EUROCHAMBRES demands “genuine” single market for SME finance
Fragmented European rules for lenders and borrowers and a lack of risk culture are the major obstacles to providing a better investment climate for small and medium-sized enterprises, according to research from EUROCHAMBRES.
The group, which represents chambers of commerce throughout the EU, highlights other difficulties facing SMEs including:
- slowness of decision making process for debt or equity financing
- barriers – largely regulatory – to acquiring financing from other member states
- tax regimes that discourage investment
Entrepreneurs also complained about the difficulties they encounter acquiring adequate start-up capital and supplementary financing to support growth and innovation.
With bank borrowing increasingly disregarded as a potential source of financing, EUROCHAMBRES wants to see the EU create a genuine single market for SME finance and address regulatory obstacles to acquiring and offering cross-border financing.