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SMEunited and the European Banking Federation have agreed on joint recommendations for improving the scope and effectiveness of the current funding flows to SMEs in need.
SMEunited and the EBF represent the Crafts and SMEs and the banks – large and small, wholesale and retail, local and international – in Europe, respectively. The two associations are joined by their common interest in ensuring an adequate, speedy, smooth credit flow and provision of other critical services to Europe’s SMEs at a time of extraordinary challenges for small companies in Europe. SMEunited and EBF have come together to make recommendations for improving the scope and effectiveness of the current funding flows to SMEs in need.
It is important to stress that this current statement is focused on the rescue/stabilisation phase of the crisis, rather than the recovery, which will involve its own set of challenges and priorities.
Both organisations agreed in the importance of an adequate, speedy, smooth credit flow and provision of other critical services to Europe’s SMEs at a time of extraordinary challenges for small companies in Europe. SMEunited and EBF believe that several actions could, and should be taken to coordinate practical solutions and best practices that can improve the lending processes and the terms of funding available to SMEs.
In this statement, they argue for an improved dialogue for SME and Banking Associations at a national level to identify specific problems. They need also to get in contact with the providers of public schemes to ensure that the support reaches out to SMEs as fast as possible and without unnecessary burdens.
Finally, the statement has been published ahead of a Roundtable meeting Executive Vice President Valdis Dombrovskis has organised for the 28 May to discuss with the financial sector, business and consumer organisation the situation as regards access to finance in times of COVID-19.