{
  "slug": "eastern-europe-sme-finance",
  "question": "How big is SME lending in Eastern Europe, what do small businesses actually need, and where is the gap a fintech can fill?",
  "title": "SME Finance in Eastern Europe 2026: Bank Credit, Loan Demand, Late Payments and Small-Loan Rates by Country",
  "answer": {
    "headline": "Bank credit to SMEs in Eastern Europe is thin — from 4.76% of GDP in Ukraine to 20.17% in Bosnia and Herzegovina (IMF, 2025) — and most firms say they do not need a bank loan: 75.77% of SMEs in Croatia, 67.66% in Poland, but only 45.59% in Romania (European Commission SAFE, 2025). The sharper pain is cash flow: 28.84% of SMEs in Poland are regularly hit by late payments, and price, not paperwork, is the main barrier to growth financing (32.15% of SMEs in Romania).",
    "sample": "IMF Financial Access Survey 2025 (12 countries), European Commission SAFE 2025 survey of SMEs (country results), ECB MFI interest rate statistics (August 2026) and structural financial indicators, Eurostat business statistics (2023) and ICT usage survey (2025), National Bank of Ukraine (2025), two bank results releases (H1 2026), Polish and Romanian e-invoicing rules",
    "verifiedAsOf": "2026-10-16"
  },
  "sections": [
    {
      "id": "size",
      "title": "SME bank credit outstanding, percent of GDP (2025)",
      "note": "Loans from commercial banks to small and medium enterprises still on the books, as a share of each economy. One methodology across countries (IMF Financial Access Survey, national SME definitions as reported to the IMF).",
      "rows": [
        {
          "label": "Bosnia and Herzegovina",
          "value": "20.17%",
          "segment": "highest in this set",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/BIH.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Latvia",
          "value": "15.75%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/LVA.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "12.89%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/LTU.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "North Macedonia",
          "value": "12.42%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/MKD.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Serbia",
          "value": "11.11%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/SRB.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Slovakia",
          "value": "10.3%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/SVK.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Albania",
          "value": "9.08%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/ALB.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Moldova",
          "value": "8.03%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/MDA.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "7.85%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/HUN.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "7.36%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/ROU.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Poland",
          "value": "6.85%",
          "segment": "",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/POL.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        },
        {
          "label": "Ukraine",
          "value": "4.76%",
          "segment": "lowest in this set",
          "period": "2025",
          "source": "IMF Financial Access Survey",
          "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/UKR.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "buyers",
      "title": "How many small firms there are: micro-enterprises (0–9 persons employed)",
      "note": "Eurostat structural business statistics, total business economy. Micro firms are the bulk of every market here — the customer base for lending, payments and accounting tools aimed at small business.",
      "rows": [
        {
          "label": "Poland",
          "value": "2,633,414",
          "segment": "micro-enterprises, 0–9 persons employed",
          "period": "2023",
          "source": "Eurostat SBS",
          "url": "https://ec.europa.eu/eurostat/databrowser/view/sbs_sc_ovw/default/table?lang=en",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "1,276,830",
          "segment": "micro-enterprises, 0–9 persons employed",
          "period": "2023",
          "source": "Eurostat SBS",
          "url": "https://ec.europa.eu/eurostat/databrowser/view/sbs_sc_ovw/default/table?lang=en",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "966,384",
          "segment": "micro-enterprises, 0–9 persons employed",
          "period": "2023",
          "source": "Eurostat SBS",
          "url": "https://ec.europa.eu/eurostat/databrowser/view/sbs_sc_ovw/default/table?lang=en",
          "tier": 1
        },
        {
          "label": "Slovakia",
          "value": "648,135",
          "segment": "micro-enterprises, 0–9 persons employed",
          "period": "2023",
          "source": "Eurostat SBS",
          "url": "https://ec.europa.eu/eurostat/databrowser/view/sbs_sc_ovw/default/table?lang=en",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "373,833",
          "segment": "micro-enterprises, 0–9 persons employed",
          "period": "2023",
          "source": "Eurostat SBS",
          "url": "https://ec.europa.eu/eurostat/databrowser/view/sbs_sc_ovw/default/table?lang=en",
          "tier": 1
        }
      ]
    },
    {
      "id": "flow",
      "title": "How much new small-business credit is written each year (2025)",
      "note": "Euro-area members of the region report new bank loans by loan size to the ECB; small loans are the standard proxy for SME lending, because big firms rarely borrow in tickets under €1M. Ukraine reports by the size of the borrower instead. The two are not comparable with each other.",
      "rows": [
        {
          "label": "Slovakia — new bank loans up to €0.25M",
          "value": "€2,019M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.SK.B.A2A.A.B.2.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Croatia — new bank loans up to €0.25M",
          "value": "€1,894M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.HR.B.A2A.A.B.2.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Slovenia — new bank loans up to €0.25M",
          "value": "€1,155M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.SI.B.A2A.A.B.2.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Lithuania — new bank loans up to €0.25M",
          "value": "€1,139M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.LT.B.A2A.A.B.2.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Croatia — new bank loans up to €1M",
          "value": "€4,153M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.HR.B.A2A.A.B.0.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Slovakia — new bank loans up to €1M",
          "value": "€3,407M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.SK.B.A2A.A.B.0.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Slovenia — new bank loans up to €1M",
          "value": "€1,836M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.SI.B.A2A.A.B.0.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Lithuania — new bank loans up to €1M",
          "value": "€1,771M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.LT.B.A2A.A.B.0.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Estonia — new bank loans up to €1M",
          "value": "€1,545M",
          "segment": "annual volume · loan size, not firm size (SME proxy)",
          "period": "2025",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.EE.B.A2A.A.B.0.2240.EUR.N",
          "tier": 1
        },
        {
          "label": "Ukraine — new bank loans to small enterprises",
          "value": "UAH 246,389.1M",
          "segment": "by borrower size (national definition)",
          "period": "2025",
          "source": "National Bank of Ukraine",
          "url": "https://bank.gov.ua/files/Loans_MSE.xlsx",
          "tier": 1
        },
        {
          "label": "Ukraine — new bank loans to medium-sized enterprises",
          "value": "UAH 935,238.5M",
          "segment": "by borrower size (national definition)",
          "period": "2025",
          "source": "National Bank of Ukraine",
          "url": "https://bank.gov.ua/files/Loans_MSE.xlsx",
          "tier": 1
        },
        {
          "label": "Ukraine — new bank loans to large enterprises",
          "value": "UAH 1,168,132.4M",
          "segment": "by borrower size (national definition)",
          "period": "2025",
          "source": "National Bank of Ukraine",
          "url": "https://bank.gov.ua/files/Loans_MSE.xlsx",
          "tier": 1
        }
      ]
    },
    {
      "id": "need",
      "title": "SMEs that say they do not need a bank loan",
      "note": "Share of SMEs for whom bank loans are not relevant because they do not need this kind of financing. European Commission SAFE 2025 survey, country results.",
      "rows": [
        {
          "label": "Croatia",
          "value": "75.77%",
          "segment": "highest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "72.98%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovakia",
          "value": "72.51%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Poland",
          "value": "67.66%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "66.19%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "62.61%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "60.63%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "45.59%",
          "segment": "lowest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "ticket",
      "title": "Ticket size: how much SMEs want to raise for growth",
      "note": "Same SAFE 2025 survey. In Czechia and Hungary about a third of SMEs want €25,000 or less; in Romania the large-ticket end is the biggest group in this set.",
      "rows": [
        {
          "label": "Czechia — aiming for up to €25,000",
          "value": "36.34%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary — aiming for up to €25,000",
          "value": "35.47%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Poland — aiming for up to €25,000",
          "value": "22.85%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovakia — aiming for up to €25,000",
          "value": "20.02%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria — aiming for up to €25,000",
          "value": "19.97%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Croatia — aiming for up to €25,000",
          "value": "16.61%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania — aiming for up to €25,000",
          "value": "12.25%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Romania — aiming for up to €25,000",
          "value": "7.15%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Romania — aiming for over €1 million",
          "value": "24.09%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Poland — aiming for over €1 million",
          "value": "15.44%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Croatia — aiming for over €1 million",
          "value": "15.02%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria — aiming for over €1 million",
          "value": "13.72%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania — aiming for over €1 million",
          "value": "11.69%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Czechia — aiming for over €1 million",
          "value": "10.94%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary — aiming for over €1 million",
          "value": "7.27%",
          "segment": "share of SMEs seeking external growth financing",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        }
      ]
    },
    {
      "id": "late-payments",
      "title": "SMEs regularly hit by late payments from private customers",
      "note": "Share of SMEs that regularly experience problems from late payments by private entities (SAFE 2025). This is the receivables pain behind invoice finance, factoring and collections products.",
      "rows": [
        {
          "label": "Poland",
          "value": "28.84%",
          "segment": "highest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovakia",
          "value": "22.63%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "18.49%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "17.01%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "15.03%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "14.01%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovenia",
          "value": "11.75%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Estonia",
          "value": "10.77%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Croatia",
          "value": "10.5%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Latvia",
          "value": "8.11%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "7.59%",
          "segment": "lowest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "price-barrier",
      "title": "SMEs naming interest rates or price as the main obstacle to growth financing",
      "note": "Share of SMEs naming high interest rates or price as the main limiting factor to getting growth financing (SAFE 2025).",
      "rows": [
        {
          "label": "Romania",
          "value": "32.15%",
          "segment": "highest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Croatia",
          "value": "27.44%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovakia",
          "value": "25.86%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Poland",
          "value": "23.64%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "22.67%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovenia",
          "value": "22.48%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Latvia",
          "value": "20.17%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Estonia",
          "value": "19.72%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "18.06%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "16.21%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "14.78%",
          "segment": "lowest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "paperwork-barrier",
      "title": "SMEs naming paperwork as the main obstacle to growth financing",
      "note": "Share of SMEs naming too much paperwork as the main limiting factor (SAFE 2025). Low almost everywhere: price, not process, is the bigger complaint.",
      "rows": [
        {
          "label": "Croatia",
          "value": "16.21%",
          "segment": "highest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Poland",
          "value": "13.40%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "8.20%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovenia",
          "value": "7.69%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "7.60%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "7.33%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "6.39%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovakia",
          "value": "5.83%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Estonia",
          "value": "5.81%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "4.33%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Latvia",
          "value": "1.00%",
          "segment": "lowest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "confidence",
      "title": "SMEs confident they can get what they want from a bank",
      "note": "Share of SMEs confident talking about financing with banks and obtaining the desired results (SAFE 2025). The low end — the Baltics, Slovenia, Romania — is where a non-bank lender or a broker has the most room.",
      "rows": [
        {
          "label": "Slovakia",
          "value": "66.49%",
          "segment": "highest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "64.47%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "62.67%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "56.03%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Croatia",
          "value": "51.3%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Estonia",
          "value": "50.59%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Poland",
          "value": "50.16%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "42.53%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Slovenia",
          "value": "39.82%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "34.61%",
          "segment": "",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        },
        {
          "label": "Latvia",
          "value": "31.26%",
          "segment": "lowest in this set",
          "period": "2025 survey",
          "source": "European Commission SAFE 2025",
          "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "pricing",
      "title": "What small business credit costs: bank rates on new loans, August 2026",
      "note": "ECB MFI interest rate statistics for the euro-area members of the region. Small tickets are not always dearer: in Estonia, Slovenia, Latvia and Lithuania loans up to €0.25M were cheaper than loans over €1M in August 2026; in Slovakia they were dearer. Poland, Czechia, Hungary and Romania lend in their own currencies and are not in this series.",
      "rows": [
        {
          "label": "Latvia — loans up to €0.25M",
          "value": "5.34%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.LV.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Latvia — loans over €1M",
          "value": "5.80%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.LV.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Slovakia — loans up to €0.25M",
          "value": "5.06%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.SK.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Slovakia — loans over €1M",
          "value": "4.48%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.SK.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Lithuania — loans up to €0.25M",
          "value": "4.65%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.LT.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Lithuania — loans over €1M",
          "value": "5.05%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.LT.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Bulgaria — loans up to €0.25M",
          "value": "4.40%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.BG.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Bulgaria — loans over €1M",
          "value": "4.37%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.BG.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Croatia — loans up to €0.25M",
          "value": "4.04%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.HR.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Croatia — loans over €1M",
          "value": "3.95%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.HR.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Slovenia — loans up to €0.25M",
          "value": "3.97%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.SI.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Slovenia — loans over €1M",
          "value": "4.66%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.SI.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Estonia — loans up to €0.25M",
          "value": "3.30%",
          "segment": "new loans to corporations, annual rate · small tickets (SME proxy)",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.EE.B.A2A.A.R.2.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        },
        {
          "label": "Estonia — loans over €1M",
          "value": "4.90%",
          "segment": "new loans to corporations, annual rate · large tickets",
          "period": "2026-08",
          "source": "ECB MFI interest rate statistics",
          "url": "https://data-api.ecb.europa.eu/service/data/MIR/M.EE.B.A2A.A.R.1.2240.EUR.N?format=csvdata&startPeriod=2023-01",
          "tier": 1
        }
      ]
    },
    {
      "id": "digital",
      "title": "Small firms (10–49 employees) buying cloud finance or accounting software (2025)",
      "note": "Eurostat ICT usage in enterprises: share of small enterprises buying finance or accounting software as a cloud service. Data on bookkeeping is the raw material for cash-flow lending; where it sits in the cloud, underwriting from accounting data is feasible.",
      "rows": [
        {
          "label": "Estonia",
          "value": "44.04%",
          "segment": "highest in this set",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Lithuania",
          "value": "39.55%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Czechia",
          "value": "25.79%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Croatia",
          "value": "22.59%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Hungary",
          "value": "22.09%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Serbia",
          "value": "17.32%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Poland",
          "value": "15.75%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Romania",
          "value": "15.43%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Bosnia and Herzegovina",
          "value": "15.2%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Albania",
          "value": "14.62%",
          "segment": "",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        },
        {
          "label": "Bulgaria",
          "value": "6.66%",
          "segment": "lowest in this set",
          "period": "2025",
          "source": "Eurostat ICT usage in enterprises",
          "url": "https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/isoc_cicce_use?format=JSON&lang=EN&indic_is=E_CC_PFACC&unit=PC_ENT&nace_r2=C10-S951_X_K&geo=PL&geo=RO&geo=CZ&geo=HU&geo=UA&geo=SK&geo=SI&geo=BG&geo=HR&geo=RS&geo=MD&geo=AL&geo=MK&geo=BA&geo=ME&geo=LV&geo=LT&geo=EE&time=2023&time=2025",
          "tier": 1
        }
      ],
      "chart": "bars"
    },
    {
      "id": "incumbents",
      "title": "Who you compete with: bank concentration and incumbent reach",
      "note": "Five banks hold most banking assets in the Baltics and Croatia. Incumbents are still adding small-business clients fast; the Romanian rows are each bank's own disclosure, not market statistics.",
      "rows": [
        {
          "label": "Lithuania — share of five largest banks in banking assets",
          "value": "90.7%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.LT.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Estonia — share of five largest banks in banking assets",
          "value": "89.02%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.EE.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Latvia — share of five largest banks in banking assets",
          "value": "87.01%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.LV.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Croatia — share of five largest banks in banking assets",
          "value": "82.55%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.HR.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Bulgaria — share of five largest banks in banking assets",
          "value": "76.76%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.BG.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Czechia — share of five largest banks in banking assets",
          "value": "65.43%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.CZ.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Hungary — share of five largest banks in banking assets",
          "value": "59.65%",
          "segment": "CR5 concentration",
          "period": "2025",
          "source": "ECB structural financial indicators",
          "url": "https://data-api.ecb.europa.eu/service/data/SSI/A.HU.122C.S10.X.A1.Z0Z.Z?format=csvdata&startPeriod=2022",
          "tier": 1
        },
        {
          "label": "Romania — company clients served by Banca Transilvania",
          "value": "600,000",
          "segment": "single bank, own report · proxy",
          "period": "mid-2026",
          "source": "Banca Transilvania H1 2026 results",
          "url": "https://www.bvb.ro/infocont/infocont26/TLV_20260821153439_Financial-results-30-06-2026.pdf",
          "tier": 2
        },
        {
          "label": "Romania — growth in new SME customers, Raiffeisen Bank Entrepreneurs Division",
          "value": "+70% y/y",
          "segment": "single bank, own report · proxy",
          "period": "H1 2026",
          "source": "Raiffeisen Bank Romania Q2 2026 results",
          "url": "https://bvb.ro/infocont/infocont26/RBRO27A_20260730173229_RBRO-Financial-Results-2026-Q2-ENG.pdf",
          "tier": 2
        }
      ]
    },
    {
      "id": "rules",
      "title": "Rules that shape the product: mandatory e-invoicing",
      "note": "Verified rules from the tax authority or the European Commission. Mandatory e-invoicing puts every B2B invoice on a national platform — the data feed that invoice finance, receivables and accounting products can plug into.",
      "rows": [
        {
          "label": "Poland KSeF: all business-to-business transactions must be invoiced through the national e-invoicing platform",
          "value": "in force",
          "segment": "revenue above PLN 200 million from 1 Feb 2026; all other businesses from 1 Apr 2026; micro-sellers invoicing up to PLN 10,000 a month exempt until end-2026",
          "period": "since 1 April 2026",
          "source": "Polish Ministry of Finance (KSeF)",
          "url": "https://ksef.podatki.gov.pl/wyjasnienia/co-warto-wiedziec-przed-startem-ii-etapu-wdrozenia-krajowego-systemu-e-faktur/",
          "tier": 1
        },
        {
          "label": "Romania e-Factura: mandatory structured B2B e-invoicing through the national platform",
          "value": "in force",
          "segment": "invoices transmitted within five calendar days of issue; fines scale with taxpayer size",
          "period": "since 1 January 2024",
          "source": "European Commission — eInvoicing in Romania",
          "url": "https://ec.europa.eu/digital-building-blocks/sites/display/DIGITAL/eInvoicing+in+Romania",
          "tier": 1
        },
        {
          "label": "Romania e-Factura: mandatory reporting of domestic B2C transactions",
          "value": "in force",
          "segment": "same five-day deadline as B2B",
          "period": "since 1 January 2025",
          "source": "European Commission — eInvoicing in Romania",
          "url": "https://ec.europa.eu/digital-building-blocks/sites/display/DIGITAL/eInvoicing+in+Romania",
          "tier": 1
        }
      ]
    }
  ],
  "reconciliation": {
    "title": "Why SME finance numbers from different sources disagree",
    "body": "Four things change the answer. First, who counts as an SME: the SAFE survey and Eurostat use the EU definition (under 250 employees), the IMF Financial Access Survey uses whatever definition each central bank reports, and the National Bank of Ukraine classifies borrowers by its own size rules — so the IMF credit-to-GDP figures compare national banking systems, not identical firm groups. Second, loan size against firm size: the ECB series count new loans up to €0.25M or €1M regardless of who borrows, which is the standard SME proxy but includes small loans to large firms and misses large loans to medium firms. Third, stock against flow: credit outstanding as a share of GDP is the stock on bank books, annual new lending is the flow written in a year — a country can have a small stock and brisk new lending. Fourth, survey answers against behaviour: \"do not need a bank loan\" is what owners say, not proof that credit is not used; firms that were discouraged or self-fund may answer the same way. Bank rows from Banca Transilvania and Raiffeisen Bank Romania are each bank's own disclosure and are shown as a proxy, not as market statistics.",
    "sources": [
      {
        "source": "IMF Financial Access Survey",
        "url": "https://api.imf.org/external/sdmx/2.1/data/IMF.STA,FAS/POL.OUTL_COMBANK_SMES.POGDP.A?startPeriod=2021"
      },
      {
        "source": "European Commission — SAFE 2025 results by country",
        "url": "https://single-market-economy.ec.europa.eu/document/download/521ab7d6-a007-4a02-a33c-28ca11d9f2f1_en?filename=SAFE%20Results%20by%20country%202025%281%29.xlsx"
      },
      {
        "source": "ECB — MFI interest rate statistics",
        "url": "https://data.ecb.europa.eu/data/datasets/MIR"
      },
      {
        "source": "Eurostat — structural business statistics (sbs_sc_ovw)",
        "url": "https://ec.europa.eu/eurostat/databrowser/view/sbs_sc_ovw/default/table?lang=en"
      },
      {
        "source": "National Bank of Ukraine — loans by enterprise size",
        "url": "https://bank.gov.ua/files/Loans_MSE.xlsx"
      }
    ]
  },
  "methodology": "Every number on this page is a fact node in the God of Startups Atlas — a knowledge graph where each metric carries its source URL, reporting period, evidence tier and the verbatim quote it was taken from. Tier 1 means official or statutory sources (IMF, European Commission, ECB, Eurostat, National Bank of Ukraine, national tax authorities); tier 2 means company disclosures, shown here only as labelled proxies. Values are shown in the currency the source reports; nothing is converted, estimated or modelled. Ukrainian loan volumes are rounded from UAH million to UAH billion.",
  "metaTitle": "SME Finance in Eastern Europe 2026: Credit, Demand, Rates",
  "metaDescription": "SME bank credit from 4.76% of GDP (Ukraine) to 20.17% (Bosnia); 28.84% of Polish SMEs are hit by late payments. Loan demand, rates and lenders by country.",
  "cite": "God of Startups Atlas (2026). SME Finance in Eastern Europe 2026: Bank Credit, Loan Demand, Late Payments and Small-Loan Rates by Country. https://godofstartups.com/atlas/eastern-europe-sme-finance — data: IMF, European Commission SAFE, ECB, Eurostat. Licence: CC BY 4.0.",
  "page": "https://godofstartups.com/atlas/eastern-europe-sme-finance",
  "license": "https://creativecommons.org/licenses/by/4.0/",
  "note": "Each row carries its primary source, period and evidence tier (1 = official/statutory, 2 = industry research with disclosed method)."
}