According to the latest statistics published by Eurostat, the economic crisis has made it more difficult for small and medium-sized enterprises (SMEs) to access banking credit. The data issued shows that the proportion of unsuccessful loan applications by SMEs has risen. The largest increases in unsuccessful loan applications were observed in Bulgaria, Ireland and Latvia.

The economic crisis has made it more difficult for small and medium-sized enterprises (SMEs) to access banking credit, according to a report published by Eurostat, the statistical office of the European Union. The proportion of unsuccessful loan applications rose between 2007 and 2010 in 19 of the 20 Member States for which data are available. These data are based on a survey covering 25,000 businesses across the EU, also including information on fast-growing enterprises, the future financing needs of SMEs and perceived factors limiting business growth in the future.

The data issued by Eurostat shows that the largest increases in unsuccessful loan applications were in Bulgaria (from 3% in 2007 to 36% in 2010), Ireland (from 1% to 27%) and Latvia (from 4% to 26%) while unsuccessful applications fell only in Sweden (from 9% to 6%). In 2010, the highest percentages of unsuccessful applications were found in Bulgaria (36%), Ireland (27%), Latvia (26%), the Netherlands (23%), Lithuania and the United Kingdom (both 21%), and the lowest in Finland (0.2%), Malta (2%), Cyprus and Poland (both 4%) and Italy (5%).

The percentage of successful loan applications by SMEs was lower in 2010 than in 2007 in all Member States for which data are available, and the proportion of only partially successful loan applications increased in all Member States. In 2010, the success rate for loan applications by SMEs was highest in Finland (96%), Malta (91%), Poland (85%), France and Belgium (both 83%), while the highest shares for partially successful applications were recorded in Greece (30%), Spain (28%), Bulgaria and Denmark (both 22%).