Survey on Lending Practices to SMEs in Austria
The importance of small and medium enterprises (SMEs) to economic development and job creation is increasingly recognized across the world. With an expected 58 percent of gross value added in 2012, SMEs are perceived to be the backbone of the econo...
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Vienna
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/05/26396204/survey-lending-practices-smes-austria http://hdl.handle.net/10986/24493 |
| Summary: | The importance of small and medium
enterprises (SMEs) to economic development and job creation
is increasingly recognized across the world. With an
expected 58 percent of gross value added in 2012, SMEs are
perceived to be the backbone of the economy especially
within the European Union (EU). Although they faced
particularly challenging economic conditions in 2011-12,
SMEs within the EU still account for more than 98 percent of
all enterprises and 67 percent of total employment. For such
businesses, access to finance is a key factor for business
start-up, development, survival, and growth. In
September-October 2012, the World Bank Centre for financial
reporting reform (CFRR) surveyed Austrian banks with a view
to understanding the role played by financial information
and audits in lending decisions. Respondents to the survey
represent approximately one third of the sector based on
total assets. The survey also assessed how banks measure the
quality of the financial information they receive as part of
a loan application. The purpose of this report is to inform
the accounting and auditing profession, policy makers, and
SMEs and their representative institutions about banks’
requirements and expectations regarding the scope of
financial information provided by SMEs when applying for a credit. |
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