Statement by Commissioner Günter Verheugen, Vice-President of the European Commission responsible for Enterprise and Industry, following high-level round table on SMEs’ access to finance.

After a high level round table on SMEs' access to finance held in Brussels yesterday afternoon between the European Commission, the EIB group, representatives of European banking and business associations and Mrs Edit Herczog - the European Parliament rapporteur on the Small Business Act, the European Commission Vice-President Günter Verheugen, responsible for enterprise and industry policy, said: 'There are clear signs that today's challenging economic situation puts jobs at risk. As the main job provider in the EU, small and medium sized enterprises play a key role in safeguarding employment. They have the necessary flexibility to withstand the crisis, but they are also more vulnerable if access to capital is curtailed. Therefore, everything must be done to ensure that viable businesses continue to have access to capital on reasonable terms. Working capital is the blood that allows businesses to operate on a day-to-day basis, while sustaining investment in innovation and human resources is essential to ensure that SMEs stand ready to fully benefit when recovery comes. In this context, I was encouraged to note that an increased concentration of banks on their core business was expected to result in a renewed focus on SMEs'.

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