Financing SMEs and Entrepreneurs 2019 an OECD Scoreboard

Preface
Foreword
Acknowledgements
Reader’s Guide
	Indicators
	Data collection
	Cross-country comparability
	Methodological advances and recommendations for data improvements
Acronyms and abbreviations
Executive Summary
Chapter 1.  Recent Trends in SME and Entrepreneurship Finance
	1.1. Business environment and macroeconomic context
		Trade and business investment
		Financial conditions
	Lending to SMEs
		New SME loans
		Outstanding stock of SME loans
		SME loan shares
		Short-term versus long-term lending
	Credit conditions for SMEs
		Interest rates
		Collateral requirements
		Rejection rates
		SME loan applications
		Additional evidence on credit conditions from survey data
	Asset-based finance
		Leasing and hire purchases
		Factoring
	Self-financing
	Equity sources of financing
		Venture capital
		Private debt
		Listings on stock exchanges
		Online alternative finance
		Business angel investments
	Payment delays, bankruptcies and non-performing loans
		Payment delays
		Bankruptcies
		Non-performing loans (NPLs)
	Government policy responses in 2017-18
		Credit guarantee schemes are either in strong expansion or being reformed to better fit the needs of beneficiaries
		Governments increasingly implement policies to tackle payment delays
		Regulatory approaches and targeted policies are in place to support Fintech developments
		New public venture capital funds are being established and others expanded
	Recommendations for data improvements
	References
Chapter 2.  Fostering the use of Intangibles to strengthen SME access to finance
	Introduction and rationale
		What are intangible assets and why do they matter
			Debt
			Grants and soft loans
			Equity
		The potential market failure to secure debt financing
	Challenges in funding intangibles
		Valuation
		Difficulties in obtaining effective security over intangible assets
		Redeployment issues and absence of liquid secondary markets
		Transaction costs
	Current practices of public support to intangible-backed financing
		Europe
		China
		Japan
		Korea
		Malaysia
		Singapore
		United States
		Common features and variations of policy interventions
	Policy implications and lessons learned
		Reaching scale will require lowering transaction costs and the adoption of a long-term approach
		Guarantees (and insurance) appear to be crucial elements of the policy mix
		The private sector needs to be engaged
		A strong evidence base needs to be established and shared
		The market would benefit from more standardised valuations methods
		Patents are a solid starting point, but other types of intangibles should also be considered for collateralisation
	Potential future research
	References
		Part I. Country snapshots
Part I. Country snapshots
	3.  Australia
	4.  Austria
	5.  Belgium
	6.  Brazil
	7.  Canada
	8.  Chile
	9.  Colombia
	10.  Czech Republic
	11.  Denmark
	12.  Estonia
	13.  Finland
	14.  France
	15.  Georgia
	16.  Greece
	17.  Hungary
	18.  Indonesia
	19.  Ireland
	20.  Israel
	21.  Italy
	22.  Japan
	23.  Kazakhstan
	24.  Korea
	25.  Latvia
	26.  Lithuania
	27.  Luxembourg
	28.  Malaysia
	29.  Mexico
	30.  New Zealand
	31.  Norway
	32.  People’s Republic of China
	33.  Peru
	34.  Poland
	35.  Portugal
	36.  Russian Federation
	37.  Serbia
	38.  Slovak Republic
	39.  Slovenia
	40.  South Africa
	41.  Spain
	42.  Sweden
	43.  Switzerland
	44.  Thailand
	45.  The Netherlands
	46.  Turkey
	47.  United Kingdom
	48.  United States
Annex A. The EIB Group's support to SMEs and midcaps
	The EIB Group’s support to SMEs and midcaps
	The EIB Group's offer
	Increasing Policy Priorities
Annex B. Effective approaches for implementing the G20/OECD High-level Principles on SME financing
Annex C. Methodology for producing the national Scoreboards
	Scoreboard indicators and their definitions
		Core indicators
		Data sources and preferred definitions
		Inflation-adjusted data
		SME target population
		Timeframe for data collection
		Data sources
	Deviations from preferred definitions of indicators
		SME loans
		SME loans requested, authorised and used
		Government loan guarantees and guaranteed loans
		SME credit conditions
		Equity financing
		Asset-based finance
		Non-performing loans
		Payment delays and bankruptcies
		Differences in definitions of an SME
	Impact of diversity in definitions
	Recommendations for data improvements
		Standardised template
		Core indicators
		Medium and long-term objectives
	Notes
		Annex D. Standardised table for SME finance data collection
Annex D. Standardised table for SME finance data collection