The report on the results of the “Survey on the access to finance of small and medium-sized enterprises (SMEs) in the euro area” shows an increase in external financing needs for bank loans from SMEs in the EU between October 2012 and March 2013. SMEs also reported a deterioration in the availability of bank loans.

According to the results of the “Survey on the access to finance of small and medium-sized enterprises (SMEs) in the euro area” published by the European Central Bank (ECB), SMEs reported an increase in external financing needs for bank loans between October 2012 and March 2013 (5% of respondents in net terms, i.e. the difference between the percentage of firms reporting an increase and the percentage of those reporting a decrease, unchanged from the previous survey round). In November 2012, the SMEs access to bank loans continued to deteriorate in the euro area.

The survey results also point out a deterioration in the availability of bank loans, although the situation has improved compared with the previous survey (-10% of respondents, in net terms, up from -22%). Furthermore, the results point to lower rejection rates for euro area SMEs when applying for a loan (11%, down from 15%) and a somewhat smaller percentage of SMEs reporting access to finance as their main problem (16%, compared with 18%). They suggest that financing conditions for SMEs continue to differ significantly across euro area countries and are in general more difficult than those of larger companies.

This survey round was conducted between 18 February and 21 March 2013, covering a sample of 7,510 firms in the euro area. According to the BCE, the report mainly provides evidence on changes in the financial situation, financing needs and access to financing of SMEs in the euro area, compared with large firms, during the preceding six months (i.e. from October 2012 to March 2013). In addition, it provides an overview of developments in SMEs’ access to finance across euro area countries.