The digitalisation of SMEs in Portugal: Models for financing digital projects: Summary Report
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The digitalisation of SMEs in Portugal - European Investment Bank
EIB.
Summary Report
Key Messages
Findings
•Small and medium-sized enterprises play a particularly important role in the non-financial business economy in Portugal – the economy is dominated by SMEs with fewer than 10 employees, largely concentrated in traditional sectors.
•Recent economic growth has helped improve SME activity and investment levels since the financial crisis. Bank lending volumes have recovered in recent years and access to finance for SMEs is improving and converging towards the EU average.
•Productivity remains a challenge for Portuguese companies’ competitiveness, particularly in traditional sectors – and one where digitalisation can have a key impact.
•Overall, digital adoption in Portugal is slightly lower than the EU average as measured by aggregate rankings. This is particularly the case in the traditional sectors where companies’ abilities to develop digital assets tend to be more limited.
•Public support to SMEs encompasses a number of public initiatives and financial instruments at various stages of development and across sectors. This includes financial support (e.g. equity, debt, guarantees across various public agencies), tax incentives and HR qualification programmes.
•Regarding the adoption of digital solutions, a number of knowledge gaps limit the ability of SMEs to integrate such assets. Gaps include:
–Awareness: Owners and managers often do not know how and where to apply digital solutions to business processes/channels;
–Capabilities: Employees need technical know-how to integrate such digital solutions. They also need the skills necessary to approach larger-scale, transformational projects as well as to articulate robust technical implementation roadmaps and/or business plans.
•In terms of funding, there is a well-developed supply of public instruments and mutual guarantee schemes, and the overall small businesses’ access to finance is improving and converging towards the EU average. However, certain issues continue to limit the financing of digitalisation projects, specifically in the case of:
–SMEs that lack sufficient (physical/tangible) collateral, as can be the case for digital projects which may be of a more intangible nature;
–Financing for more advanced, larger-scale, and