A modern SME sector for a growing Slovak economy

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The blog

A modern SME sector for a growing Slovak economy

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Despite having one of the fastest growing GDPs in the Eurozone, Slovakia’s unemployment rates are the fifth highest in the EU. Stimulating job creation is at the heart of sustainable growth and small businesses have a key role to play in this. Whilst Slovakia’s SMEs boast an aboveaverage market share in comparison to their EU peers, the sector is under-delivering in terms of value added. The EIB provided 11 credit lines worth over EUR 450m to Slovak financing institutions in 2013 to help modernise this economically vital sector.

Amongst the beneficiaries of EIB-intermediated loans was SOMO spol s r.o. The company provides accommodation services and facilities but was failing to make itself attractive to clients. A loan of EUR 100 000 supported the upgrading of a hostel near Bratislava to renew the accommodation facilities. New windows were fitted, furniture was upgraded, common spaces created and the hostel was connected to the Internet to allow tourists to access communication and information while on vacation.

DEMI šport s.r.o is active in the areas of wholesale and retail distribution and the customisation of sports gear and equipment. Thanks to an EIB loan of EUR 350 000 this small business was able to finance the cost of fitting out and equipping new premises for its commercial and administrative activities.

The EIB Group’s efforts to support SMEs in Slovakia are augmented by EIF guarantee, equity and microfinance activities: EUR 19m of equity mobilised EUR 32m of capital; EUR 43m in guarantee transactions ensured that EUR 171m of new loans for SMEs could be made available; and EUR 1.3m in microfinance transactions helped to generate EUR 10m of micro-loans.