The role of smes in developing the European economy
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THE ROLE OF SMEs IN DEVELOPING THE EUROPEAN ECONOMY
Levente Kovacs1,
University of Miskolc
Abstract
This paper is built on three building blocks. First of all, it sheds light on the role of SMEs
in the economy and evaluates the European Union context. Based on the most recent numbers, it
becomes clear that the small and medium sized enterprises give the backbone of the European
economies and represent an enormous economic and social potential. As the SMEs are the main
pillars of the EU, the paper tries to summarise how the European Union promotes the SMEs with
different programmes, plans, and actions to be more competitive and resilient. Finally the study
strives to give a general picture of how the banking industry helps the development of the SMEs.
It is quite clear that SMEs are increasingly turning towards alternative sources for finance and
the new entrants to the financial market are capitalising on the previously unmet needs of SMEs.
Keywords: SMEs, European Union, banking industry
JEL classification: G21, L11, O16
1. Introduction
It is a well-known fact that small and medium sized enterprises (SMEs) give the
backbone of the economies of the European Union member countries. Enterprises employing
fewer than 250 persons are a very important part of the economy, as they represent around 99
percent of all enterprises and employ an increasing number of persons. 94 percent of these
enterprises are independent; they are neither controlled by another enterprise nor do they control
another enterprise themselves (EC, 2019). They contribute significantly to employment and
turnover in some countries. Less than 2 percent of the enterprises are dependent enterprises
belonging to an international group for which it is not possible to know the total number of
persons employed by the group. These enterprises contribute highly in terms of employment and
turnover especially in a couple of EU member countries.
In 2017, SMEs in the EU28 non-financial business sector accounted for (i) almost all
EU28 non-financial business sector enterprises (99.8 percent), (ii) two-thirds of total EU28
1 Levente Kovacs is the Secretary General of the Hungarian Banking Association and an associate professor at the University of
Miskolc. E-mail: [email protected]u
The author is grateful for the comments made by Reka Hamori and Szabolcs Pasztor during the preparatory stage of this paper.
Their remarks are cited without references.
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employment (66.4 percent), (iii) slightly less than three-fifths (56.8 percent) of the value added
generated by the non-financial business sector. EU28 SMEs produces 57 cents of every euro of
value added (EC, 2019).
Table 1. Number of SMEs and large enterprises in the EU28 non-financial
business sector in 2017 and their value added and employment
Micro
SMEs
Small
SMEs
Medium-
sized SMEs
Large
All
All SMEs
enterprises enterprises
Number
22,830,944
93.1
1,420,693
5.8
231,857
0.9
24,483,496
94,764,624
4,160.7
46,547
0.2
24,530,050
100.0
of enterprises
% of enterprises
Value added
1,525.6
20.8
1,292.1
17.6
1,343.0
18.3
3,167.9
43.2
7,328.1
100.0
(€ trillion)
56.8
Value added (%)
Employment
41,980,528
29.4
28,582,254
20.0
24,201,840
17.0
47,933,208 142,697,824
(in thousands)
66.4
33.6
100.0
Employment (%)
Source: European Commission (2018)
It is clear that SMEs represent 99 percent of all businesses in the EU. The definition of an
SME is important for access to finance and EU support programmes targeted specifically at these
enterprises.
Until 1996, SMEs were those enterprises where the total number of employees was less
than 500 people. Micro-enterprises employed (1–9) employees, small enterprises (10–99
employees), and medium-sized enterprises (100–499) employees. The European Commission
(EC) later created a new definition of the SMEs based on four quantitative criteria. (i) The total
number of employees in the enterprise. (ii) The annual volume of the turnover. (iii) The sum of
the assets in the balance sheet of the enterprise. (iv) The degree of independence of the enterprise
or the ownership over it. According to the new definition, SMEs are those enterprises where the
total number of employees is below the threshold of 250 people. The EC regards an enterprise
medium-sized when the number of the employees is more than 49 and less than 250, the annual
turnover is less than €40 million or the sum of the assets does not reach €27 million. Small
enterprises are those enterprises which have less than 50 employees and an annual turnover of at
least €7 million or whose total balance assets do not reach €5 million. Very small enterprises
are also distinguished, they are those where there are less than 10 employees. According to
the last definition, SMEs are still defined by the staff headcount and either turnover or the
balance sheet total.
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Table 2. The Current Definition of SMEs in the EU
Company category
Medium-sized
Small
Staff headcount
less than 250
Less than 50
Less than 10
Turnover of balance sheet
Less than € 50 m or less than € 43 m
Less than € 10 m or less than € 10 m
Less than € 2 m or less than € 2 m
Micro
Source: European Commission (2019)
Based on numbers in Table 1 and their general contribution to economic and export
sector growth it is vital to better understand their real role in the modern economies and it is also
crucial to understand how the EU is helping them in order to be more competitive and
innovative. Also we have to highlight the fact that there is a strong mental association between
the SMEs and the main squares of the European cities. Actually, in case of the multi-storey
buildings the ground floor was devoted to the smaller shops, the second one to the workshop.
The other floors served the purposes of housing and storing the equipment and stocks. This
general picture is part of the European culture and the building blocks are the SMEs:
Photo 1. Shopping street and houses from Europe
The following parts try to estimate the role of SMEs and give a general overview of how
the EU is promoting the sector after the turn of the new millennium.
2. The Role of SMEs in the modern economy
The literature on the role of SMES in the modern economy has been extended by very
different factors such as privatisation, opening-up to free trade, transformation of Central and
Eastern Europe, outsourcing, offshoring etc. (Pasztor–Pyatanova, 2017; Lentner, 2002; Andrássy
et al., 2005). Across continents and countries different scholars highlight the various roles of
SMEs, but the following roles are included in most of the papers.
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(i) SMEs constitute an important source of jobs. Two-thirds of newly created jobs are related to the
SME sector. Creating a job in an SME is less costly than it is for a big enterprise so SMEs are
contributing to employment growth at a higher rate than larger firms. The private sector and in
particular SMEs form the backbone of a market economy and, for economies in transition, they
might in the long-term provide most of the employment. (ii) Support for SMEs will help the
restructuring of large enterprises by streamlining manufacturing complexes as units with no direct
relation to the primary activity are sold off separately and through this process the efficiency of the
remaining enterprise might be increased as well. (iii) They influence the monopoly of the large
enterprises and offer them complementary services and absorb the fluctuation of a modern economy.
(iv) Through inter-enterprise cooperation, they raise the level of skills with their flexible and
innovative nature. Thus SMEs can generate important benefits in terms of creating a skilled
industrial base and industries, and developing a well-prepared service sector capable of contributing
to GDP through higher value-added (Thrung et al., 2019). (v) The structural shift from the former
large state-owned enterprises to smaller and private SMEs will increase the number of owners, a
group that represents greater responsibility and commitment than in the former centrally planned
economies. (vi) An increased number of SMEs will bring more flexibility to society and the
economy and might facilitate technological innovation. (vii) They produce predominantly for the
domestic market, drawing in general on national resources. They use and develop predominantly
domestic technologies and skills (Bánsági, et al., 1992a; 1992b; Bozsik, 1992). (viii) New business
development is a key factor for the success of regional reconversion where conventional heavy
industries will have to be phased out or be reconstructed (especially in the field of metallurgy,
coalmining, heavy military equipment, etc.). (ix) The SME sector is the main source of forming the
middle class with a decisive role in maintaining the social-political stability of a country. (x) Small
and medium-sized enterprises can easily integrate in a regional economical network that contributes
to development of that area and reduce the unemployment.
In addition, we have to highlight how the European SMEs are related to solving Europe‘s
unfolding problem of unemployment. In the EU one of the most important problems of the social
market economy is unemployment. Member states want to create jobs for everyone in the hope
of paying less under the title of unemployment benefit. Many regard the SMEs as key players
since their share in employment is much higher than their share in GDP. They play a key role in
improving unemployment rates. Furthermore, subsidies given to the SME sector cost much less
than the unemployment benefit.
Based on this short summary of the most important roles of SMEs it quite clear that
helping or at least maintaining this sector is critical for the competitiveness and economic
development of the modern economies. Bearing this in mind the next section tries to give a
general look at how the EU is helping SMEs in various member countries.
3. Promotion of SMEs in the European Union
First of all, we have to once again point out the fact that the SMEs are vital for the EU‘
economy and as a sign of recognition the European Structural and Investment Funds is making
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available more than €450 billion to Member States between 2014 and 2020 to finance
investments for enhancing jobs and growth (EC, 2019). The Cohesion Policy in 2014–2020 is
clustered around 11 thematic objectives and aims to improve the competitiveness of SMEs.
There are some other thematic objectives as well, namely research and innovation, the low-
carbon economy and information and communication technologies. According to the EC €57
billion or around 20% of funding from the European Regional Development Fund (ERDF) will
be dedicated explicitly to SMEs (EC, 2019).
It is a well-known fact that the EC regards the SMEs and entrepreneurship as key to
ensuring economic growth, innovation, job creation and social integration in the EU. That is the
reason why creating a small-business friendly environment for existing SMEs and potential
entrepreneurs and contributing to making Europe a more attractive place for doing business is
one of the EU's main objectives. The EC is closely cooperating with EU member states on
developing SME-friendly policies, monitoring the progress in their implementation and sharing
best practices. In the year 2000 the first steps were taken by the European institutions and they
drafted a joint SME policy and adopted the European Charter for Small Enterprises. According
to the Charter the governments should focus their strategic efforts in ten pathways for action
which are of vital importance for the environment in which SMEs operate. Later, in 2008 the
next step was also taken when the Small Business Act (SBA) entered into force. Basically the
SBA is a framework and basis for the EU policy on SMEs. It is about improving the approach to
entrepreneurship in Europe, simplifying regulations and removing existing barriers for SMEs by
anchoring the „Think Small First‖ principle in European politics and administration. The SBA
helps companies grow faster and stronger. The SBA consists of ten principles with a variety of
measures by which the EU intends to strengthen SMEs. It helps financing, promotes better
access to public procurements and encourages start-ups led by women.
Another programme is about unleashing Europe‘s entrepreneurial potential and it is
called The Entrepreneurship 2020 Action Plan. According to the EC, entrepreneurship has a key
role in the creation of new companies and SMEs represent the most important source of new
employment in the EU. Three main fields are proposed within the Plan. (i) Strengthening
framework conditions for entrepreneurs by removing existing structural barriers. (ii) Supporting
entrepreneurs in crucial phases of the business lifecycle. (iii) Spreading the culture of
entrepreneurship in Europe in order to nurture a new generation of entrepreneurs.
The European SME Week is a pan-European campaign coordinated by the European
Commission that aims to promote entrepreneurship in Europe. Plenty of events all over
Europe support entrepreneurs with information and try to encourage more people to set up
their own businesses. The main event of the European SME Week is organised annually and
takes place in autumn.
In the hope of supporting and giving information to SMEs, the EC sponsors several
support networks. One of them is the Enterprise Europe Network (EEN) which helps small
companies make the most out of business opportunities in the European Union. It gives
support on access to market information, overcoming legal obstacles and identifying
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potential business partners across Europe. Among other things the network offers the
following services to SMEs: (i) increasing SME competitiveness through internationalisation
and innovation support services, (ii) developing a service helping SMEs become active in the
Single Market and beyond. (iii) improving SMEs‘ awareness on access to finance, (iv)
ensuring visibility, recognition and local awareness about the network. The EEN consists of
600 partner organisations in more than 50 countries.
Furthermore, Your Europe Business (YEB) is vital as only 25 percent of European SMEs
export to other countries which means that most of the SMEs miss out on the opportunities offered
by the Single Market. Basically (YEB) is a portal giving help to businesses and entrepreneurs who
want to extend their activities to other EU and EEA countries. It facilitates practical information on
EU rules and links them to national rules, helpdesks, authorities and support services. Through
providing SMEs with better access to markets YEB helps boost competitiveness and growth. From a
different perspective, the YEB is the perfect supplement to the EEN.
Apart from what has already been mentioned, there is also the Intellectual Property
Rights Helpdesk (IPRH). Intellectual property (IP) can improve the competitiveness of SMEs
although these companies are too short on time, resources, knowledge to address intellectual
property rights issues.
4. The role of the banking sector and its solutions for SMEs in the European Union (EU)
Although there is a significant heterogeneity in the definition and criteria of SMEs across
jurisdictions within the EU, such as annual sales, size of assets, number of employees, amount of
loan or purpose, it is mostly in line with the characterization that is used for credit risk exposures
under Basel III. Notwithstanding the definitions used, SMEs are one of the main components of
the corporate landscape in Europe as they form the backbone of its economy, accounting for a
large share of employment and value-added for each member state. Their presence in the capital
market has numerous positive effects. Firstly, it forces companies to operate transparently by
firmly enforcing these SMEs to create and operate based on well-defined processes and
procedures, to build an efficient IT environment, and to appoint their management based on
professional qualities. This could result in more transparent operation from all of the
stakeholders‘ point-of-view while assisting the SME to build a stronger brand, grow, and further
benefit its employees, customers, and the economy as a whole as well.
However, as does everything, companies have a life-cycle too. Consequently, startups
and enterprises have the most substantial need for financing during their initial phase, prior to
their growth phase, as this initial phase typically consists of the development of their first
product or service or creation of a prototype. Thus, this is the time when these SMEs are usually
facing a considerable cost while at the same time, the startup has no revenue, and their income-
generation capacity is still at its lowest level. Moreover, the effects of the global financial crisis
of 2008, which arose from various levels of deterioration of in the macroeconomic conditions of
member states, affected many SMEs across all jurisdictions. Consequently, the sources of
financing for SMEs, especially for startups in their early stages, are distinct from the ones of
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well-established companies or larger enterprises. Specifically, the startup‘s financial needs in
this initial phase are most commonly internally fulfilled, which includes the founder‘s own
capital, retained earnings, contributions from family and friends, angel investors (who help these
companies with their financial and social capital and expertise), or other forms of non-banking
financial institutions. External sources include bank loans and capital markets and other types of
financing by non-bank financial institutions. According to the EU Financial Stability Board
(FSB) consultative document, the choice between these two major types, namely internal and
external sources of financing, are justified partly by the ―macroeconomic, institutional and
financial conditions‖ (FSB, 2019) of the member states besides their cultural differences.
Table 32: Responses to the FSB questionnaire and OECD Financing SMEs
and Entrepreneurs 2019: An OECD Scoreboard
Jurisdictions where internal
financing is relatively more
important
Jurisdictions where external
financing is relatively more
important, but internal
financing is growing in
importance
Jurisdictions where external
financing is relatively more
important
AR, AU, CH, ES, HK, IN,
MX, RU, SG, US
BR, IT, JP, NL, UK
DE, FR, TR
Source: OECD, 2019
To ease SMEs' access to finance and solve issues related to this topic, solutions and
industry best practices should be encouraged and applied both at EU and member-state level.
Along this line, the EU – together with the member states – worked out a proposal and in 2014
enacted the Basel III standards into EU law, which introduced a 24 percent reduction of capital
requirements (CR hereafter) for SMEs with the aim of easing access to finance for SMEs by
fostering the provision of credit to them. The reason for this aid, referred to as Supporting
Factor, was that it was believed that a reduction of regulatory CRs could boost credit availability
for SMEs.
Besides regulatory-enabled incentives, startups and SMEs could use three other methods
for access to finance; two out of these can be considered as a traditional method, while the third
one is a relatively new concept.
The first solution is called a guarantee institution. As banks provide access to finance for
companies that met their level of risk tolerance and appetite, startups, and SMEs that are non-
asset-backed, even with an economically sound project, are considered riskier. To facilitate
access to finance for these vulnerable groups of enterprises, a guarantee institution can be
included in the financing transaction to provide a guarantee to the bank by substituting the
2 In this table, for brevity, the following abbreviations are used to identify jurisdictions: AR=Argentina, AU=Australia, BR=Brazil;
CH=Switzerland; DE=Germany; ES=Spain; FR=France; HK=Hong Kong; IN=India; IT=Italy; JP=Japan; MX=Mexico; NL=Netherlands;
RU=Russia; SG=Singapore; TR=Turkey; UK=United Kingdom; US=United States.
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lacking collateral of the enterprise. The application of these institutions enables these SMEs to
have access to finance for which they otherwise could not get access to. This is a frequently used
solution within Europe, with a national or regional guarantee organization within most of the
member states. Further, some countries and industries have a guarantee organization specialized
for that industry, for example, agriculture (NFIB, 2018).
The second solution is capital market financing, and SMEs are using this method most
commonly in two phases: first, during their initial phase and second, in the more developed stage
of their life-cycle. As it was mentioned before, banks tend to prefer to provide access to finance
for less risky, asset-backed, short-term loans, while capital market investors might be more
willing to provide capital for them for a longer-term, especially when the SME has an
economically sound business plan. This can help the SME to start in their initial phase. The
SMEs can use capital market financing during their development phase as well, when they might
need more capital power for a more significant growth spurt, such as an acquisition or a major
investment, in addition to a loan.
The third, relatively newer, alternate sources of financing solutions are the Financial
Technology (FinTech hereafter) solutions and credit platforms, including peer-to-peer (P2P
hereafter) and marketplace lending solutions. Their importance has grown significantly in the
last couple of years to address the demand for access to finance for SMEs, especially within
startups and micro-SMEs without a credit history. The expansion of this method of access to
finance across jurisdictions was noticeable and was most notable in China. A potential reason for
this might lie within the broader accessibility online platforms combined with the relatively less-
developed state of traditional financial intermediation channels. There are several root causes of
the widespread usage and population of this method across member states, such as technological
innovation or a lower regulatory burden for these non-banking providers. According to the FSB
consultative document, ―FinTech lenders have two comparative advantages over traditional
banks: (i) an absence of legacy operating costs, typically linked to banks‘ extensive branch
networks and IT systems that are more difficult to update; and (ii) limited or no prudential (e.g.
capital) requirements and no mandatory contributions to the public deposit guarantee
scheme.‖(FSB, 2017)
Nonetheless, these solutions are not meant to compete with or replace bank financing;
instead, they should complement it. For example, startups and SMEs could reduce their initial
phase by using an alternate, non-banking product for access to finance to grow faster. If an
enterprise reaches stability, banks are also willing to finance them. Thus, the higher the credit
rating of the enterprise, the faster its loan can be approved, and the lower its interest rates will
be, which can be accompanied by smaller fees. Furthermore, banks may also benefit from
offering them additional services, such as organizing and managing an Initial Public Offering,
consultancy and treasury services, and structured financing (EAGI, 2018).
Although SMEs‘ access to capital has improved in the past few years in several member
states, access to finance is still seen as a major issue in some Emerging Markets and Developing
Economies and for startups and micro-enterprises. A large share of SMEs from the Organisation
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for Economic Co-operation and Development (OECD hereafter) countries stated in the European
Central Bank‘s (ECB hereafter) Survey on the access to finance of enterprises (SAFE survey
hereafter) that they either do not have a need to external financing or they have no issues
obtaining access to it when it is needed (Cusmano, 2013).
However, such improvements are less generalized for emerging economies, where access
to finance tend to feature among the main concerns cited by SMEs (Poletaeva et al, 219). This
can also be due to the fact that many SMEs in these economies – and even more so in developing
economies – are informal, which limits their financing sources and is a significant financial
inclusion challenge. Similarly, smaller firms and start-ups with no credit history or less tangible
collateral report more considerable difficulties in obtaining access to finance.
Nonetheless, according to the SAFE survey, as shown in Figure 1, bank financing is still
the most commonly used source of financing for SMEs and their perception of the ease to access
to finance was positive.
Figure 1. Relevance of financing sources for euro area SMEs
(over the preceding six months; percentages of respondents)
Source: ECB, 2019
―For the period from October 2018 to March 2019, about half of the euro area SMEs considered
bank loans and credit lines to be relevant financial instruments for their businesses (50 percent
and 49 percent respectively)‖ (ECB, 2019). This survey reported on the usage of the other
above-mentioned financing methods as well. It concluded, considering all of SMEs within
Europe, that 34 percent of SMEs used grants and subsidized loans as a potential source of
financing. 29 percent of them reported trade credit as a partly financial instrument, while 24
percent utilized their internal funds. Other forms of loans, such as friends or family-originated,
were considered by 18 percent of SMEs as a relevant source of finance, while ―market-based
instruments, such as equity (11 percent) and debt securities (3 percent), and factoring (10
percent) were much less frequently considered as a potential source of finance‖ (ECB, 2019).
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Concluding all of the above, it seems to be evident that SMEs are the backbone of the
European economy, as 66 percent of total workers were employed by such companies as
Ayyagari et al. (2011) identified in a survey of 99 countries. Technological enhancement broke
down some previously existing barriers for startups and SMEs, helping them to accelerate their
life-cycle. Digitalization allowed these companies access to finance in ways that were not
accessible in the past, and these companies, either organically or due to their sectoral selection,
could benefit information technology solutions, or increase their efficiency, which can generate a
virtuous cycle. Due to his fact, SMEs are the winners of digitalisation as they can benefit the
most from it. Nonetheless, they do need financial support; thus, they would need the support of
the banking sector, which should open up for this segment more. In addition, the EU should level
the playing field by providing and requiring the same regulatory basis and requirements both for
the banking sector and the FinTech solutions.
5. Summary and Conclusions
This paper highlighted the role of SMEs in the EU member countries and discussed their
importance in the modern economies. As the SMEs are the lifeblood of Europe it is quite clear
that promoting them is a fundamental issue. The second part of the study introduced the
programmes which help the sector. Finally, much emphasis was placed on the role of the
banking industry in helping the European SMEs in financial terms. As the former barriers are
disappearing for startups and SMEs, their life-cycles are accelerated. Digitalisation opens new
boundaries as access to finance is much better than it used to be in the past. The whole sector can
benefit from the information technology solutions. SMEs need financial support from the
banking sector and they are increasingly turning their attention to FinTech solutions as well.
With an appropriated framework and regulatory basis and requirements the SME sector can be
the winner of the era of digitalisation.
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