Access to Finance. The key factor hindering SME growth and development in Slovenia is access to finance, as SMEs find it more and more difficult to obtain loans, while the latter, to make matters worse, are more expensive than those provided to large business entities by banks.49 Moreover, a large number of enterprises are over-indebted, and business assets are severely deteriorating. The volume of loans to the non-bank sector decreased considerably in 2012. The same trends are indicated for 2013.50, 51 Facilitating access to finance with existing instruments, and alternative and innovative forms has thus become essential to promoting SME growth and development; therefore, special attention will be placed on the development of financial instruments. Financial instruments in Slovenia are implemented by a number of institutions: funds, the Slovenian Development Bank, venture capital funds and other financial intermediaries. The consequence is the dispersal and duplication of financing, and non-transparency of measures for beneficiaries. A transparent ESIF implementation system will bring together the relevant financial intermediaries and ensure an integrated approach to financing projects/measures. Apart from the use of the instruments in support of investments in SMEs, in particular innovative SMEs, financial instruments will be used for other purposes (e.g. RDI, training, business processes, energy and material efficiency, etc.) and, in addition to traditional forms of enterprise (companies and sole traders), for other forms of conducting a business activity, whereby a combination of both reimbursable and non-reimbursable funds will be used to finance the measures. At the financial instrument level, funds under different European funds will be combined. A number of financial instruments will be identified in accordance with the gap analysis for Slovenia. Therefore, synergy effects and linkages to measures supported under other thematic objectives (1, 4, 6, 8, 9 and 10) will be ensured in order for TO 3 objectives to contribute to the objectives of those thematic objectives. 48xxxx://xxx.xxxx.xx/novica_prikazi.aspx?id=5420 49 xxxx://xx.xxxxxx.xx/enterprise/policies/sme/facts-figures-analysis/performance-review/files/countries-sheets/2012/slovenia_sl.pdf 50 xxxx://xx.xxxxxx.xx/enterprise/policies/industrial-competitiveness/monitoring-member-states/files/ms-compet-report-2013_en.pdf 51 Bulletin of the Bank of Slovenia, May 2013; xxxx://xxx.xxx.xx/iskalniki/bilteni.asp?MapaId=22...
Access to Finance. (a) Provision of Sub-loans by Eligible PFIs to support investment and working capital financing needs of Beneficiary Enterprises.
Access to Finance. The EIP objective of increasing access to finance for the start-up and growth of SMEs is served primarily by one measure (Financial Instruments for SMEs) that includes two instruments – the GIF (High Growth and Innovative SME facility) and the SMEG (SME Guarantee facility). The measure – with an envisaged allocation of at least 50% of the total EIP budget – is being implemented continuously on an annual basis over the seven year period of the Programme. Other actions were covered under the general umbrella of “Improving policies on access to finance” including studies, workshops and reports. The overall objective of the measure is to improve access to finance for the start-up and growth of SMEs and investment in innovation activities (including eco-innovation) and the expected results of the two proposed actions are to increase the level of investment volumes of risk capital funds and investment vehicles promoted by business angels and to provide leverage to SME debt financing instruments, primarily in the form of bank loan guarantees. The two instruments are underpinned by a strong market failure rationale and aim to address the financial constraints faced by start-up and growing SMEs. The EIP financial instruments are not directly granted to SMEs. They are implemented on behalf of the Commission by the European Investment Fund (EIF) via selected financial intermediaries (venture capital funds and business angels in the case of GIF and guarantee institutions and promotional and commercial banks in the case of SMEG). This delivery mechanism is based on specific contracts, signed by intermediaries with the EIF, that concern the total fund size to be created and the expected share of EC funding or level of guarantee provided. Small businesses contact the selected financial intermediaries directly, in order to gain access to investment capital or benefit from the guarantees provided by the SMEG. The supervision and monitoring of the Financial Instruments from the Commission side has been a shared and co-ordinated responsibility with Unit E.3 of DG Enterprise and Industry leading on the policy side and Unit L2 of DG Economic and Financial Affairs responsible for the budget line and implementation (with DG Environment E4 consulted on the eco-innovation elements in GIF). In terms of identifying the impacts of the financial measures, there is a long chain from DG Enterprise and Industry through DG Economic and Financial Affairs, the EIF and the individual financi...
Access to Finance. Limited access to affordable financing and hard currency shortages, and an inability to secure default insurance all limit the private sector’s ability to invest in its own expansion.
Access to Finance. Did Applicants increase access to sustainable sources of financing during and after the proposal development process?
Access to Finance. In the same way that support might not be available, the legal structure of the organisation may prevent investment from investing bodies. Social enterprises may be seen as an increased risk than for private individuals (such as crowdfunding). • Market Opportunities: Selling products and services to private or public bodies or other adult work-based education providers has been challenging in Ireland. The Irish Social Enterprise Network has provided a BuySocial movement in line with best international practices and examples; however, the issue requires resources. Procurement will begin to change in Ireland with more organisations including social and community benefit clauses in procurement. But there are only a few examples at the moment and social enterprises are not able to scale to the extent that they might be able to in future. • Legal form: There is no defined legal form for social enterprise in Ireland. According to the National Social Enterprise Policy 2019-2022, the definition does not specifically state the legal form that is required. The ambiguity makes it more difficult to define a social enterprise. There is research being completed in Ireland with the DRCD and Rethink that will be made available on 6th October 2021 that will shed more light on the topic. • Data and Impact: There is relatively little known about the social enterprise sector and all the organisations that make it up.
Access to Finance. This criterion defines the current situation in accessing private and public funds and other investment mechanisms. It examines the conditions that create an environment where innovations can evolve, reach the market and become widely used.
