Funding Portuguese SMEs

This study analyses the funding of Portuguese small and medium-sized enterprises during the global financial crisis, the sovereign debt crisis in the euro area and, finally, during the recovery period that followed.

Portuguese companies faced restrictions in their access to finance during the crisis periods. To mitigate the impact of these restrictions, particularly for the most promising small and medium-sized enterprises, public policies were implemented, including access to bank loans with public guarantees and mechanisms for certifying the financial soundness of companies. The study shows that public policies to support the funding of small and medium-sized enterprises have an important multiplier effect in periods of restricted access to credit.