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The principles, developed in discussions with European SME organisations, aim at promoting high quality feedback on credit applications, enabling SME clients to better understand the reasons behind the bank’s decision.
The ultimate goal is to contribute to a favourable environment for businesses in Europe by supporting the financing capacity, improving financial knowledge and enhancing access to finance for economically sound projects to ensure that SMEs can continue to grow for the benefit of Europe.
The high-level principles were formally adopted on 6th June. Europe’s banking sector, with its pivotal financing role, fully supports and contributes to the EU ambitions for a Capital Markets Union, in particular the objective of enhancing SME access to finance and contributes to strengthening the ecosystem for growth in Europe by cooperating with all stakeholders.
Says Wim Mijs, Chief Executive Officer of the EBF:
“This is about completing the European map for SME finance. Banks are the main source of financing for SMEs. In many European countries there already is a strong dialogue on the needs of SMEs. With these high-level principles we now enable all markets in the European Union to embrace similar practices
Many valuable initiatives for feedback for SMEs already exist at national levels all across Europe. The current initiative builds on these and aims to close the gap in those areas where there is a need.”