELEVANT” (CODE 1, 2, 99), NAMELY Q4.c), Q4.d), Q4.b), Q4.e), Q4.h) 
AND Q4.j), FILL THE RELEVANT ITEM IN Q9] 

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?  
[ONE ANSWER PER LINE]  

- 
Improved ......................................................................................................................... 1 
-  Remained unchanged ...................................................................................................... 2 
-  Deteriorated ..................................................................................................................... 3 
- 
[NOT APPLICABLE TO MY ENTERPRISE] ............................................................... 7 
- 
[DK] ................................................................................................................................ 9 
[FILTER: IF Q4.c) FEATURES CODE 1, 2 OR 99] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.d)] 

f)  Credit line, bank overdraft or credit cards overdraft ........................................................................ 1 2 3 7 9 

[FILTER: IF Q4.d) OR Q4.b) FEATURES CODE 1, 2 OR 99] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.a)] 

a)  Bank loans (excluding overdraft and credit lines) ........................................................................... 1 2 3 7 9 

[FILTER: IF Q4.e) FEATURES CODE 1, 2 OR 99] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.b)] 

b)  Trade credit ..................................................................................................................................... 1 2 3 7 9 

[FILTER: IF Q4.j) FEATURES CODE 1, 2 OR 99] 

c)  Equity capital [READ IF NECESSARY: including venture capital or business angels] ................. 1 2 3 7 9 

[FILTER: IF Q4.h) FEATURES CODE 1, 2 OR 99] 

d)  Debt securities issued [READ  IF  NECESSARY: short-term commercial paper or longer-term corporate 
bonds issued by your enterprise] ..................................................................................................... 1 2 3 7 9 

[FILTER: IF Q4.m) FEATURES CODE 1, 2 OR 99] 

g)  Leasing or hire-purchase [READ IF NECESSARY: obtaining the use of a fixed asset (for example, cars or 
machinery) in exchange for regular payments, but without the immediate ownership of the asset] 1 2 3 7 9 

[FILTER: IF Q4.f) FEATURES CODE 1, 2 OR 99] 

h) 

 Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade credit
 ....................................................................................................................................................... 1 2 3 7 9 

[FILTER: Q7A.A) OR Q7A.D) IS “APPLIED” (CODE 1) (BANK LOANS, AND CREDIT LINES, BANK OVERDRAFT AND CREDIT 
CARD OVERDRAFTS)] 

Q10.  We will  turn  now  to  the  terms  and  conditions of  bank  financing,  such  as  bank  loans,  overdrafts  and  credit  lines.  Please 
indicate whether the following items increased, remained unchanged or decreased in the past six months.  
[ONE ANSWER PER LINE] 

-  Was increased by the bank ....................................................................................... 1 
-  Remained unchanged ............................................................................................... 2 
-  Was decreased by the bank ...................................................................................... 3 
- 
[DK/NA] .................................................................................................................. 9 
Price terms and conditions: 

a)  Level of interest rates ......................................................................................................................... 1 2 3 9 

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b)  Level of the cost of financing other than interest rates, such as charges, fees, commissions .............. 1 2 3 9 

Non-price terms and conditions: 

c)  Available size of loan or credit line .................................................................................................... 1 2 3 9 
d)  Available maturity of the loan ............................................................................................................ 1 2 3 9 
e)  Collateral requirements [READ  IF NECESSARY: the security given by the borrower to the lender as a 
pledge for the repayment of the loan] ................................................................................................. 1 2 3 9 
f)  Other,  for  example,  required  guarantees,  information  requirements,  procedures,  time  required  for  loan 
approval, loan covenants [READ IF NECESSARY: an agreement or stipulation laid down in loan contracts 
under which the borrower pledges either to take certain action or to refrain from taking certain action]1  2 
3 9 

[FILTER: FOR EACH Q4 ITEM THAT IS “RELEVANT” (CODE 1, 2, 99), NAMELY Q4.c), Q4.d), Q4.e), Q4.h), Q4.j) and Q4.a), 
FILL THE RELEVANT ITEM IN Q23] 

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. 
[ONE ANSWER PER LINE] 

-  Will improve ................................................................................................................... 1 
-  Will remain unchanged ................................................................................................... 2 
-  Will deteriorate ............................................................................................................... 3 
- 
[INSTRUMENT NOT APPLICABLE TO MY ENTERPRISE] ..................................... 7 
- 
[DK] ................................................................................................................................ 9 
[FILTER: IF Q4.c) FEATURES CODE 1, 2 OR 99] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.d)] 

g)  Credit line, bank overdraft or credit cards overdraft ........................................................................ 1 2 3 7 9 

[FILTER: IF Q4.d) OR Q4.b) FEATURES CODE 1, 2 OR 99] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.a)] 

b)  Bank loans (excluding overdraft and credit lines) ........................................................................... 1 2 3 7 9 

[FILTER: IF Q4.e) FEATURES CODE 1, 2 OR 99] 
[CODE 7 IS NOT TO BE USED FOR ENTERPRISES HAVING “APPLIED” (CODE 1) IN Q7A.b)] 

d)  Trade credit ..................................................................................................................................... 1 2 3 7 9 

[FILTER: IF Q4.j) FEATURES CODE 1, 2 OR 99] 

c)  Equity capital [READ IF NECESSARY: including venture capital or business angels] ................. 1 2 3 7 9 

[FILTER: IF Q4.h) FEATURES CODE 1, 2 OR 99] 

e)  Debt securities issued [READ  IF  NECESSARY: short-term commercial paper or longer-term corporate 
bonds issued by your enterprise] ..................................................................................................... 1 2 3 7 9 

[FILTER: IF Q4.a) FEATURES CODE 1, 2 OR 99] 

a)  Retained earnings or sale of assets [READ IF NECESSARY: internal funds] ................................ 1 2 3 7 9 

[FILTER: IF Q4.m) FEATURES CODE 1, 2 OR 99] 

i)  Leasing or hire-purchase [READ IF NECESSARY: obtaining the use of a fixed asset (for example, cars or 
machinery) in exchange for regular payments, but without the immediate ownership of the asset] 1 2 3 7 9 

[FILTER: IF Q4.f) FEATURES CODE 1, 2 OR 99] 

j) 

 Other loan, for example from family and friends, a related enterprise or shareholders, excluding trade credit
 ....................................................................................................................................................... 1 2 3 7 9 

SECTION 5: FUTURE, GROWTH AND OBSTACLES TO GROWTH  

Finally, we would like to ask you a few questions about the longer-term prospects for your enterprise. 
[FILTER: ALL ENTERPRISES] 

Q1. During the past 12 months have you introduced...? 
[ONE ANSWER PER LINE] 

- 
- 
- 

Yes 1 
No   .......................................................................................................................... 2 
[DK/NA] .................................................................................................................. 9 

… a new or significantly improved product or service to the market ......................................................................... 1 2 9 
…  a  new  or  significantly  improved  production  process  or  method  [READ  IF  NECESSARY:  not  applicable  if  the 
enterprise does not produce anything] ................................................................................................................. 1 2 9 
…  a new organisation of management [READ IF NECESSARY: for example, re-organisation of different parts of the 
enterprise or reporting hierarchy to increase efficiency or reduce costs] ............................................................. 1 2 9 
… a new way of selling your goods or services ......................................................................................................... 1 2 9 

Q16. Over the past three years (2015-2017), how much did your enterprise grow on average per year …? 
[ONE ANSWER PER LINE]  

- 
- 

Over 20% per year ................................................................................................... 1 
Less than 20% per year ............................................................................................ 2 

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- 
- 
- 
- 

No growth ................................................................................................................ 3 
Got smaller ............................................................................................................... 4 
[NOT APPLICABLE, THE ENTERPRISE IS TOO RECENT]  ............................. 7 
[DK] ......................................................................................................................... 9 

[CODE 7 IS NOT TO BE USED FOR ENTERPRISES REGISTERED BEFORE 2014 (QUESTION D5)] 

A. …in terms of employment regarding the number of full-time or full-time equivalent employees ? 1 2 3 4 7 9 
B. …and in terms of turnover? ............................................................................................................ 1 2 3 4 7 9 

Q17. Considering the turnover over the next two to three years (2018-2020), how much does your enterprise expect to grow per 
year? 
[ONLY ONE ANSWER IS POSSIBLE] 

- 
- 
- 
- 
- 

Grow substantially – over 20% per year in terms of turnover ...................................................................... 1 
Grow moderately – below 20% per year in terms of turnover ...................................................................... 2 
Stay the same size ........................................................................................................................................ 3 
Become smaller  4 
9 
[DK/NA] 

Q19. Do you feel confident talking about financing with banks and that you will obtain the desired results? And how about with 
equity investors/venture capital enterprises? 
[ONE ANSWER PER LINE] 

-  Yes .................................................................................................................................. 1 
-  No ................................................................................................................................... 2 
- 
[NOT APPLICABLE] ..................................................................................................... 7 
- 
[DK] ................................................................................................................................ 9 
A. with banks ............................................................................................................................................ 1 2 7 9 
B. with equity investors/venture capital enterprises .................................................................................. 1 2 7 9 

[FILTER: IF Q17 FEATURES CODE 1 OR 2 (ENTERPRISE EXPECTS TO GROW)] 

Q20. If you need external financing to realise your growth ambitions, what type of external financing would you prefer most?  
 [ONLY ONE ANSWER IS POSSIBLE] 

-  Bank loan .................................................................................................................................................... 1 
-  Loan from other sources, for example, trade credit, related enterprise, shareholders, public sources .......... 2 
-  Equity capital [READ IF NECESSARY: including venture capital or business angels] ............................. 3 
-  Other ........................................................................................................................................................... 5 
- 
[DK/NA] ..................................................................................................................................................... 9 

 [FILTER: IF Q17 FEATURES CODE 1 OR 2 (ENTERPRISE EXPECTS TO GROW)] 

Q21. If you need external financing to realise your growth ambitions over the next two to three years [READ IF NECESSARY: 
that is, 2018 to 2020], what amount of financing would you aim to obtain? 
[ONLY ONE ANSWER IS POSSIBLE]  
[For non-euro area countries, the amounts in euro will be converted to national currency.] 

- 
up to €25,000 .................................................................................................................. 1 
-  more than €25,000 and up to €100,000 ........................................................................... 2 
-  more than €100,000 and up to €250,000 ......................................................................... 5 
-  more than €250,000 and up to €1 million ........................................................................ 6 
- 
over €1 million ................................................................................................................ 4 
- 
[DK/NA] ......................................................................................................................... 9 
[FILTER: IF Q20 FEATURES A BANK LOAN, A LOAN FROM OTHER SOURCES OR EQUITY INVESTMENT 
RESPECTIVELY (CODE 1, 2 OR 3)] 

Q22. What do you see as the most important limiting factor to get this financing? 
[ONLY ONE ANSWER IS POSSIBLE] 

- 
- 

- 
- 
- 
- 
- 
- 

There are no obstacles  ................................................................................................................................. 8 
Insufficient collateral or guarantee [NOT TO BE USED IF Q20 FEATURES EQUITY 
CAPITAL (CODE 3)] .................................................................................................................................. 1 
Interest rates or price too high ...................................................................................................................... 2 
Reduced control over the enterprise ............................................................................................................. 3 
Too much paperwork is involved ................................................................................................................. 6 
Financing not available at all ....................................................................................................................... 4 
Other………………………………………………...…………………5 
[DK/NA]…………… .................................................................................................................................. 9 

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[FILTER: ALL ENTERPRISES] 

Q24. On a scale of 1-10, where 1 means it is not at all important and 10 means it is extremely important, how important are each 
of the following factors for your enterprise’s financing in the future? 
[ONE ANSWER PER LINE. DK/NA (CODE 99) OPTION PERMITTED] 

a)  Guarantees for loans [READ IF NECESSARY: a commitment by a third party to pay the debt of borrowers 
when  the  latter  cannot  pay  it  themselves.  The  guarantor  is  liable  to  cover  any  shortfall  or  default  on  the 
borrower's debt] 

b)  Measures to facilitate equity investments in your company [READ IF NECESSARY: for example, support 

for venture capital or business angel financing] 

c)  Export  credits  or  guarantees  [READ  IF  NECESSARY:  types  of  protection  for  an  exporter  against  non-

payment by an importer] 

d)  Tax  incentives  [READ  IF  NECESSARY:  deductions  or  exemption  from  a  tax,  usually  offered  by  the 

government to encourage specific activities]  

e)  Business  support  services,  for  example,  advisory  services,  training,  business  networks,  credit  mediation, 

match-making services 

f)  Making  existing  public  measures  easier  to  obtain  [READ  IF  NECESSARY:  for  example,  through  the 

reduction of administrative burdens] 

[FILTER: ALL ENTERPRISES] 
C1/ Would you like to receive a copy of the published results? [READ IF NECESSARY: In addition to the public report, you will 
receive also a report that is made available only to the survey respondents.] 
[SINGLE CODE] 
Yes 

1    READ:  Please  provide  your  e-mail  address  and  we  will  send  you  the  link  for  the  publication.  WRITE  IN  E-
ADDRESS. CONFIRM E-MAIL ADDRESS. 
2 

No ..  

C3/ This survey will be repeated in around six months. Your input constitutes an important part of the findings that the European 
Central Bank and the European Commission use to inform their policies that contribute to smoothing businesses’ access to finance. 
Are you willing to be contacted on this topic again?  
[SEVERAL ANSWERS POSSIBLE (NOT IN COMBINATION WITH CODE 2)] 

-  Yes, via telephone [ CONFIRM AND MAKE A NOTE OF THE RESPONDENT'S FULL NAME] .... 3 
-  Yes, via e-mail (for web-based survey) [ CONFIRM AND MAKE A NOTE OF THE RESPONDENT’S 
FULL NAME AND E-MAIL ADDRESS] ................................................................................................. 4 
-  No ............................................................................................................................................................... 2 

For quality control purposes, may I please note down your name and job title? 
Name: [VERBATIM] 
Telephone: [VERBATIM] 
E-mail: [VERBATIM] 
Job title 
- 
- 
- 
- 
- 
- 
- 

Owner .................................................................................................................................................. 1 
Finance manager .................................................................................................................................. 2 
Finance director ................................................................................................................................... 3 
Chief financial officer (CFO) ............................................................................................................... 4 
Chief Executive Officer (CEO) ............................................................................................................ 6 
Managing director ................................................................................................................................ 7 
Other, please specify [WRITE DOWN THE VERBATIM ANSWER] 5 

C4/  Do  you  agree  to  share  your  contact  details  with  the  European  Central  Bank  and  the  European  Commission  in  order  to 
complement other information already present in business registers? Please note that any information you may provide will be 
used solely for scientific and policy research purposes. 
[SINGLE CODE] 

-  Yes 
-  No 

 .......................................................................................................................... 1 
 .......................................................................................................................... 2 

Those are all the questions. Thank you for your time. 

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HOW TO OBTAIN EU PUBLICATIONS 

Free publications: 

•  one copy: 

via EU Bookshop (http://bookshop.europa.eu); 

•  more than one copy or posters/maps: 

from the European Union’s representations 
(http://ec.europa.eu/represent_en.htm);  
from the delegations in non-EU countries 
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doi: 10.2873/10641