SOURCES OF FINANCING EUROPEAN SMES AND NEW SUPPORTING EU POLICIES: EVIDENCE FROM THE NEW EU MEMBER STATES

The SMEs’ access to finance is crucial for the creation, survival and growth of these firms. In the light of the recent global crisis, the dramatic fall in demand for goods and services and the reduced availability of bank loans has led to the aggravation of the problems faced by SMEs when they prospect for purchasing financial resources. In this context, our paper aims to highlight the sources of financing used by the European SMEs and the new policies proposed by the European Commission to facilitate their access to finance. The analysis carried out in this paper is based on data and statistics provided mainly by the European Commission and the World Bank. Based on the methodology used, the paper mainly indicates, the major problems regarding the financing opportunities faced by SMEs and the indispensable necessity for the adoption of measures, especially at EU level, to support their access to finance.