The European Commission published the 2024 Survey on the Access to Finance of Enterprises (SAFE), conducted with the European Central Bank, indicating that businesses experienced somewhat better financing conditions over the past year but not to the level seen before the general economic downturn. The results point to interest rates and high prices remaining key impediments to accessing finance, particularly for firms planning to expand. Nearly four in ten businesses reported increased interest rates, and almost a third of firms intending to grow over the next two to three years identified interest rates or prices being too high as the most important future limitation to accessing finance. Six out of ten businesses saw higher costs for materials and energy, while SMEs also reported decreased labour costs. Perceived availability improved across types of financing, although about a third of firms expect this trend to reverse. The survey is based on feedback on the period from April to September 2024 and interviews with 16,000 European businesses conducted from September to October 2024, covering mainly SMEs across the EU27, Iceland, Liechtenstein and Norway, and also Albania, Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, Serbia, Türkiye and Ukraine.
European Commission 2025-01-15
European Commission publishes 2024 SAFE survey results highlighting interest rates and high prices as ongoing constraints on SME finance
The European Commission and European Central Bank released the 2024 Survey on the Access to Finance of Enterprises (SAFE), noting improved financing conditions compared to last year, though still below pre-downturn levels. Interest rates and high prices remain significant barriers, especially for firms planning expansion. The survey, based on feedback from 16,000 European businesses, notes increased costs for materials and energy, with SMEs reporting decreased labour costs.