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Using Financial Instruments in the Slovak Republic in the 2014-2020 Programming Period a Study in Support of the Ex-Ante Assessment

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Using Financial Instruments in the Slovak Republic in the 2014-2020 Programming Period a Study in Support of the Ex-Ante Assessment Using Financial Instruments in the Slovak Republic in the 2014-2020 Programming Period A study in support of the Ex-ante Assessment Volume II December 2014 Final Report Disclaimer Any disclosure of this report to a third party is subject to this disclaimer. This report has been drafted by PwC at the inst ruction and under the supervision of the European Investment Bank (EIB) for use by the EIB and by the Ministry of Finance of the Slovak Republic. The contents and layout of this report are subject to copyright owned by the Ministry of Finance of the Slovak Republic save to the extent that copyr ight has been legally licensed to the EIB or is used by the EIB and by PwC under licence. Any views expressed herein reflect the current views of the author(s), and may not in any circumstance be regarded as stating an official position of the EIB or the Ministry of Finance of the Slovak Republic. Opinions expressed herein may differ from views set out in other documents, including other research published by EIB or the Ministry of Finance of the Slovak Republic. The content of the report is based on market conditions prevailing , and on data and information obtained by the author(s) from various external sources and assumed to be accurate, correct and reliable, at the date of publication / submission, therefore changes affectin g such matters after the time of submission may impact upon the content. Nothing in this report constitutes investment, legal, or tax advice to th e Ministry of Finance of the Slovak Republic (or to any other person), nor shall be relied upon as such advice. Specific professio nal advice should always be sought separately before taking any action based on this report. The EIB cannot be held responsible for any loss or damage howsoever arising from the use of this report or of the information contained herein by any person other than EIB. 2 Contents 1 Executive Summary ........................................................................................................................... 17 2 Introduction ...................................................................................................................................... 28 2.1 Objectives and scope of the study ............................................................................................................. 29 2.2 Relevant regulation .................................................................................................................................... 29 2.3 Structure of the report ............................................................................................................................... 30 3 Methodology of the study ................................................................................................................ 31 3.1 Literature review ........................................................................................................................................ 31 3.2 Stakeholder interviews .............................................................................................................................. 31 3.3 Online survey ............................................................................................................................................. 31 3.4 Data analysis .............................................................................................................................................. 32 4 The Market Environment .................................................................................................................. 33 5 Existing SME Financing Instruments in the Slovak Republic ............................................................. 36 5.1 Main public institutions in SME financing in the Slovak Republic .............................................................. 36 5.2 Financial Instruments and grants available for SMEs in the country ......................................................... 37 5.2.1 Financial Instruments for SMEs .................................................................................................................................. 37 5.2.1.1 Slovak Guarantee and Development Bank ..................................................................................................... 37 5.2.1.2 JEREMIE .......................................................................................................................................................... 39 5.2.1.3 Slovak Energy Efficiency and Renewable Energy Finance Facility (SLOVSEFF) ............................................... 41 5.2.1.4 Progress Microfinance ................................................................................................................................... 42 5.2.1.5 Slovak Business Agency .................................................................................................................................. 42 5.2.2 Grants ......................................................................................................................................................................... 46 5.2.3 Historical use of Structural Funds in the Slovak Republic ........................................................................................... 49 5.2.4 Priorities set out in programming period 2007-2013 ................................................................................................. 50 5.2.5 Financing of SMEs in the programming period 2007-2013 ......................................................................................... 51 6 Priorities and policies of the Managing Authority for SME financing ............................................... 53 6.1 Subject and priorities of the Partnership Agreement of the SR for the years 2014 – 2020 ...................... 53 6.2 Objectives of the Partnership Agreement of the SR for the years 2014 – 2020 ........................................ 55 7 Market analysis and findings............................................................................................................. 62 7.1 Methodology used to compute supply ...................................................................................................... 62 7.2 Supply side analysis .................................................................................................................................... 63 3 7.2.1 Overview of financial product supply ......................................................................................................................... 64 7.2.1.1 Microfinance .................................................................................................................................................. 64 7.2.1.2 Loans (short, medium, and long-term loans) ................................................................................................. 69 7.2.1.3 Leasing ........................................................................................................................................................... 70 7.2.1.4 Export credit ................................................................................................................................................... 72 7.2.1.5 Factoring/credit insurance ............................................................................................................................. 73 7.2.1.6 Mezzanine ...................................................................................................................................................... 74 7.2.1.7 Business Angels - Venture Capital - Private Equity ......................................................................................... 75 7.2.2 Quantification of the expected supply of financial products in 2014 ......................................................................... 80 7.2.2.1 Microfinance .................................................................................................................................................. 81 7.2.2.2 Short-term loans, overdrafts and credit lines ................................................................................................ 82 7.2.2.3 Medium and long-term loans ......................................................................................................................... 83 7.2.2.4 Leasing ........................................................................................................................................................... 83 7.2.2.5 Equity ............................................................................................................................................................. 84 7.2.2.6 Summary of expected supply of financial products ....................................................................................... 85 7.3 Methodology to quantify the demand for finance .................................................................................... 86 7.4 Demand for financing from micro-enterprises .......................................................................................... 89 7.4.1 Financing micro-enterprises in Slovak Republic .......................................................................................................... 89 7.4.2 Quantification of potential demand for financial products from micro-enterprises in Slovak Republic in 2014 ........ 97 7.4.2.1 Quantification of demand for loans and leasing ............................................................................................ 97
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