This analysis provides an overview of the main markets relevant to the EIF. It starts by discussing the general market environment, then looks at the main aspects of equity finance and the guarantee and SME securitisation markets. It also highlights important aspects of microfinance in Europe....

This working paper provides an overview of the main markets relevant to the EIF. It starts by discussing the general market environment, then looks at the main aspects of equity finance and the markets for SME debt products, and, finally, it highlights important aspects of microfinance in...

This European Small Business Finance Outlook (ESBFO) provides an overview of the main markets relevant to EIF (equity, guarantees, securitisation, microfinance). It is an update of the December 2017 ESBFO edition. We start by discussing the general market environment, then look at the main...

This EIF Working Paper outlines the methodology underlying the new EIF SME Access to Finance (ESAF) Index. This newly developed index aims at monitoring developments in SMEs' access to financial resources in the EU and is going to be periodically updated. It fills a gap as such an index does not...

This European Small Business Finance Outlook (ESBFO) provides an overview of the main markets relevant to EIF (equity, guarantees, securitisation, microfinance). It is an update of the June 2017 ESBFO edition. We start by discussing the general market environment, then look at the main aspects...

The vast majority of firms in Europe are micro firms. Still, we know little about their financing patterns. Our paper aims to close this gap. Based on a large European firm-level data set, we find that micro firms differ in their financing patterns from small and medium-sized companies. Our...

This European Small Business Finance Outlook (ESBFO) provides an overview of the main markets relevant to EIF (equity, guarantees, securitisation, microfinance). It is an update of the ESBFO December 2016. We start by discussing the general market environment, then look at the main aspects of...

SMEs are the backbone of the European economy. The financing situation for European SMEs is slightly improving, but also differs very much from country to country. In Europe, SMEs' financing strongly depends on banks and also after the crisis banks will remain the main external financing source...

In the area of access to finance for Small and Medium sized Enterprises (SMEs) there are often market imperfections/failures – either as temporary effects or as fundamental structural deficiencies. To identify and analyse these issues, SME Access to Finance Market Assessments (AFMAs) are...