Market Gaps on Access to Finance - Bank of Valletta

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Malta Business Bureau – <strong>Market</strong> gaps in access to finance April 2013 4.1.3 The Questionnaire The final version of the questionnaire (copies of which are shown in Appendix A: English version and Appendix B: Maltese versions) and the ‘demographic’ variables used were discussed and determined with the MBB, also taking into consideration relevant questions from the EC’s SAFE initiative. The questionnaire consisted of a number of close-ended questions and probes the attitudes, individual preferences, behaviour and concerns related to access to finance for SMEs. The draft questionnaire was initially pre-tested on a sample of 5 respondents. Adjustments were made accordingly, depending on the feedback received. 4.1.4 The Interviewers The survey was conducted by trained and experienced interviewers who were given a technical briefing organised by our research team before conducting the interviews. The inputting of the quantitative data from the responses was carried out by these trained staff using a spreadsheet specifically prepared by the research team. 4.2 Stakeholder consultation In order to gather further information on current financial assistance and sectoral needs, a number of sectoral stakeholder interviews were conducted. These included interviews with: Bank of Valletta plc, as financial intermediary in charge of the implementation of JEREMIE Ministry for Resources and Rural Affairs, including officials in charge of fisheries and agriculture assistance schemes, as well as officials from the Paying Agency Co-operative representing operators in the fisheries sector Malta Enterprise representatives Sectoral Sub-Committee on Growth and Competitiveness, within MFIN Office in charge of the EMFF within PPCD Office in charge of ESF within PPCD Individuals involved in VC funds in Malta Page | 42
Malta Business Bureau – <strong>Market</strong> gaps in access to finance April 2013 5. Survey results This section contains an analysis of the responses obtained from the SME survey. Where applicable, the results shown hereunder include an analysis of the results by size, industry sector and stage in the firm’s lifecycle. The full tables for each question, including analysis by size, sector and lifecycle stage, are provided in Appendix C. Rounding up was used when presenting all percentage figures. 5.1 Respondent demographics This section shows the respondents’ characteristics in terms of firm size, industry, and stage in the lifecycle. The table below shows the distribution of firms by number of employees in the sample analysed. The pie chart shows that half of the firms interviewed had less than 10 employees, and therefore are classified as a micro enterprise according to the EC SME definition. Figure 4: Number of Employees 37% 15% 48% 1 to 9: Micro 10 to 49: Small 50 to 249: Medium A number of studies have referred to different distributions by size for Maltese SMEs. For instance, the EC’s SBA Fact sheet for 2012 refers to a distribution highly skewed towards micro-enterprises (95%) as shown in Table 1 94 . On the other hand, the SAFE survey for 2011 adopted a more normally distributed sample 95 . The distribution in this MBB survey is a direct reflection of a randomly generated selection process based on the Malta Chamber’s and MHRA’s membership databases as well as a reflection of the larger proportion of micro firms compared to larger SMEs. The next pie chart shows the distribution of respondents according to their annual turnover in Malta for the last applicable financial year. This chart again shows that the majority of respondents are “micro enterprises”, given that almost 80% registered turnover below the €2 million revenue threshold. 94 Micro-enterprises: 95%; Small enterprises: 4%, Medium enterprises: 1% 95 Micro-enterprises: 29%; Small enterprises: 44%, Medium enterprises: 28% Page | 43
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Market Gaps on Access to Finance - Bank of Valletta

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