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Title page 1

Contents 7

Foreword 4

Acknowledgements 5

Reader's guide 12

Abbreviations and acronyms 16

Executive summary 19

Part I. Recent developments in SME and entrepreneurship finance 21

1. Recent trends in SME and entrepreneurship finance 22

Macroeconomic context 23

Trade and business investment 24

Financial conditions 25

Lending to SMEs 27

Credit conditions 33

Alternative sources of finance 36

Enterprise distress indicators 41

Evolution of government policy responses 43

Looking ahead 46

References 47

Notes 53

2. Leveraging venture capital for SMEs 56

Introduction 57

Recent developments in the VC industry 58

Developments in the venture capital policy landscape 61

Conclusions 72

References 73

Notes 78

Part II. Country snapshots 80

3. Australia 81

4. Austria 85

5. Belgium 87

6. Canada 89

7. Chile 92

8. Colombia 95

9. Croatia 98

10. Czechia 101

11. Denmark 104

12. Estonia 106

13. Finland 108

14. France 111

15. Georgia 113

16. Germany 115

17. Greece 117

18. Hungary 120

19. Indonesia 122

20. Ireland 124

21. Israel 127

22. Italy 129

23. Japan 131

24. Kazakhstan 133

25. Korea 135

26. Latvia 137

27. Lithuania 140

28. Luxembourg 142

29. Malaysia 144

30. Mexico 146

31. Netherlands 148

32. Norway 151

33. People's Republic of China 153

34. Peru 155

35. Poland 157

36. Portugal 160

37. Serbia 162

38. Slovak Republic 164

39. Slovenia 166

40. South Africa 168

41. Spain 171

42. Sweden 175

43. Switzerland 177

44. Thailand 179

45. Türkiye 181

46. Ukraine 184

47. United Kingdom 187

48. United States 189

Annex A. Methodology for producing national Scoreboards 191

Annex B. Differences in the definitions of investment stages in venture capital and private equity 217

Tables 10

Table 1. Core indicators in Financing SMEs and entrepreneurs 12

Table 3.1. Scoreboard for Australia 83

Table 4.1. Scoreboard for Austria 86

Table 5.1. Scoreboard for Belgium 88

Table 6.1. Scoreboard for Canada 91

Table 7.1. Scoreboard for Chile 93

Table 8.1. Scoreboard for Colombia 96

Table 9.1. Scoreboard for Croatia 100

Table 10.1. Scoreboard for Czechia 103

Table 11.1. Scoreboard for Denmark 105

Table 12.1. Scoreboard for Estonia 107

Table 13.1. Scoreboard for Finland 110

Table 14.1. Scoreboard for France 112

Table 15.1. Scoreboard for Georgia 114

Table 16.1. Scoreboard for Germany 116

Table 17.1. Scoreboard for Greece 119

Table 18.1. Scoreboard for Hungary 121

Table 19.1. Scoreboard for Indonesia 123

Table 20.1. Scoreboard for Ireland 126

Table 21.1. Scoreboard for Israel 128

Table 22.1. Scoreboard for Italy 130

Table 23.1. Scoreboard for Japan 132

Table 24.1. Scoreboard for Kazakhstan 134

Table 25.1. Scoreboard for Korea 136

Table 26.1. Scoreboard for Latvia 139

Table 27.1. Scoreboard for Lithuania 141

Table 28.1. Scoreboard for Luxembourg 143

Table 29.1. Scoreboard for Malaysia 145

Table 30.1. Scoreboard for Mexico 147

Table 31.1. Scoreboard for the Netherlands 149

Table 32.1. Scoreboard for Norway 152

Table 33.1. Scoreboard for the People's Republic of China 154

Table 34.1. Scoreboard for Peru 156

Table 35.1. Scoreboard for Poland 159

Table 36.1. Scoreboard for Portugal 161

Table 37.1. Scoreboard for Serbia 163

Table 38.1. Scoreboard for the Slovak Republic 165

Table 39.1. Scoreboard for Slovenia 167

Table 40.1. Scoreboard for South Africa 170

Table 41.1. Scoreboard for Spain 173

Table 42.1. Scoreboard for Sweden 176

Table 43.1. Scoreboard for Switzerland 178

Table 44.1. Scoreboard for Thailand 180

Table 45.1. Scoreboard for Türkiye 183

Table 46.1. Scoreboard for Ukraine 186

Table 47.1. Scoreboard for the United Kingdom 188

Table 48.1. Scoreboard for the United States 190

Figures 10

Figure 1.1. Global GDP growth and inflation developments 23

Figure 1.2. Uncertainty and Business Confidence Index 25

Figure 1.3. Policy interest rates in selected countries 26

Figure 1.4. New SME loans 27

Figure 1.5. New SME lending versus SME interest rates 29

Figure 1.6. Outstanding stock of SME loans 30

Figure 1.7. Outstanding stock of SME loans 31

Figure 1.8. Share of SME outstanding stock of loans 32

Figure 1.9. SME interest rates 33

Figure 1.10. Scoreboard median SME and large firm interest rates and interest rate spreads 34

Figure 1.11. Share of SMEs requiring collateral 35

Figure 1.12. Share of SME application and rejections 36

Figure 1.13. Evolution of leasing and factoring activities 37

Figure 1.14. Venture capital investments 38

Figure 1.15. Global VC investments in Artificial Intelligence and Machine learning 39

Figure 1.16. Fintech main customer segments by customer base and revenue in 2023 40

Figure 1.17. Non-performing loans 42

Figure 1.18. Levels of SME bankruptcies in 2024 relative to 2019 43

Figure 1.19. Guaranteed loans to SMEs 45

Figure 2.1. Global VC investment volumes by quarter, 2015-2025 59

Figure 2.2. Global VC investment by deal type, 2010-Q1 2025 60

Figure 2.3. Global VC investment by sector 61

Figure 2.4. European venture capital commitments by type of investor 62

Figure 2.5. Gender composition of company founders receiving an equity deal in 2022-2024 69

Boxes 11

Box 1. Recommendations for improving the reporting of core indicators 15

Box 1.1. Understanding the Scoreboard data on SME finance 28

Box 1.2. Patterns in new lending to SMEs in the context of higher interest rates 28

Box 1.3. Artificial Intelligence is driving a significant share of VC activity 39

Box 2.1. Examples of emerging funds focusing on women entrepreneurs 69

Box 2.2. Examples of emerging Funds focusing on deep-tech and green-tech / cleantech sectors 70

Annex Tables 11

Table A A.1. Preferred definitions for core indicators 192

Table A A.2. Scoreboard countries by groups 197

Table A A.3. Difference between national statistical and financial definitions of SMEs 201

Table A B.1. Differences in definitions between the sources used 217

Annex Figures 10

Figure A A.1. Distribution of selected Scoreboard indicators 196

Annex Boxes 11

Box A A.1. What is an SME? 200

Box A A.2. Fostering the collection of sex-disaggregated data within Scoreboard countries 214

출판사 책소개

알라딘제공
Small and medium-sized enterprises (SMEs) and entrepreneurs have confronted a series of shocks in recent years, impacting their access to finance. While financing conditions have eased in many economies following a period of monetary tightening, borrowing costs for SMEs remain high relative to pre-pandemic levels, and banks continue to apply stringent lending terms amid economic uncertainty.