Bank financing to Spanish SMEs has fallen by 66% since the beginning of the crisis, according to a report prepared by Frane & Company and the International Finance Institute (IFF), which also points out that in 9 of the last 16 quarters the banks Spaniards claim to have tightened credit approval criteria.
The differential in interest rates,
In addition, the study has highlighted that the differential in interest rates of Spanish, Irish, Italian and Portuguese SMEs has increased. Thus, at present, an SME in Spain pays 5.2% interest, while a German one is financed at 2.9%.
The entities that signed the report have called for the creation of working groups in Europe, in coordination with the European Commission, with the aim of implementing a series of tailor-made proposals focused on reviving access to credit and capital for SMEs European
Bank Financing has been reduced,
According to the study, bank financing has been reduced on average by 47% in the six countries studied (Spain, France, Italy, Holland, Portugal and Ireland) from the maximum levels reached before the crisis. Throughout the euro zone, the fall has been 660,000 million euros in the last 12 months (until July of this year), which represents a reduction of 36% from the maximum in April 2008, an amount equivalent to 4, 5% of the GDP of the euro zone.
To improve this fact, the report has proposed four measures, including generating complete and accurate information on SMEs, reducing the administrative and legal burden, providing support to banks to facilitate financing and promoting a “funding ladder” with a variety of alternative products for startups and mature SMEs.
Micropresses Accumulate 41% of Jobs
On the other hand, microenterprises (with less than 10 workers) represent 41% of jobs, in line with Italy (47%) and Portugal (39%). In all three countries, SMEs create 20% more jobs than the European average..