Survey on the access to finance of enterprises (SAFE) : analytical report 2015

Having sufficient access to finance is an important determinant for the development of an enterprise. It is a well-known phenomenon that SMEs1 face different challenges when accessing finance compared to large scale enterprises (LSEs). LSE's for instance, have direct access to capital markets whereas for SMEs this holds to a lesser extent or they have no access at all. Ultimately, the specific financing needs of SMEs warrant specific policy actions. In 2008, the ECB end DG Enterprises and Industry of the European Commission established the Survey on the Access to Finance of Enterprises (SAFE). These surveys, conducted across the EU Member States and several additional countries, were held in June-July 2009, in August-October 2011, in August-October 2013, in September - October 2014, and in September - October 2015. The most recent wave covers the EU-28 Member States and Iceland, Turkey, Montenegro, Albania and FYROM. The current report discusses the results of the September - October 2015 wave and presents significant developments over time.