Financing SMEs and Entrepreneurs 2013 : an OECD Scoreboard.

285 Pages·2013·2.992 MB·English

by  OECD

Financing SMEs and Entrepreneurs 2013
AN OECD SCOREBOARD
Contents
Financing SMEs
Chapter 1. Reader’s guide: Indicators and methodology
• Introduction
• Indicators and Entrepreneurs 2013
• Data collection
• Government policy measures
• Cross-country comparability
AN OECD SCOREBOARD
• Recommendations for data improvements
Chapter 2. Recent trends in SME and entrepreneurship fi nance
• Introduction
• Business environment and the macroeconomic context
• Lending to SMEs in 2010-2011
• Credit conditions for SMEs
• Equity fi nancing
• Payment delays and bankruptcies
• Summing up and looking ahead
• Government policy responses in 2010-2011
Chapter 3. Thematic focus: Credit guarantee schemes
• Introduction
• The rationale for Credit Guarantee Schemes F
in
• Typologies and operational characteristics of Credit Guarantee Schemes a
n
• The role of Credit Guarantee Schemes during the fi nancial crisis c
• Evaluation of Credit Guarantee Schemes in
g
• Conclusions and policy considerations S
M
Chapter 4. Country profi les of SME fi nancing 2007-2011 E
s
• Canada • Korea • Spain a
n
• Chile • The Netherlands • Sweden d
• Czech Republic • New Zealand • Switzerland E
n
• Denmark • Norway • Thailand tr
e
• Finland • Portugal • Turkey p
r
• France • Russian Federation • United Kingdom e
n
• Hungary • Serbia • United States e
u
• Ireland • Slovak Republic r
s
• Italy • Slovenia 2
0
1
Annex A. Methodology for producing the national Scoreboards 3
A
Annex B. Standardised table for SME fi nance data collection N
O
Annex C. Standardised format for reporting government policy programmes E
C
Annex D. Surveys and statistical resources on SME and entrepreneurship fi nance D S
C
Annex E. Example of a simplifi ed quantitative demand-side survey O
R
E
B
O
Consult this publication on line at http://dx.doi.org/10.1787/fin_sme_ent-2013-en. AR
D
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85 2013 02 1 P
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Financing SMEs
and Entrepreneurs
2013
AN OECD SCOREBOARD
This work is published on the responsibility of the Secretary-General of the OECD. The
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Please cite this publication as:
OECD (2013), Financing SMEs and Entrepreneurs 2013: An OECD Scoreboard, OECD Publishing.
http://dx.doi.org/10.1787/fin_sme_ent-2013-en
ISBN 978-92-64-19046-7 (print)
ISBN 978-92-64-19048-1 (PDF)
Series: Financing SMEs and Entrepreneurs
ISSN 2306-5257 (print)
ISSN 2306-5265 (PDF)
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FOREWORD
FOREWORD
Foreword
A
s the global economy begins to turn the corner following the worst financial and economic crisis
in decades, governments, businesses and individuals still face major challenges to prosperity. Small
and medium-sized enterprises (SMEs) and entrepreneurs must continue to be key players in national
strategies for growth, job creation and social cohesion. SMEs and entrepreneurs are crucial for tracing
new paths to more sustainable and inclusive growth, thanks to their role in developing and diffusing
innovation. However, they can only fulfill this potential if they obtain the finance necessary to start
and grow their businesses.
This Second Edition of Financing SMEs and Entrepreneurs 2013: An OECD Scoreboard
brings us a step closer to developing a comprehensive framework to monitor trends in access to
finance by SMEs and entrepreneurs at the country level. The report covers 25 OECD and non-OECD
countries. It examines 13 core indicators of debt, equity and general market conditions, complemented
by a review of government policy measures. This year, its thematic chapter puts the spotlight on the
use of credit guarantee schemes, the most widespread tool harnessed by governments to respond to
the crisis and to improve financial inclusion. The chapter highlights the emerging challenges for these
long-established mechanisms in the present economic and budgetary context.
The report shows that, in 2011, SMEs’ access to debt and equity finance – and the conditions
at which they were granted – varied across countries. SME lending conditions deteriorated in most
countries, particularly as a result of higher interest rates and greater demand for collateral. This was
also generally accompanied by modest or no growth in credit volumes, with the exception of a few
countries. These diverging performances can be traced to the different degrees to which countries
were hit by the crisis and their subsequent recovery in 2009 and 2010.
On the whole, finance for SMEs remained tight but appeared to stabilise in 2011 and early 2012.
However, there are strong indications that the sovereign debt crisis in several European countries
will lead to further deterioration in bank lending in 2013. In a number of countries, where the crisis
resulted in a high level of bankruptcies and left many SMEs in a weaker financial condition, reversing
the severe post-2007 job losses in SMEs will be particularly challenging. On the other hand, lending
to SMEs has shown impressive growth in fast-growing economies, such as Chile, Russia and Turkey.
This financial deepening can help foster an increasingly important role for SMEs in these countries’
economic structure and growth dynamics.
By continuing to help countries improve their data on SME finance and monitor new developments
in the field, this OECD Scoreboard is a key instrument in governments’ policy toolbox. Getting the
policies right for SMEs and entrepreneurs for a more vibrant business sector in all countries is not an
option: it is an imperative for the creation of new jobs, stronger innovation, more sustainable growth,
and greater social cohesion.
Angel Gurría
OECD Secretary-General
FINANCING SMES AND ENTREPRENEURS 2013 © OECD 2013 3
ACkNOWlEDGEMENTS
ACkNOWlEDGEMENTS
Acknowledgements
F
inancing SMEs and Entrepreneurs 2013: An OECD Scoreboard is the result of the combined efforts
and strong co-operation between representatives and country experts from OECD member
and non-member countries, international organisations and other stakeholders participating
in the Informal Steering Group on SME and Entrepreneurship Financing of the OECD Working
Party on SMEs and Entrepreneurship (WPSMEE), chaired by Professor Salvatore Zecchini.
COUNTRY EXPERTS
Canada Richard Archambault Industry Canada
Chile Oscar Rojas Vice Ministry of Economy and Small Enterprises
Czech Republic Tomáš Skuček Ministry of Industry and Trade
Jiří Michovský Ministry of Industry and Trade
Denmark Rasmus Pilegaard Ministry of Economic and Business Affairs
Finland Jari Huovinen Confederation of Finnish Industries
Pertti Valtonen Ministry of Employment and the Economy
France Jean-Pierre Villetelle Banque de France
Cécile Golfier Banque de France
Hungary Peter Pogacsas Ministry for National Economy
Ireland Brian Fee Department of Finance
Fergal McCann Central Bank of Ireland
Italy Roberto Felici Bank of Italy
Sabrina Pastorelli Bank of Italy
Salvatore Zecchini Ministry of Economic Development
Korea Changwoo Nam Korea Development Institute
Netherlands Dinand Maas Ministry of Economic Affairs, Agriculture and Innovation
Mirco Rossi Ministry of Economic Affairs, Agriculture and Innovation
New Zealand Michael James Shaffrey Ministry of Economic Development
Scott Mc Hardy Ministry of Economic Development
Caleb Johnstone Ministry of Economic Development
Norway Eirik Knutsen Statistics Norway
Portugal Nuno Goncalves Office of the Secretary of State of Economy and Regional Development
Russian Federation Natalia Minaeva Ministry of Economic Development
Evgeny Tcherbakov Vnesheconombank
Serbia Maja Gavrilovic National Bank of Serbia
Biljana Savic National Bank of Serbia
Slovak Republic Daniel Pitonak National Agency for SME Development
Slovenia Tine Janzek Bank of Slovenia
Spain Marta Ripol Banco de España
Sweden Johan Harvard Swedish Agency for Growth Policy Analysis, Entrepreneurship
and Enterprise
Switzerland Markus Willimann State Secretariat for Economic Affairs
Thailand Dhidaporn Dharmasarga Bank of Thailand
Turkey Ufuk Acar Small and Medium Enterprises Development Organisation
Abdulkadir Tutar Ministry of Science, Industry and Technology
United Kingdom Alex Turvey Department for Business, Innovation and Skills
United States Giuseppe Gramigna US Small Business Administration
4 FINANCING SMES AND ENTREPRENEURS 2013 © OECD 2013
ACkNOWlEDGEMENTS
The contributions of Helmut kraemer-Eis (European Investment Fund) and Marcel
Roy (European Association of Mutual Guarantee Societies), as members of the WSPMEE’s
Informal Steering Group on SME and Entrepreneurship Financing, have also been extremely
valuable. The report was enriched also by an exchange of views with the SME Finance
Forum, a collaborative knowledge sharing platform managed by the International Finance
Corporation, in the framework of the G20 Global Partnership for Financial Inclusion, and
with the Task Force on Finance of the OECD Business and Industry Advisory Committee
(BIAC). Finally, thanks go to the Delegates of the OECD WPSMEE, for their continuous
support, and valuable comments and inputs during the compilation of this report.
This report was prepared under the supervision of Ms Miriam koreen, Deputy Director
of the OECD Centre for Entrepreneurship, SMEs and local Development (CFE). Ms lorraine
Ruffing (Consultant, CFE), Ms lucia Cusmano (SMEs and Entrepreneurship Division, CFE)
and Mr Matthias Bürker (Consultant, CFE) compiled and reviewed the report. Ms Cusmano
prepared the thematic chapter on Credit Guarantee Schemes, and Ms Ilse Déthune provided
technical support.
FINANCING SMES AND ENTREPRENEURS 2013 © OECD 2013 5

TABlE OF CONTENTS
TABlE OF CONTENTS
Table of Contents
Acronyms and Abbreviations ................................................................................................ 15
Chapter 1. Reader’s Guide: Indicators and Methodology ................................................... 17
1. Introduction ................................................................................................................... 18
2. Indicators ....................................................................................................................... 18
3. Data collection ............................................................................................................... 19
4. Government policy measures ...................................................................................... 19
5. Cross-country comparability ....................................................................................... 20
6. Recommendations for data improvements .............................................................. 20
Chapter 2. Recent Trends in SME and Entrepreneurship Finance .................................... 23
1. Introduction ................................................................................................................... 24
2. Business environment and the macroeconomic context ....................................... 24
3. lending to SMEs in 2010-2011 ..................................................................................... 27
4. Credit conditions for SMEs .......................................................................................... 31
5. Equity financing ............................................................................................................ 33
6. Payment delays and bankruptcies ............................................................................. 34
7. Summing up and looking ahead ................................................................................. 35
8. Government policy responses in 2010-2011 .............................................................. 37
Notes ................................................................................................................................... 38
References .......................................................................................................................... 39
Chapter 3. Thematic Focus: Credit Guarantee Schemes ..................................................... 41
1. Introduction ................................................................................................................... 42
2. The rationale for Credit Guarantee Schemes ............................................................ 42
3. Typologies and operational characteristics of Credit Guarantee Schemes ........... 44
4. The role of Credit Guarantee Schemes during the financial crisis ......................... 54
5. Evaluation of Credit Guarantee Schemes .................................................................. 58
6. Conclusions and policy considerations ..................................................................... 63
Notes ................................................................................................................................... 65
References .......................................................................................................................... 66
Chapter 4. Country Profiles of SME Financing 2007-11 ...................................................... 69
Canada ................................................................................................................................. 70
Chile ..................................................................................................................................... 78
Czech Republic ................................................................................................................... 87
Denmark .............................................................................................................................. 92
Finland ................................................................................................................................. 100
France .................................................................................................................................. 109
Hungary ............................................................................................................................... 119
FINANCING SMES AND ENTREPRENEURS 2013 © OECD 2013 7
TABlE OF CONTENTS
Ireland ................................................................................................................................. 126
Italy ..................................................................................................................................... 132
korea .................................................................................................................................... 143
The Netherlands ................................................................................................................ 150
New Zealand ....................................................................................................................... 155
Norway ................................................................................................................................ 161
Portugal ............................................................................................................................... 166
Russian Federation ............................................................................................................ 171
Serbia ................................................................................................................................... 178
Slovak Republic .................................................................................................................. 183
Slovenia ............................................................................................................................... 188
Spain .................................................................................................................................... 192
Sweden ................................................................................................................................ 199
Switzerland ......................................................................................................................... 208
Thailand .............................................................................................................................. 213
Turkey .................................................................................................................................. 219
United kingdom ................................................................................................................. 227
United States ...................................................................................................................... 234
Annex A. Methodology for producing the national Scoreboards ....................................... 249
Annex B. Standardised Table for SME Finance Data Collection ......................................... 263
Annex C. Standardised Format for reporting government policy programmes .............. 265
Annex D. Surveys and statistical resources on SME and entrepreneurship finance ............ 267
Annex E. Example of a Simplified Quantitative Demand-side Survey ............................. 275
Tables
1.1. Core indicators in the OECD Scoreboard on financing SMEs and entrepreneurs ........ 18
2.1. Real GDP growth in Scoreboard countries, 2007-11 ................................................. 25
2.2. Growth of SME business loans, 2007-11 .................................................................... 28
2.3. Share of SME loans in total business loans, 2007-11 ............................................... 30
2.4. European Central Bank survey on SME access to finance, 2010-11 ....................... 33
2.5. Venture and growth capital invested, 2007-11 ......................................................... 34
2.6. Trends in bankruptcies 2007-11 ................................................................................. 35
2.7. Bank exposures to the sovereign debt of six countries .......................................... 36
2.8. Government policy responses to improve SMEs’ access to finance ...................... 38
3.1. Selected Credit Guarantee Schemes: Operational characteristics ........................ 51
3.2. Government guaranteed loans in Scoreboard countries, 2007-11 ......................... 56
3.3. Financial sustainability: key variables ...................................................................... 58
4.1. Distribution of firms in Canada, 2011 ........................................................................ 70
4.2. Value of disbursements 2011 (term credit) ............................................................... 72
4.3. Venture and growth capital in Canada, 2007-11 ...................................................... 73
4.4. SME and entrepreneur scoreboard for Canada, 2007-11 ......................................... 75
4.5. SME and entrepreneur definitions and sources of indicators
for Canada’s scoreboard .............................................................................................. 77
4.6. Distribution of firms in Chile, 2010 ............................................................................ 78
4.7. Formal flows of venture and growth capital investment in Chile, 2007-09.......... 80
4.8. Number of new direct government loans in Chile, 2007-11 ................................... 81
4.9. SME and entrepreneur scoreboard for Chile, 2007-11 ............................................. 83
8 FINANCING SMES AND ENTREPRENEURS 2013 © OECD 2013