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ISSN: 2306-3483 (Online), 2071-8330 (Print)

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Do SMEs in Slovakia face real difficulties in obtaining financing? Comparison of the studies from Slovakia and the EU

Vol. 9, No 3, 2016

Aleksandr Ključnikov


Business and Law School

Czech Republic



Do SMEs in Slovakia face real difficulties in obtaining financing? Comparison of the studies from Slovakia and the EU

Monika Sobeková Majková


Pan-European University

Bratislava, Slovak Republic


Alexander Schwendemann


Pan-European University

Bratislava, Slovak Republic


Christian Knogler


Pan-European University

Bratislava, Slovak Republic



Abstract. Financial crises and worsening economic and business conditions reduce the number of enterprises in Slovakia. Many relevant institutions declare that barriers for doing business are increasing and many small companies have problems with financing. We decided to compare several scientific research studies from Slovakia and provide an answer to the question:  Do SMEs in Slovakia really have problems with obtaining financial resources or is it just an overused assumption? Do companies face this type of financial risk? The aim of this article is to bring an answer to this question on the basis of the results of two scientific research studies conducted in Slovakia and focused on business and finance. The first was conducted in cooperation with the Association of Young Entrepreneurs and the second was part of international research at the Pan-european University in Bratislava and The University of Tomáš Baťa in Zlín. Both were realized in 2011-2013.The paper compares the obtained evidence with the statistical data from the EU. The comparison of Slovak and EU results concerning the situation with SMEs access to financing in Slovakia allowed to identify the differences and similarities regarding the stated hypotheses. This comparison offers a wider view on the situation in Slovakia and other EU countries.The results of our study provide interesting conclusions. Slovak research studies explain that problems with access to financing of SMEs are in some way more pressing than according to the EU statistical data, but all research studies provide clear evidence about  the difficulties  SMEs face in obtaining finance in Slovakia.


Received: April, 2015

1st Revision: June, 2016

Accepted: October, 2016


DOI: 10.14254/2071-8330.2016/9-3/3

JEL Classification: G32, G39

Keywords: small and medium-sized enterprises, access to finance, barriers in financing, financial risk, business risk, obtaining finance, financial resources