Financing SMEs and Entrepreneurs 2026: Slovak Republic
Table of contents
The Slovak Republic maintained economic growth close to 2% in 2024. SMEs dominate the Slovak economy, accounting for 99.6% of the business population with at least one employee. The number of SMEs did not change significantly compared to 2023. The majority of SMEs (90.6%) were micro-enterprises in 2024, employing up to nine people.
Outstanding business loans to SMEs grew annually from 2013 to 2023, but in 2024 they declined by 3.9% year-on-year, from EUR 20 358 million to EUR 19 573 million. Long-term loans accounted for 60.6% of total outstanding SME loans, while short-term loans made up the remaining 39.4%.
New business loans to SMEs also recorded a decline, falling by 3.0% year-on-year, from EUR 6 299 million in 2023 to EUR 6 111 million in 2024. This development is consistent with the overall drop in outstanding business loans, mainly driven by lower demand from businesses, high interest rates, and an uncertain economic outlook in the domestic economy and among Slovakia’s main trading partners.
The share of non-performing SME loans remained higher (3.7%) than the overall share of non-performing loans (2.92%), but decreased by 0.6 percentage points year-on-year, indicating a positive trend.
Following the ECB’s rate hikes, SME loan rates rose from 2.9% in 2022 to 5.4% in 2023, before reaching 5.8% in 2024. Interest rates remain significantly higher than they were before the period of key interest rate increases, which continues to have a substantial impact on businesses' appetite for bank financing. This upward trend in interest rates was reflected in a slight decline in the volume of the new business SME loans.
The average business-to-business (B2B) payment delay in Slovakia reached 13 days, representing an improvement of 2 days compared to the previous year. This is among the lowest levels in the long-term series, reflecting an improvement in overall payment discipline.
The volume of SME government loan guarantees fell sharply from EUR 182 million in 2023 to EUR 21 million in 2024, mainly due to the closure previous programmes at the end of the structural funds programming period. The total volume of SME government direct loans provided by the state banks and the Slovak Business Agency remained unchanged year-on-year, at EUR 182 million.
Slovakia's gross domestic product (GDP) recorded a 2.1% increase in 2024, according to preliminary data from the Statistical Office of the Slovak Republic. The 2024 growth was slightly lower compared to 2023, when GDP increased by 2.2%. The development was supported by both domestic and foreign demand. Final consumption grew by 3.1%, mainly due to a 3.0% rise in household consumption and a 3.7% increase in government spending. Gross capital formation rose by 6.8%, while gross fixed capital formation increased by 1.8%.
In 2024, Slovakia’s exports of goods and services increased slightly by 0.3%, reaching a total value of EUR 111 629.5 million. Imports of goods and services grew more significantly, by 2.3%, amounting to EUR 111 365.42 million.
In 2024, the banking sector in Slovakia remained stable in relation to lending to the business sector, maintaining an adequate capacity to finance the economy. According to the NBS, banks did not significantly tighten their lending standards or substantially restrict lending to businesses. Demand for loans from businesses was mainly affected by high interest rates and uncertainty regarding economic developments. Banks showed sufficient liquidity and capital adequacy, which enabled them to continue lending to businesses without significant constraints.
In 2024, SMEs dominate the Slovak economy, accounting for 99.6% of the business population with at least one employee. The number of SMEs did not change significantly compared to 2023.
The majority of SMEs (90.6%) were micro-enterprises in 2024, employing up to nine people. Small enterprises represented 8.0% of all firms, and 1.6% were medium-sized enterprises. Almost 9 out of 10 SMEs (87.4%) were legal entities, while nearly 13.0% were self-employed entrepreneurs. More than half of SMEs with one employee operate in the services sector. Other significant sectors include trade (20.0%), industry (13.1%), and construction (10.0%).
In 2024, SMEs remained a key pillar of the business economy, accounting for 74.9% of total employment in the sector. Compared to 2023, this share remained relatively stable, indicating the continued structural importance of SMEs in providing jobs. In addition to their employment role, SMEs also contributed to more than half of the value added generated in the non-financial business sector.
According to preliminary data from the Statistical Office of the Slovak Republic, SMEs exported goods worth EUR 24 125.5 million in 2024, which was 1.3% more than in 2023. The share of SMEs in total exports reached 29.1%. The territorial structure of exports by SMEs in Slovakia has long been characterised by the dominance of the EU single market. In 2024, exports to EU member states accounted for 86.3% of total SME exports.
Note: Data include enterprises and self-entrepreneurs.
Source: Register of Organisations of the Statistical Office of the Slovak Republic.
The majority of the data on outstanding business loans to SMEs originates from the Tax Authority database, which collects companies’ financial statements. The data from the Tax Authority database is processed according to firm size (as measured by the number of employees in a firm) and annual turnover/balance sheet. This database excludes loan data for self-employed persons.
The current figures for SME loans were calculated by aggregating sub-totals for legal persons/enterprises from the financial statements database. Data regarding self-employed entrepreneurs are derived from the National Bank statistics (Outstanding business loans, SMEs in Table 1).1
The amount of outstanding business loans (Outstanding business loans, SMEs in Table 1) had been growing annually from 2013 to 2023. However, in 2024, the volume slightly decreased year-on-year by 3.9%, from EUR 20 358 million in 2023 to EUR 19 573 million in 2024. This development is in line with the year-on-year decrease in outstanding business loans for all enterprises. Long-term loans accounted for 60.6% of total outstanding SME loans (EUR 11 857 million), while short-term loans made up the remaining 39.4% (EUR 7 716 million).The volume of new business loans declined slightly compared to the previous year. Total amount of new business loans fell from EUR 11 752 million in 2023 to EUR 11 604 million in 2024. A similar trend was observed among SMEs, where new lending decreased by 3.0%.2 This development is consistent with the overall decline in the stock of outstanding business loans. The decline in bank loan utilisation was mainly driven by lower demand from businesses, high interest rates, and the persistently uncertain outlook for the domestic economy as well as the economies of Slovakia’s main trading partners.
Since 2012, credit conditions remained favourable, supported by historically low interest rates and a growing volume of new SME loans until recent years. Interest rates on SME loans declined from 3.8% in 2012 to 2.4% in 2021, improving access to finance for many SMEs. However, following the European Central Bank’s decision to raise key interest rates in response to inflation, the interest rate on SME loans increased to 2.9% in 2022, and continued to rise further, to 5.4% in 2023 and 5.8% in 2024. Interest rates remain significantly higher than they were before the period of key interest rate increases, which continues to have a substantial impact on businesses' appetite for bank financing. This upward trend in interest rates was reflected in a slight decline in the volume of the new business SME loans.
With regard to the development of interest rates in 2024, the second half of the year was marked by a gradual decline in SME lending rates, which could stimulate future demand for loans among SMEs. This trend appears to have continued into 2025, with lending rates stabilising at lower levels.
Venture capital investments in Slovak SMEs amounted to EUR 34.74 million, representing a decrease of 34% compared to the record level observed in 2023.
The most significant decline occurred in the seed stage, where investments dropped sharply from EUR 20.63 million to EUR 3.00 million. On the other hand, start-up investments increased to EUR 9.77 million. The development stage represented the dominant share (63.2%) of total venture capital activity in 2024.
Source: Reports on the state of SMEs in the Slovak Republic, Slovak Investment Holding, a. s., National Holding Fund, s.r.o.
According to the 2024 EU Survey on Access to Finance, credit lines, bank overdrafts or credit card overdrafts were considered the most relevant source of financing by 58.4% of Slovak SMEs. Leasing or hire-purchase arrangements were viewed as relevant by 55.7% of SMEs. By comparison, almost half (47.8%) of SMEs consider bank loans to be a relevant source of financing. Grants and subsidised bank loans remained largely irrelevant, with 66.2% of SMEs stating they were not relevant. Likewise, equity capital and factoring were considered not relevant by the vast majority of SMEs, 72.9% and 89.5%, respectively. Between 2023 and 2024, Slovak SMEs reported a slight increase in the perceived relevance of the most common financing instruments.
In terms of actual use of financing instruments over the reference period, 32.1% of Slovak SMEs used credit lines, bank overdrafts, or credit card overdrafts. Leasing or hire-purchase was used by 16.2%, and trade credit by 14.6% of SMEs. Despite this, 47.8% of Slovak SMEs identified bank loans as their preferred form of external financing to support business growth, only 10.5 % SMEs used bank loans over the reference period.
Other sources of financing, such as business angel investments and crowdfunding continue to remain marginal in their utility for financing Slovak SMEs.
The average business-to-business (B2B) payment delay in Slovakia reached 13 days, representing an improvement of 2 days compared to the previous year. Despite fluctuations in recent years, the current result represents one of the lowest levels recorded in the long-term time series, indicating a notable improvement in the overall payment discipline of enterprises.
The share of non-performing SME loans remained higher (3.7%) than the overall share of non-performing loans (2.92%). Compared to the previous year, the share of non-performing SME loans decreased by 0.6 percentage points, indicating a positive development. At the same time, the overall share of non-performing loans also declined, although the decrease was only slight, by 0.1 percentage points.
The number of SME bankruptcies increased by 2.9% year-on-year in 2024, reaching a total of 319 cases. This is the highest figure recorded since 2014. The recent upward trend in insolvency cases may reflect to the declining performance of Slovak companies and indicates a persistently challenging business environment in Slovakia.
The government continues to implement a range of policies aimed at improving SMEs’ access to finance. Primarily, these consist of loan and guarantee provisions to SMEs by specialised state banks (The Slovak Guarantee and Development Bank and Eximbank SR) the Slovak Business Agency and Slovak Investment Holding, a. s (SIH).
The total volume of SME government loan guarantees declined significantly from EUR 182 million in 2023 to just EUR 21 million in 2024. This significant decrease was mainly caused by the conclusion of SIH guarantee programmes at the end of 2023, in line with the conclusion of the implementation of the previous programming period. As a result of the decrease in bank guarantees, there was also a significant decrease in the volume of guaranteed loans, from EUR 475 million in 2023 to EUR 127 million in 2024.
The total volume of SME government direct loans provided by the state banks and the Slovak Business Agency remained unchanged year-on-year, staying at the level of EUR 182 million.
The Slovak Guarantee and Development Bank (SGDB) continued to support SMEs by providing credits, bank guarantees, deposit products, and electronic banking. In 2024, the bank approved 551 direct loans for SMEs, with the average loan amount reaching EUR 197.98 thousand. The total volume of provided direct loans amounted to EUR 127.18 million, representing a year-on-year increase of 11.4%. At the same time, the bank approved 40 guarantees. The total volume of issued guarantees reached EUR 12.03 million, with the average guarantee amounting to EUR 300.87 thousand.
The goal of Eximbank SR, which acts as the state financial intermediary for facilitating exports, is to increase exporting SMEs’ access to direct loans, export guarantees and insurance. They also aim to enhance the finalisation of export contracts for enterprises with lower financial ratings.
The actual loan disbursement in 2024 amounted to EUR 54 508 thousand. A total of 142 SMEs were supported by Eximbank SR. Compared to 2023, loan disbursements to SMEs slightly decreased. The bank guarantees provided for the SME segment amounted to EUR 8 752 thousand.
Micro-credit programme
Slovak Business Agency finances SMEs through a micro-credit programme. It focuses on micro-enterprises, small enterprises, and start-ups, the most ‘unbankable’ categories of SMEs. This scheme provides SMEs with loans ranging between EUR 2.5 thousand and EUR 50 thousand to acquire tangible and intangible investment assets, reconstruct operating premises, and acquire necessary stocks of raw materials and goods. Since the re-launch of the micro-credit programme, the SBA has lent EUR 48.5 million to SMEs. In 2024, 29 SMEs benefited from microcredits and totalling EUR 583 thousand. Compared to 2023, the number of SMEs supported and the total volume of credits provided to SMEs decreased.
Risk capital programme
The programme provides equity or quasi-equity investment to start-ups and SMEs wishing to extend their business through development projects or acquisitions by providing venture capital through a specialised subsidiary company, the National Holding Fund, s.r.o. The long-term mission of the fund is the managing of activities of the individual funds to stimulate the development of the SME sector in the whole territory of the Slovak Republic, to increase the amount of financial resources of individual funds, and to use profits made to implement the long-term goal of supporting SMEs.
In 2024, 5 new investments were made by Eterus Capita fund amounting to a total investment value of EUR 4.6 million. The volume of total investments made through the National Holding Fund decreased by 36.5% year-on-year. The decline was driven by a lower number of made investments as well as the absence of any investments by the Innovation and Technology Fund, a.s. in 2024. The Innovation and Technology Fund, a.s. did not make any new investment, as none of the evaluated projects fully met the investment criteria. The fund’s investment activity was also affected by the planned end of its investment period in March 2025.
The total value of realised investments since the start of the programme is EUR 95.2 million, which has been used to support 104 SMEs.
Slovak Investment Holding, a. s. (SIH) is a joint stock company 100% owned by the Slovak Republic through the Ministry of Finance of the SR. Its main objective is to support public and private investments in strategic sectors of the Slovak economy. SIH manages a range of financial instruments co-financed by EU and national resources. In 2024, SIH provided support to SMEs through venture capital in the total amount of EUR 30.169 million, with 22 SMEs supported.
For the 2021–2027 programming period, SIH established the National Development Fund III., s. r. o. (NDF III.) to manage EU funds allocated for financial instruments. Through this structure, SIH will implement financial instruments aimed at supporting small and medium-sized enterprises (SMEs), both directly in the case of venture capital investments and indirectly through financial intermediaries. As its first financial instrument, SIH (as the manager of NDF III.) has prepared a guarantee instrument to support SMEs and other selected priorities. This portfolio guarantee is intended to support investments primarily by SMEs.
Source: See Table 4.
References
European Commission / European Central Bank. SMEs’ Access to Finance Survey - Survey on the access to finance of enterprises 2024. Available at:
http://ec.europa.eu/growth/access-to-finance/data-surveys_en
Intrum Justitia. European Payment Report 2024. Available at:
https://www.intrum.sk/media/jksdrc0u/epr-2024_slovensko_intrum_final-opr.pdf
Ministry of Finance. Tax Authority/ Financial Statements (balance sheets) Register. Available at:
http://www.registeruz.sk/cruz-public/domain/accountingentity/simplesearch
Ministry of Justice of the Slovak Republic. Statistical Yearbook. Available at:
https://www.justice.gov.sk/ministerstvo/analyticke-centrum/
National Bank of Slovakia. Monetary and financial statistics. Available at:
National Bank of Slovakia. Financial Stability Report – November 2024
https://nbs.sk/en/publications/financial-stability-report/financial-stability-report-november-2024/
Slovak Business Agency. Annual reports on the state of SMEs in the Slovak Republic. Available at:
https://monitoringmsp.sk/2023/06/29/analyticke-a-statisticke-vystupy-pravidelne/
Statistical Office of the Slovak Republic. DataCube database
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← 1. SME data on outstanding business loans is also available in the banking statistics NBS. However, these data are of low quality and are not collected fully in accordance with the EU definition of SMEs; therefore, they are not used for the assessment of SME outstanding business loans.
← 2. Data on new business loans to SMEs are available through the NBS banking statistics. These data are not collected fully in accordance with the EU definition of SMEs. This should be taken into account in the interpretation and use of these data.