Demand for funding from the SMEs has declined during the last years …
No of SMEs
Value Added SME
France
Italy
Spain
% of invested capital from SMEs
Greece
Portugal
Source: European Commission, ECB
PwC
3
…along with the supply of funding
Obstacles to debt financing in SMEs, 2013 % SMEs surveyed
Availability of bank loans, 2013 % SMEs that received all the funding requested
100
100
Other
90 80
None
75
70 Ownership
60
50
50
Securities
40
Interest Rates
30 25
20
Limited availability of funding
10
0 DE
AT
FI
FR
BE
IT
Source: ECB SAFE Survey 2013, IIF
ES
IE
PT
NL
EL
0 Greece
Ireland
Italy
Portugal
Spain
Source: ECB SAFE Survey 2013, IIF
PwC
4
The lack of equity and ancillary liquidity by SMEs “blocked” the flow of funds from the Development Law 2.500
2,364
Non allocated subsidies: ~ € 3-5 bn
2.000 1,740
Number of projects
1,808
76%
1.500
1,674
1,542
1,311 933
1.000
64% 599 500
806 774
44%
408 471
1,080
994
64%
25%
87% 0 2005
2006
2007
2%
411
2008
2009
2010
196
205
358
208
24%
19%
5
27%
2011
2012
2013
2014
Integration Year Integrated projects
Completed
Source: www.ependyseis.gr
PwC
% Completed Projects
The significant increase of integrated projects in 2014 is due to Photovoltaic projects
5
The current state of SMEs
2 PwC
SMEs have an important economic role in Greece
About 650,000 SMEs employ 86% of the corporate workforce and generate 18% of GDP The Greek SMEs, especially the micro companies, generate relatively larger amount of ‘value added’, while employing relatively higher number of people compared to the European average Low ‘value added’ activities and limited integration of innovation compared to the EU average
