Small businesses in dire need of finance
May 8 2012
On 8 May, at an event on improving SME finance, co-organised by FOLKES Malta and the EPP's SME Union, ESBA President Tina Sommer stressed the immediate need for access to funds by all small businesses.
On 8 May, at an event on improving SME finance, co-organised by FOLKES Malta and the EPP's SME Union, ESBA President Tina Sommer stressed the immediate need for access to funds by all small businesses. Ms Sommer warned the European Institutions to drop their exaggerated focus on highly innovative SMEs and Venture Capital and urged them to concentrate on Europe's core, which is made up of 'low-tech', mainstream SMEs. The companies often hailed as the 'backbone of the EU economy' suffer the most from the crisis. SMEs account for 85% of all new employment, 92% of these SMES are micro businesses and the large majority of these companies are neither highly innovative, nor are they of any real interest to Venture Capitalists. ''Who is financing the small guys?â€ Sommer asked the stakeholders.
The EU is so focussed on innovation to be able compete with third markets and are therefore spending lots of money on high tech and fast growing companies, but forgetting to take care of its base. Yes, we are part of a globalising market and we need to stay competitive. But if we do not take care of our 'backbone' which is made up of everyday non high-tech but profit making European businesses, we will never stand a chance. ESBA urges the Institutions to channel European Funding towards the small businesses that need it the most in order to make them healthy and profitable again, employing more people and feeding back into the economy. By doing so, we will ensure a strong basis on which our highly innovative companies can build.
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