Foreword 3

Acknowledgements 4

Reader’s guide 11

Abbreviations and acronyms 15

Executive summary 18

Part I Recent developments in SME and entrepreneurship finance 20

1 Recent trends in SME and entrepreneurship finance 21

Macroeconomic context 22

Trade and business investment 23

Financial conditions 24

Lending to SMEs 26

Credit conditions 32

Alternative sources of finance 35

Enterprise distress indicators 40

Evolution of government policy responses 42

Looking ahead 45

References 46

Notes 52

2 Leveraging venture capital for SMEs 55

Introduction 56

Recent developments in the VC industry 57

Developments in the venture capital policy landscape 60

Conclusions 71

References 72

Notes 77

Part II Country snapshots 79

3 Australia 80

4 Austria 84

5 Belgium 86

6 Canada 88

7 Chile 91

8 Colombia 94

9 Croatia 97

10 Czechia 100

11 Denmark 103

12 Estonia 105

13 Finland 107

14 France 110

15 Georgia 112

16 Germany 114

17 Greece 116

18 Hungary 119

19 Indonesia 121

20 Ireland 123

21 Israel 126

22 Italy 128

23 Japan 130

24 Kazakhstan 132

25 Korea 134

26 Latvia 136

27 Lithuania 139

28 Luxembourg 141

29 Malaysia 143

30 Mexico 145

31 Netherlands 147

32 Norway 150

33 People’s Republic of China 152

34 Peru 154

35 Poland 156

36 Portugal 159

37 Serbia 161

38 Slovak Republic 163

39 Slovenia 165

40 South Africa 167

41 Spain 170

42 Sweden 174

43 Switzerland 176

44 Thailand 178

45 Türkiye 180

46 Ukraine 183

47 United Kingdom 186

48 United States 188

Annex A. Methodology for producing national Scoreboards 190

Annex B. Differences in the definitions of investment stages in venture capital and private equity 216