Spanish SMEs’ financial restrictions: The importance of bank credit
Fecha: enero 2013
Autores: Joaquín Maudos
Etiquetas: Crédito bancario, Financiación de la empresa, Estrangulamiento financiero, Pequeña y mediana empresa (pyme)
According to the ECB survey on SMEs, access to finance has been an ever-increasing key challenge for European SMEs during the crisis, both in terms of quantity and conditions of available bank credit. European SMEs in general perceive that: i) banks are less willing to lend, ii) available credit terms and conditions have deteriorated; and, iii) the outlook regarding future availability of bank credit is worsening. In addition, the closure of wholesale markets to Spanish banks, their increased default rates, and financial institutions’ risk aversion is
exacerbating negative conditions, with low expectations on the part of Spanish SMEs that the situation will improve over the coming months.