In a statement published the 6 June 2017, the European Banking Federation (EBF) presented today a set of high-level principles regarding dialogue between SMEs and banks around loan applications. The principles, developed after discussions with European SME organizations, aim to promote high quality feedback on credit applications, enabling SME clients to better understand the reasons behind the bank’s decision.
The ultimate goal is to contribute to a favourable environment for businesses in Europe by enhancing access to finance for economically sound projects to ensure that SMEs can continue to grow for the benefit of Europe.
French banks have been mobilized since June 2014 and have already implemented five measures to improve the communication between banks and SMEs: respond quickly, explain loan refusals, indicate solutions, develop better information and promote more stability of advisors.
The Observatoire du Financement des Entreprises (OFE) published an evaluation report in November 2015 confirming the implementation of these measures by the banks and the results obtained from their mobilization.