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e European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).
　　　Therefore, UEAPME expects the new European Commission and the new European Parliament to support:
　　　• The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;
　　　• The development of new instruments for securitizations of SME portfolios;
　　　• The recognition of existing and well functioning credit guarantees schemes as collateral;
　　　• More flexibility within the European Instruments, because of national differences in the situation of SME finance;
　　　• The development of credit guarantees schemes in the new Member States;
　　　• The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).
　　　• the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).
　　　4. SMEs need company and income taxation systems, which strengthen their capacity for self-financing
　　　Many EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence of Europe’s SMEs on bank lending. In future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.
　　　Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.
　　　5. Risk Capital – equity financing
　　　External equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.
　　　On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.
　　　Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:
　　　Availability of venture capital
　　　• The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.
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