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SME Finance 2018

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SME Banking Club conducted research across 14 markets in Central and Eastern Europe (CEE) countries to discover financing of micro-small and medium enterprise (SME)

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SME Finance 2018

  1. 1. SME Finance 2018 Study Report 25.04.2018 SME Finance 2018 - SME Banking Club 1
  2. 2. About the Study • SME Banking Club conducted research across 14 markets in Central and Eastern Europe (CEE) countries to discover financing of micro- small and medium enterprise (SME) • The topic of this study is SME finance, with a particular focus on digital solutions • The study includes referrals on other relevant insights and studies which can help to SME bankers to look in deep on digital lending trends and changing process in SME financial needs 25.04.2018 SME Finance 2018 - SME Banking Club 3
  3. 3. Methodology • Data assembly and compilation of statistical information • Desk-based literature reviews and documentation and available reports on SME finance. The information came from various publications of the EIF/EIB, IFC/World Bank Group and other organizations • This interim report with the major insights and lessons learned based on interviews and in-depth analysis • Final report with all data – available for members only 4/25/2018 SME Finance 2018 - SME Banking Club 4
  4. 4. Regional Focus Central and Eastern Europe
  5. 5. SME Finance Products Usage and Demand – EU28 Source: ECB SAFE data 2017 35% 24% 17% 19% 7% 15% 8% 2% 6% 1% 1% 0% 10% 20% 30% 40% 50% 60% Bank overdraft Leasing or hire-purchase Bank loan Trade credit Subsidised loan Retaining earnings Other loan Equity Factoring Other sources Debt securities Used in the past 6 months Relevant 25.04.2018 SME Finance 2018 - SME Banking Club 6
  6. 6. Access to Finance 25.04.2018 SME Finance 2018 - SME Banking Club 8 7% 7% 7% 10% 6% 13% 7% 15% 7% 9% 9% 5% 7% 0% 5% 10% 15% 20% 25% 30% EU28 Albania Bulgaria Croatia Czech Republic FYRM Hungary Montenegro Poland Romania Serbia Slovakia Slovenia 2013 2014 2015 2016 2017 Source: annual ECB SAFE studies in 2013-2017. Question: What is currently the most important problem your firm is facing?
  7. 7. SME Finance Barriers 25.04.2018 SME Finance 2018 - SME Banking Club 9 Source: annual ECB SAFE studies in 2013-2017. Question: What do you see as the most important limiting factor to get this financing? Extract from the answers mentioned the reasons 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% EU28 Bulgaria Croatia Czech Republic Hungary Poland Romania Slovakia Slovenia Montenegro Albania FYRM Serbia Insufficient collateral or guarantee Interest rates or price too high Reduced control over the enterprise Financing not available at all Too much paperwork is involved
  8. 8. SME Finance Gap (1/2) Number of SMEs 0 200 000 400 000 600 000 800 000 1 000 000 1 200 000 1 400 000 1 600 000 Albania Bosnia and Herzegovina Bulgaria Croatia Czech Republic Hungary Kosovo Macedonia, FYR Montenegro Poland Romania Serbia Slovak Republic Slovenia Micro SME SME Finance by country 0,0 10 000,0 20 000,0 30 000,0 40 000,0 50 000,0 60 000,0 Albania Bosnia and Herzegovina Bulgaria Croatia Czech Republic Hungary Kosovo Macedonia, FYR Montenegro Poland Romania Serbia Slovak Republic Slovenia Micro SME 25.04.2018 SME Finance 2018 - SME Banking ClubSource: IFC, MSME Finance Gap, 2017. 10 $ mln.
  9. 9. SME Finance Gap (1/2) SME Finance Potential 0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000 Albania Bosnia and Herzegovina Bulgaria Croatia Czech Republic Hungary Kosovo Macedonia, FYR Montenegro Poland Romania Serbia Slovak Republic Slovenia Current SME Finance Volume Financial Gap SME Finance Gap 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 20 000 40 000 60 000 80 000 100 000 120 000 Micro: Finance Gap SME: Finance Gap Finance Gap / GDP 25.04.2018 SME Finance 2018 - SME Banking ClubSource: IFC, MSME Finance Gap, 2017. The potential demand expresses the amount of financing that SMEs would need, and financial institutions would be able to supply if they operated in an improved institutional, regulatory and macroeconomic environment. 11 $ mln.$ mln.
  10. 10. Top Banks financing SMEs from 5 countries 25.04.2018 SME Finance 2018 - SME Banking Club 15 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 Source: SME Banking Club based on banks’ annual reports for 2017 (Polish banks) or 2016 (other banks) EUR billions SME LOAN PORTFOLIO VOLUME AS OF 31.12.2016
  11. 11. Country Overview Bulgaria, Hungary, Poland, Romania, Serbia 25.04.2018 SME Finance 2018 - SME Banking Club
  12. 12. Focused Countries | Bulgaria, Hungary, Poland, Romania, Serbia 25.04.2018 SME Finance 2018 - SME Banking Club 17 EU28; 9% EU28; 15% EU28; 27% EU28; 49% BG; 10% BG; 6% BG; 43% BG; 41% HU; 9% HU; 11% HU; 26% HU; 54% RO; 11% RO; 11% RO; 39% RO; 39% PL; 12% PL; 15% PL; 33% PL; 40% Manufacturing Construction Trade Services USAGE & POTENTIAL 60 70 80 90 100 110 120 130 2008 2009 2010 2011 2012 2013 2014 2015e 2016e 2017e 2018e Bulgaria Hungary Romania Poland EU28 (Index: 2008=100, estimates as from 2015 onwards) Source: ECB SME Performance Review 2017 0 500 000 1 000 000 1 500 000 2 000 000 BG HU RO PL Manufacturing Construction Trade Services NUMBER OF SMES BY SECTORS NUMBER OF SMES
  13. 13. Serbia | Finance 25.04.2018 SME Finance 2018 - SME Banking Club 24 • Bank loans remain the relevant form of external financing for 50% of Serbian SMEs (compared to 48% at EU level). • Between April and September 2017, 29% of SMEs in Serbia actually applied for a bank loan (EU: 26%). • In Serbia, out of those SMEs who applied, 8% of bank loan applications were rejected (compared to 5% at EU level). In addition to the problem of loan applications being rejected, 2% of companies who successfully applied received less than they applied for (EU: 11%) and 0% reported that they declined the loan offer from the bank because they found the cost unacceptable (EU: 1%). • In Serbia, the financing was used for fixed investments by 38% of SMEs, while for inventory & working capital by 34%. 21% of SMEs used it for developing new products and 17% for hiring & training employees. 11% refinanced their obligations, while 19% financed other purposes. 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2013 2014 2015 2016 2017 EU28 Serbia ACCESS TO FINANCE 0% 10% 20% 30% 40% 50% 60% 70% Bank overdraft Leasing or hire-purchase Bank loan Trade credit Subsidised loan Retaining earnings Other loan Equity Factoring Other sources Debt securities Used in the past 6 months Relevant USAGE & POTENTIAL 0,8 0,6 0,4 0,3 0,2 0,2 0,1 0,1 0,1 0,1 Banca Intesa ProCredit Bank Erste Bank Komercijalna banka Vojvođanska banka Banka Poštanska štedionica Eurobank OTP banka Srbija Raiffeisen Banka Agroindustrijska komercijalna banka SME LOAN PORTFOLIO in EUR billions, 2016Y data Source: SME Banking Club based on banks’ annual reports for 2016 Source: ECB SME Performance Review 2017
  14. 14. Poland | Business Class size EU Number Share Share Micro 1 535 595 95,3 % 93,0 % Small 58 203 3,6 % 5,8 % Medium-sized 14 735 0,9 % 0,9 % SMEs 1 608 533 99,8 % 99,8 % Large 3 188 0,2 % 0,2 % Total 1 611 721 100,0 % 100,0 % Number of enterprises Poland 25.04.2018 SME Finance 2018 - SME Banking Club 25 Section B Mining and quarrying Section C Manufacturing Section D Electricity, gas, steam and air conditioning supply Section E Water supply; sewerage, waste management and remediation activities Section F Construction Section G Wholesale and retail trade; repair of motorvehicles and motorcycles Section H Transportation and storage Section I Accommodation and food services Section J Information and communication Section L Real estate activities Section M Professional, scientific and technical activities Section N Administrative and support services LEGEND Source: ECB SME Performance Review 2017 80 90 100 110 120 130 SMEs in Poland SMEs in the European Union (Index: 2008=100, estimates as from 2015 onwards) 60 80 100 120 140 160 180 200 B C D E F G H I J L M N (Index: 2008=100, estimates as from 2015 onwards) NUMBER OF SMES BY SECTORS NUMBER OF SMES
  15. 15. Poland | Finance 25.04.2018 SME Finance 2018 - SME Banking Club 26 • Bank loans remain the relevant form of external financing for 42% of Polish SMEs (compared to 48% at EU level). • Between April and September 2017, 20% of SMEs in Poland actually applied for a bank loan (EU: 26%). • In Poland, out of those SMEs who applied, 6% of bank loan applications were rejected (compared to 5% at EU level). • In addition to the problem of loan applications being rejected, 10% of companies who successfully applied received less than they applied for (EU: 11%) and 2% reported that they declined the loan offer from the bank because they found the cost unacceptable (EU: 1%). • 72% of assets financed by leasing companies in Poland in 1H 2017 – to SMEs (Source: PLA) • 11% of entrepreneurs use factoring (Source: Bibby MSP Index Survey)7,1 4,3 3,9 3,1 2,6 2,3 2,3 1,6 1,2 1,2 1,1 PKO Bank Polski Bank Zachodni WBK Idea Bank Alior Bank BGŻ BNP Paribas Bank Millennium mBank Raiffeisen Bank Polska Citi Handlowy Bank Pekao ING Bank Śląski SME LOAN PORTFOLIO 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2013 2014 2015 2016 2017 EU28 Poland ACCESS TO FINANCE 0% 10% 20% 30% 40% 50% 60% 70% Bank overdraft Leasing or hire-purchase Bank loan Trade credit Subsidised loan Retaining earnings Other loan Equity Factoring Other sources Debt securities Used in the past 6 months Relevant USAGE & POTENTIAL in EUR billions, 2017Y data
  16. 16. Loan Processes Poland Loan application form via web/IB (for unsecured loan) Does the customer need to visit a bank during the process from applying to full disbursement (for unsecured loan) Does the customer need to sign paper docs to get a loan (for unsecured loan) Acces in Online banks to: overview of loan agreement (for unsecured loan) Acces in Online banks to: normal repayments (for unsecured loan) Acces in Online banks to: early repayments (for unsecured loan) Does the customer need to sign paper docs to close the loan (for unsecured loan) PKO Bank BP No Yes Yes Yes Yes Pekao No Yes Yes Yes 0 0 0 ING Yes No No/Yes* Yes Yes Yes 0 mBank Yes No No/Yes* Yes Yes Yes 0 BZ WBK Yes No Yes Yes Yes Yes 0 Millennium Bank Yes 0 0 0 0 0 0 Alior Bank Yes No 0 Yes Yes Yes Yes BGZ BNP Paribas No Yes Yes Yes 0 0 Yes Raiffeisen Polbank No Yes Yes Yes 0 0 0 Idea Bank Yes No Yes Yes Yes Yes 0 Credit Agricole No Yes Yes 0 Yes 0 0 Deutsche Bank No Yes Yes 0 0 0 0 BOS Bank No Yes Yes Yes 0 0 0 25.04.2018 SME Finance 2018 - SME Banking Club 28 * No - for existing customers to the Bank; Yes - if customer is new to the Bank
  17. 17. SME lending applications are still complicated 25.04.2018 SME Finance 2018 - SME Banking Club 29 Leading SME-focused bank 117 Leading SME-focused non-bank lender 50 17 + 2 Source: iwoca Poland’s presentation during CEE17 SME Banking Club Conference
  18. 18. Case Studies Strategies for offering digital services for SMEs 25.04.2018 SME Finance 2018 - SME Banking Club
  19. 19. ING Bank Śląski • ING Bank Śląski in Poland (a member of ING Group) has made e-application available - a tool for applying for an on-line loan to an entrepreneur, even if it is not a bank customer. The credit decision is sent to the indicated e- mail address, up to 4 working days from the submission of the application. • The loan application process is simple and quick - the entrepreneur submits e-request on the bank's website. There he determines the parameters of the loan requested and calculates his installment, provides personal data and company data, then attaches the required documents and submits the application for analysis • In case of positive decision customer can sign the loan agreement via online banking 25.04.2018 SME Finance 2018 - SME Banking Club 36 Online Working Capital Loan • Up to PLN 1.2 million (~EUR 280K) for any purpose, fast credit decision and minimum formalities. • The maximum loan amount without collateral is even PLN 100K • Entrepreneurs who are not bank’s clients and run a sole proprietorship from min. 12 months. • PLN 0 commission for granting • Working capital • repayment up to 5 years 65% of loans to micro customers were sold via online channels in 2017 93% of loan applications from corporate customers processed online (2017)
  20. 20. iwoca How does an iwoca Credit Facility work? • Once the business customer has signed up at iwoca, it can get approved for a credit limit within 24 hours • There are no fees. The borrower will only ever be charged interest on the balance of the loan. • The borrower can repay the facility in up to 12 months, but repaying early is completely free. As the interest on the facility is charged by the day, repaying early reduces the overall amount it’ll need to pay back. 25.04.2018 SME Finance 2018 - SME Banking Club 37 • iwoca, London-based fintech startup launched in March 2012, is the fast, flexible source of business finance. • iwoca can offer instant funding without the complex paperwork associated with a traditional business loan. It has also eliminated complex fees and offer far more flexibility. • In Poland, iwoca offers business loan limit of EUR 1,2-35K. • iwoca integrates with all the major banks, ecommerce platforms, payment processors and cloud- based accounting services. This lets iwoca see the businesses’ real trading data, allowing iwoca to go far beyond a credit score when assessing the business for finance. https://www.iwoca.pl
  21. 21. Cooperation Banks + FinTechs in Poland 25.04.2018 SME Finance 2018 - SME Banking Club 38 Micro factoring Alior Bank + InviPay • For entrepreneurs with annual turnover up to 750K EUR • Fully online application process and onboarding of the invoices, decision making and disbursement • Time for fulfilling application online – 3 min. • TTC – the next working day
  22. 22. Cooperation Banks + FinTechs in Poland 25.04.2018 SME Finance 2018 - SME Banking Club 39
  23. 23. The Future is Digital • By 2020, the global stock of digital data will double every two years • More widespread use of alternative data in the decision-making process and in assessing the creditworthiness of small businesses • Increased competition in the particular segments which fintechs can cover. Regarding SME Finance – micro segment seems to be the one. • Banks should decide whether they want to work with this segment and how to do this digitally: own products and processes or integrated solutions from fintechs on the bank’s platforms • Platform banking or banks as marketplaces 25.04.2018 SME Finance 2018 - SME Banking Club 40
  24. 24. Need more information? SME Finance 2018 For members of SME Banking Club Get full report of this study Get a quote for an customized report for your bank's needs 25.04.2018 SME Finance 2018 - SME Banking Club SME Finance 2018 For your bank 41
  25. 25. About us • SME Banking Club is a Club organized in 2010 by bankers for bankers to build a professional network as to exchange information and experiences in the segments of micro, small and medium-sized businesses • Main activities in Eastern Europe • Offices in Kyiv and Krakow 25.04.2018 SME Finance 2018 - SME Banking Club 42
  26. 26. Need more? Contact us Andrey Gidulyan CEO & Founder +38050381243 ceo@smebanking.club Alexey Sayapin Regional Director CIS & Caucasus +380672516552 cis@smebanking.club Olena Gryniuk Regional Director CEE countries +48733404985 cee@smebanking.club

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