UEAPME, EFAA, Leaseurope and the European Crowdfunding Network are together a significant voice of SMEs in Europe, representing the SMEs themselves (UEAPME), key business and financial advisers to SMEs (EFAA), and key providers of finance in the sector (Leaseurope and ECN).
In addition to submitting responses separately to the EC’s CMU Green Paper, the organizations believe that, together, are able to bring evidence from the SMEs they work with directly to the Commission. That’s why, they released a declaration, addressing the European Commission, on the creation of the Capital Markets Union, which provides suggestions, while keeping into account the differing needs of various SMEs, from the largest to the smallest.
The paper puts emphasis on:
- Channelling funding to SMEs that need it
- Making EU SME financing programmes (EC, EIB/EIF, ECB’s TLTRO) more user-friendly to non- bank intermediaries.
- Raising awareness as regards alternatives to bank loans, such as leasing and alternative financing including crowdfunding, and to facilitate their operation across borders.
- Provide a simple and transparent legislative framework to facilitate pan-European alternatives to conventional loan financing for SMEs, such as crowdfunding.
- The crucial need to enhance the availability of credit and financial information provided by and on SMEs.
- Reducing potential barriers to SMEs obtaining finance through applying the proportionality principle to new and existing regulation.
- A need to address and improve the financial literacy of providers and users of SME financial and credit information to facilitate SME financing.
You can read the entire declaration here.