Financing SMEs and entrepreneurs 2015 : an OECD scoreboard.

408 Pages·2015·4.397 MB·English

by  OECD

Financing SMEs and Entrepreneurs 2015
An OECD SCOrEbOArD
Contents
Financing SMEs
Chapter 1. Reader’s guide: Indicators and methodology
Chapter 2. Recent trends in SME and entrepreneurship finance
and Entrepreneurs 2015
Chapter 3. Non-performing loans: Insights from the Scoreboard on SME finance
Chapter 4. Country profiles of SME and enterpreneurship financing 2007-2013
An OECD SCOrEbOArD
• Austria • Hungary • Serbia
• Belgium • Ireland • Slovak Republic
• Canada • Israel • Slovenia
• Chile • Italy • Spain
• China • Japan • Sweden
• Colombia • Korea • Switzerland
• Czech Republic • Mexico • Thailand
• Denmark • The Netherlands • Turkey
• Estonia • New Zealand • United Kingdom
• Finland • Norway • United States
• France • Portugal
• Greece • Russian Federation
Annex A. Methodology for producing the national scoreboards F
in
Annex B. Standardised table for SME finance data collection a
n
Annex C. Standardised format for reporting government policy programmes c
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Consult this publication on line at http://dx.doi.org/10.1787/fin_sme_ent-2015-en. A
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Financing SMEs
and Entrepreneurs
2015
An OECD SCOrEbOArD
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Please cite this publication as:
OECD (2015), Financing SMEs and Entrepreneurs 2015: An OECD Scoreboard, OECD Publishing, Paris.
DOI: http://dx.doi.org/10.1787/fin_sme_ent-2015-en
ISbn 978-92-64-22896-2 (print)
ISbn 978-92-64-22897-9 (PDF)
Financing SMEs and Entrepreneurs
ISSn 2306-5257 (print)
ISSn 2306-5265 (online)
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FOrEWOrD
Foreword
M
ore than half a decade after the onset of the global economic and financial crisis, start-ups
and small firms continue to face important challenges in obtaining finance, a key ingredient to their
development. As governments around the world strive to achieve growth that is sustainable and
inclusive, there is a pressing need to find solutions that enable small and medium-sized enterprises
(SMEs) and entrepreneurs to fulfil their role in boosting investment, creating jobs and achieving
social cohesion.
With Financing SMEs and Entrepreneurs 2015, the OECD provides a solid foundation for
evidence-based policies to foster SME access to finance. This fourth edition of the Scoreboard makes
important progress in advancing this agenda. It provides information on debt, equity, asset-based
finance and framework conditions for SME and entrepreneurship finance, complemented with a
review of recent policy measures to support SME finance in 34 countries.
The data show that access to finance remains problematic in many countries. Financing
conditions generally improved, especially with respect to the average interest rates charged to SMEs,
although they remain tight in most countries. However, despite this positive development, the total
outstanding stock of SME loans shrank in a number of countries in 2013, and has still not recovered
to 2007 levels in countries as diverse as Greece, Italy, Ireland, Portugal, the United Kingdom and the
United States. The OECD is continuing to support governments as they seek to reverse this trend.
In 2013 and 2014, governments were particularly active in their efforts to foster SME access to
finance. The provision of credit guarantees continues to be the most widely used policy instrument
in this regard. In addition, many new programmes were introduced, with a noticeable shift of
policy attention towards high-potential innovative firms. Indeed, many governments launched new
initiatives to stimulate venture capital investments and foster innovation in SMEs through tax
incentives; they have also modified existing direct lending or credit guarantee schemes to target
innovative SMEs.
The thematic chapter of this edition of Financing SMEs and Entrepreneurs 2015 focuses
on SME non-performing loans (NPLs). It highlights the detrimental effects that high and increasing
NPLs have on SME lending, GDP growth and job creation. In particular, NPLs pose important risks
to economic recovery in countries that experienced severe economic difficulties in recent years,
such as Greece, Hungary, Italy, Portugal, Serbia and Spain. The chapter underlines the difficulties
of meaningful analysis of NPLs due to multiple definitions and widely different practices in the
classification of loans. It emphasises the importance of making progress in harmonisation in order to
better understand this phenomenon.
This edition of the Scoreboard also makes significant progress in data harmonisation and the
expansion of coverage to alternative finance instruments for SMEs. The OECD will continue to assist
FInAnCInG SMES AnD EnTrEPrEnEurS 2015 © OECD 2015 3
FOrEWOrD
governments in understanding SME finance trends, and to underpin the development of appropriate
policy responses. Our common goal is a financial system that serves the needs of all enterprises, and
enables them to invest, grow and contribute to sustainable and inclusive growth.
Angel Gurría,
OECD Secretary-General
4 FInAnCInG SMES AnD EnTrEPrEnEurS 2015 © OECD 2015
ACknOWlEDGEMEnTS
Acknowledgements
T
he development of Financing SMEs and Entrepreneurs 2015 was made possible thanks
to the efforts of country experts from participating OECD member and non-member
countries, who provided information for the country profiles.
Country ExPErt tEaM
Austria Thomas Saghi Federal Ministry of Science, Research and Economy
Belgium Mahungu Shungu Federal Ministry of Economy, SMEs, self-employed and energy
Johan Westra Federal Ministry of Economy, SMEs, self-employed and energy
Canada Richard Archambault Industry Canada
Chile Gerardo Puelles Ministry of Economy and Small Enterprises
China Wu Bao China Institute for Small and Medium-sized Enterprises
(People’s Republic of) Renyong Chi China Institute for Small and Medium-sized Enterprises
  Yantai Chen China Institute for Small and Medium-sized Enterprises
Colombia  Nicolás Palau Ministry of Commerce, Industry and Tourism
Adriana Rueda Perez Ministry of Commerce, Industry and Tourism
Czech Republic Dagmar Vránová Ministry of Industry and Trade
Denmark Kevin Reinholdt Christensen Business and Growth Ministry
Estonia Karel Lember Ministry of economic affairs and communications
Finland  Jari Huovinen Confederation of Finnish Industries
Pertti Valtonen Ministry of Employment and the Economy
France Jean-Pierre Villetelle Banque de France
  Marie-Laure Wyss General Directorate for Competitiveness, Industry and Services
Greece Timotheos Rekkas Hellenic Ministry for Development and Competitiveness
Hungary Kármen Billo Ministry for National Economy
Ireland Paul Mooney Department of Finance
Israel   Arbel Levin Small and Medium Business Agency, Ministry of Economy
Nir Ben-Aharon Small and Medium Business Agency, Ministry of Economy
Italy Antonio De Socio Bank of Italy
Salvatore Zecchini Ministry of Economic Development
Japan Ryohei Mukai Small and Medium Enterprise Agency, Ministry of Economy, Trade and Industry
Korea Changwoo Nam Korea Development Institute
Mexico Adriana Tortajada Ministry of Economy
 Netherlands Irma Tems Ministry of Economic Affairs
New Zealand Wayne Church Ministry of Business, Innovation and Employment
  Mike Shaffrey Ministry of Business, Innovation and Employment
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
Ivana Djurovic National Bank of Serbia
Slovak Republic Daniel Pitonak National Agency for SME Development
Slovenia Tine Janzek Bank of Slovenia
FInAnCInG SMES AnD EnTrEPrEnEurS 2015 © OECD 2015 5
ACknOWlEDGEMEnTS
Spain Víctor García-Vaquero Bank of Spain
Sweden Johan Harvard Ministry of Enterprise, Energy and Communications
Switzerland Markus Willimann State Secretariat for Economic Affairs
Thailand Dhidaporn Dharmasarga Bank of Thailand
Turkey Ufuk Acar KOSGEB
  Utku Macit Ministry of Science, Industry and Technology
United Kingdom Alex Turvey British Business Bank
United States Giuseppe Gramigna United States Small Business Administration
The design of the Scoreboard benefits from the inputs of delegates of the OECD
Working Party on SMEs and Entrepreneurship and members of its Informal Steering
Group on SME and Entrepreneurship Financing, chaired by Professor Salvatore Zecchini.
In particular, the contribution of noritaka Akamatsu (Asian Development bank), Helmut
kraemer-Eis (European Investment Fund), Michel Cottet and José Fernando Figueireido
(European Association of Mutual Guarantee Societies), Gianluca riccio (OECD business and
Industry Advisory Committee), Jeffrey Alves (International Council for Small businesses)
are acknowledged, as participants in the WSPMEE’s Informal Steering Group on SME and
Entrepreneurship Financing. The report was also enriched by exchange with Matthew
Gamser, Head of 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.
This report was prepared by kris boschmans, Policy Analyst, OECD Centre for
Entrepreneurship, SMEs and local Development (CFE), under the supervision of Miriam
koreen (Deputy Director, CFE). lucia Cusmano (Senior economist, CFE) and Virginia robano
(Policy Analyst, CFE) contributed to the report. Sonˇa Fazikova provided technical support.
6 FInAnCInG SMES AnD EnTrEPrEnEurS 2015 © OECD 2015
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Table of contents
Executive summary ......................................................... 17 table of contents
acronyms and abbreviations ................................................. 20
Chapter 1. Reader’s Guide: Indicators and methodology . . . . . . . . . . . . . . . . . . . . . . . . . 23
Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Data collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Government policy measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Cross-country comparability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Recommendations for data improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Chapter 2. Recent trends in SME and entrepreneurship finance . . . . . . . . . . . . . . . . . . 29
Business environment and the macroeconomic context . . . . . . . . . . . . . . . . . . . . . . . 30
Lending to SMEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Credit conditions for SMEs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Equity financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Asset-based finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Payment delays, bankruptcies and non-performing loans . . . . . . . . . . . . . . . . . . . . . . 55
Government policy responses in 2013-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Summing up and looking ahead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
notes................................................................... 66
references .............................................................. 67
Chapter 3. Non-performing loans: Insights from the scoreboard on SME finance . . . 69
Defining non-performing loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Trends in NPLs over 2007-13: evidence from the Scoreboard . . . . . . . . . . . . . . . . . . . . 73
Evidence from the economic literature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Non-performing loans: the case of Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Non-performing loans: the case of Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
notes................................................................... 87
references .............................................................. 88
Chapter 4. Country profiles of SME and entrepreneurship financing 2007-13 . . . . . . . 91
Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
China (People’s Republic of) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
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Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Estonia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Greece . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Hungary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
Italy ................................................................... 232
Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242
Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258
The Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266
New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270
Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275
Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281
Russian Federation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287
Serbia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296
Slovak Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302
Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310
Slovenia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321
Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335
Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340
Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346
United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369
Annex A. Methodology for producing the national scoreboards..................... 383
Annex B. Standardised Table for SME Finance Data Collection...................... 401
Annex C. Standardised Format for reporting government policy programmes ........ 403
tables
1 .1 . Core indicators in financing SMEs and entrepreneurs 2015 . . . . . . . . . . . . . . . . . 25
2 .1 . Real GDP Growth in Scoreboard countries (%), 2007-13 and 2014-15 forecast . . 31
2 .2 . Inflation in Scoreboard countries (%), 2007-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
2 .3 . Growth of SME business loans, 2007-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
2 .4 . Share of SME loans in total business loans, 2007-13 . . . . . . . . . . . . . . . . . . . . . . . . 38
2 .5 . Trends in SME loan shares and credit market scenarios, 2012-13 . . . . . . . . . . . . 39
2 .6 . The share of short term SME loans as a proportion of all
SME loans, 2007-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
2 .7 . Trends in SME loan rejection rates: 2007-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
2 .8 . ECB Survey on SME access to finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
2 .9 . Seed and early stage venture capital investments, later stage venture
capital investments and growth capital investments, 2008-13 . . . . . . . . . . . . . . . 50
2 .10 . New production in leasing: 2007-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
8 FInAnCInG SMES AnD EnTrEPrEnEurS 2015 © OECD 2015