The European Banking Federation, together with four other European banking associations (EAPB*, EACB, EMF-ECBC and ESBG), presented today a set of high-level principles regarding the communication between SMEs and banks around loan applications. The principles, developed in discussions with European SME organisations, aim at promoting 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 supporting the financing capacity, improving financial knowledge and enhancing access to finance for economically sound projects to ensure that SMEs can continue to grow for the benefit of Europe.

The high-level principles were formally adopted today. Europe’s banking sector, with its pivotal financing role, fully supports and contributes to the EU ambitions for a Capital Markets Union, in particular the objective of enhancing SME access to finance and contributes to strengthening the ecosystem for growth in Europe by cooperating with all stakeholders.