Across the euro area, an easing in credit conditions has been supported by the accommodative monetary stance of the ECB, which has been reinforced by the range of non-standard measures that have been implemented since Summer 2014. The composition of lending to the SME sector is also shifting towards a more pro-growth orientation.
During the crisis, SMEs were seeking loans to cover the deterioration in trading 2/5  BIS central bankers' speeches  conditions and support balance sheet restructuring. In 2012, 40 per cent of credit applications from Micro-SMEs were for “stressed” reasons, which include revenue declines, increased bad debts, or a slowdown in debtor collection. By 2016, this figure had dropped to 13 per cent.