the future of sme-finance
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The future of SME-finance. Belgian Finance Club, january 23 2014 Geert Janssens. VKW- survey : Is credit rationed ? . Kefik -survey: Are you credit rationed? . VKW-survey: What is problematic? . Kefik -survey: Do you know your rating? . Equity capital ratio . - PowerPoint PPT PresentationTRANSCRIPT
Belgian Finance Club, january 23 2014
Geert Janssens
The future of SME-finance
VKW-survey: Is credit rationed?
Is there a credit rationing? 2011 2012 2011 2012 2011 2012
1. Banks are more reluctant tot give credit 58,7 70,0 34,7 20,6 6,7 9,4
2. Extension of an existing credit line more difficult 78,0 86,2 18,0 9,5 4,0 4,3
3. Lending conditions became much more stringent 68,0 78,2 21,3 15,5 10,7 6,3
4. Banks ask for more guarantees 56,1 64,6 21,6 15,5 22,3 19,9
5. Banks urge more often to sign a convenant 41,3 52,9 42,7 28,9 16,0 18,2
AGREE NOT AGREE NO OPINION
Kefik-survey: Are you credit rationed?
VKW-survey: What is problematic?
16,0
26,024,0
48,7
8,7
18,6
24,3 26,0
55,7
6,0
Less than 1 year 1-5 years More than 5 years Projectfinance No opinion0,0
10,0
20,0
30,0
40,0
50,0
60,0
What type of finance is problematic? Percentage that is worried
2011 2012
Kefik-survey: Do you know your rating?
Equity capital ratio
VKW-survey: Banks advise to look around
20,1
64,4
15,5
2012 - My own bank did advise me to look for alternativesAgree Not agree No opinion
Credit shortage looming large
Source: Deutsche Bank
Alternatives to bank finance?
Source: VKW Metena
Friendly groups or companies
Private equity
Suppliers and clients
Capital market (bonds, commercial paper)
Funds
Autofinance
Stock market
Other
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
30.7
24.7
19.3
14.7
9.3
3.3
0.7
2.0
32.9
26.9
26.9
19.4
13.4
3.4
2.9
4.9
20122011
Percentage in the sample that is thinking about the option
New vehicles for SME loans
Structure
F
K
L
Capital bufferInstitutional parties, GovernmentCooperative members…
FundingInstitutional parties (Bonds)Banks (loans))
LoansTo SME’s
The future?
• More diversity: – new funds, private equity, insurance companies,
mezzanine,…– More debt instruments, market finance,…
• Credit unions• p-2-p lending, crowdfunding,…• Asset based lending • New banks?