The EIF is the European Investment Bank (EIB) Group’s specialist provider of risk financing for entrepreneurship and innovation across Europe. It focuses on the whole range of small and medium-sized enterprises (SMEs), starting from the pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance and early-stage VC) to the growth and development stage (formal VC funds, mezzanine funds, debt funds, and portfolio guarantees/credit enhancement). It delivers the full spectrum of financing solutions (equity instruments, guarantee and credit enhancement instruments, as well as microfinance) through financial intermediaries. By supporting entrepreneurship throughout Europe, the EIF contributes to the European Union’s (EU) thematic priorities, by promoting inclusive growth, enhancing SME digitalization and helping Europe to achieve the environmental targets of the EU Green Deal.

This European Small Business Finance Outlook (ESBFO) provides an overview of the main SME financing markets (Equity, Guarantees, Securitisation), as well as a number of thematic areas (Inclusive finance, Fintechs, Green finance & investment) that are central to the European Investment Fund (EIF)’s mission as Europe’s main public provider of financing solutions for SMEs and mid-caps. The current ESBFO publication constitutes an update of the September 2020 edition. The EIF Working Papers are designed to make available to a wider readership selected topics and studies in relation to EIF´s business. The Working Papers are edited by EIF's Research & Market Analysis and are typically authored or co-authored by EIF staff or are written in cooperation with EIF.

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