Today, the European Parliament Committee on Economic and Monetary Affairs adopted a report by Philippe De Backer MEP (ALDE, BE) on improving access to finance for SMEs. The report urges European and national policy-makers to take a number of measures to ensure that small businesses, which account for over 67% of EU jobs, will be better able to obtain financing. The report emphasises the high degree of diversity among SMEs, and stipulates that the differently sized companies must be approached accordingly. In addition, the De Backer report underlines that, while venture capital can indeed be a source of growth for certain types of companies, it is not applicable to the vast majority of SMEs. Further recommendations can be found in the report, all aimed at increasing the flow of credit to SMEs â€'' the backbone of the European economy.
After this successful vote in committee, Mr De Backer is now set to present his report during the European Parliament's February 2013 plenary session.
ESBA President David Caro said:
"The report is a strong signal to the European Commission and national governments that much remains to be done to improve small companies' access to finance, and that a one-size-fits-all solution simply does not work. The Committee on Economic and Monetary Affairs took an important step today by adopting this report, which contains many concrete proposals, which ESBA has supported from the outset, to alleviate the credit crunch SMEs are facing. Five years after the start of the crisis, small businesses are still struggling to survive. Although the De Backer report is an important step in the right direction, its value stands or falls with the actions of the European Commission and the Member States, which is why ESBA urges the Institutions to take immediate action."