OCDE - Financing SMEs and Entrepreneurs 2026 - Austria de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Key facts on SME financing SMEs continue to play a central role in Austria’s economy, accounting for 99.8% of all enterprises and employing nearly two-thirds of the total workforce. Their contribution to gross val ue added remains significant, at around 63%, underpinning the country’s industrial and service-oriented base. In 2024, SME performance diverged across sectors. Manufacturing and construction experienced mild contract ions due to weaker demand and higher input costs, while the hospitality and business service s ectors showed stronger growth, supported by increased domestic consumption and tourism recovery. Labour shortages remained a key constraint, particularly in technical and skilled professions. Austria’s macroeconomic environment in 2024 was characterised by a slow recovery after two years of stagnation. Real GDP grew by approximately 0.7%, while inflation declined from its 2023 peak but remained elevated at around 4.2%, driven largely by energy and housing costs. Monetary conditions began to ease from mid-2024 following the European Central Bank’s first rate cuts since 2022, and lending rates started to decline gradually in the third quarter. Nevertheless, financing costs remained ab ove prepandemic averages. Against this backdrop, SME lending stabilised in 2024 after two years of contracti on. The total volume of new SME loans reached around EUR 6.6 billion and the share of SME loans in total new corporate lending stood at around 12%. In 2024, outstanding business loans to non-financial corporati ons increased marginally to EUR 210 billion, continuing the gradual upward trend observed in recent years. SME lending volumes remained broadly stable at around EUR 93.7 billion, representing 44.7% of the total corporate loan stock. Although lending to SMEs did not expand significantly, stability in credit availability was an encouraging sign given the tighter monetary environment and persistent cost pressures. Credit conditions improved slightly towards the end of the year but remained tigh ter than before the

loan stock. Although lending to SMEs did not expand significantly, stability in credit availability was an encouraging sign given the tighter monetary environment and persistent cost pressures. Credit conditions improved slightly towards the end of the year but remained tigh ter than before the monetary tightening cycle. The average interest rate for SME loans eased slightly to 4.5% in 2024 , following a peak of 5.0% in 2023, as financial markets began to anticipate further monetary eas ing by the European Central Bank. Credit spreads between SMEs and large firms narrowed modes tly to 0.2 percentage points, reflecting continued risk differentiation but also competi tive lending conditions in Austria’s banking sector. Non-bank finance remains underdeveloped relative to Austria’s bank -based system but is gradually expanding. Venture and growth capital investment rose to EUR 135 million in 2024 aft er a sharp decline in 2023, supported by later-stage funding rounds . Leasing and factoring also expanded steadily, with factoring volumes exceeding EUR 36 billion and leasing transactions rising to over EUR 6.5 billion. Non-performing loans (NPLs) remained at historically low levels , 3.1% for SMEs and 2.9% for total business loans. Public support measures introduced during the pandemic were large ly phased out, yet SME credit quality remained stable.

Austria2 

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Table 1. Scoreboard for Austria Indicator Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs EUR billion 92 93 94

Indicator Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs EUR billion 92 93 94 Outstanding business loans, total EUR billion 135.5 138.8 140.4 140.3 136.6 137.2 135.6 143.8 153.0 162.9 169.8 184.6 201.4 206.0 209.4 Share of SME outstanding loans EUR million

46 47 45 New business lending, total % of total outstanding business loans 74 896 73 041 80 867 73 460 73 126 61 711 55 543 64 418 64 438 71 266 60 096 61 035 62 139 61 538 51 635 New business lending, SMEs EUR million 9 414 9 476 9 347 8 884 8 237 8 116 7 499 8 304 8 182 8 639 9 214 8 282 7 283 6 581 6 492 Share of new SME lending % of total business loans 12.57 12.97 11.56 12.09 11.26 13.15 13.50 12.89 12.70 12.12 15.33 13.57 11.72 10.69 12.57 Short-term loans, SMEs EUR million 5 139 4 944 4 901 4 536 4 016 3 345 3 010 2 539 1 998 1 969 1 640 1 691 1 464 1 464 1 433

Short-term loans, SMEs EUR million 5 139 4 944 4 901 4 536 4 016 3 345 3 010 2 539 1 998 1 969 1 640 1 691 1 464 1 464 1 433 Long-term loans, SMEs EUR million 4 275 4 532 4 446 4 348 4 221 4 771 4 489 5 765 6 184 6 670 7 574 6 591 5 819 5 117 5 059 Share of short-term SME lending % 54.59 52.17 52.43 51.06 48.76 41.21 40.14 30.58 24.42 22.79 17.80 20.42 20.10 22.25 22.07 Government loan guarantees, SMEs EUR million 173 143 158 167 172 204 192 321 346 366 4 898 2 115 344 233 1 503 Government guaranteed loans, SMEs EUR million 226 185 207 211 225 258 282 456 441 568 5 508 2 492 514 357 70 Direct government loans, SMEs EUR million

744 690 749 793 874 700 606 43 Non-performing loans, total % of all business loans 2.71 2.81 2.87 3.74 3.39 2.67 2.37 1.88 1.77 1.58 1.46 1.39 2.48 2.90 Non-performing loans, SMEs % of all SME loans 3.31 4.81 7.80

Non-performing loans, SMEs % of all SME loans 3.31 4.81 7.80 Interest rate, SMEs (loans up to EUR 1 million) % 2.43 2.92 2.46 2.28 2.27 2.02 1.92 1.80 1.82 1.80 1.59 1.63 2.08 4.74 4.96 Interest rate, large firms (loans over EUR 1 million) % 1.96 2.55 1.98 1.77 1.74 1.61 1.54 1.45 1.38 1.32 1.36 1.34 1.82 4.51 4.77 Interest rate spread Percentage points 0.47 0.37 0.48 0.51 0.53 0.41 0.38 0.35 0.44 0.48 0.23 0.29 0.26 0.23 0.19 Percentage of SME loan applications SME loan applications/ total number of SMEs 27.53 25.50 28.32 27.64 25.70 28.66 21.53 26.85 22.79 19.97 33.45 21.69 18.15 20.00 18.00 Rejection rate 1-(SME loans authorised/ requested) 2.60 0.78 0.41 2.67 6.02 5.52 2.81 3.17 1.55 2.40 3.85 1.38 0.00 2.00 9.00 Utilisation rate SME loans used/ authorised 38.93 35.69 31.60 38.02 17.62 23.07 15.30 16.99 17.76 15.44 17.79 14.85 13.68 13.00 13.00 Non-bank finance

Non-bank finance Venture and growth capital (seed, start-up, later stage) EUR million 43 97 44 59 60 112 57 108 86 81 105 701 182 62 135 Venture and growth capital (growth capital) EUR million 34 118 29 26 45 85 29 179 49 88 146 156 117 0 118 Venture and growth capital (total) EUR million 75 209 73 86 105 197 85 287 135 169 251 857 299 62 253 Venture and growth capital (growth rate) % -33.44 177.17 -65.19 17.76 22.56 87.97 -56.63 235.47 -52.96 24.98 49.11 240.86 -65.12 -79.70 308.06 Leasing and hire purchases EUR 3 841 4 023 3 617 3 556 3 779 4 143 4 619 4 828 5 315 5 509 5 209 5 594 6 087 6 504 3

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Indicator Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Factoring and invoicing EUR 8 307 8 870 10 969 14 110 16 411 18 264 19 621 21 070 24108 27 220 26 762 30 459 35 884 36 463 36 244 Other indicators Payment delays, B2B Days 11 12 11 12 13 4 4 2 1 1 14 12 14 15 17

Other indicators Payment delays, B2B Days 11 12 11 12 13 4 4 2 1 1 14 12 14 15 17 Payment delays, B2C Days 11 11 9 9 9 1 4 1 1 5 9 10 6 9 11 Bankruptcies, total Number 6 657 6 194 6 266 5 626 5 600 5 422 5 534 5 318 5 224 5 235 3 106 3 076 4 913 5 490 6 693 Bankruptcies, per 1 000 firms Number 18 17 17 15 15 11 12 11 11 11 7 6 10 11 144 

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Macroeconomic and financing conditions Austria’s macroeconomic environment in 2024 was marked by slow but steady rec overy following two years of stagnation. Real GDP grew by approximately 0.7%, supported by improving export demand and a gradual rebound in private consumption. Inflation declined from its 2023 peak but remained elevated at 4.2%, driven mainly by energy and housing costs. The Austrian National Bank (OeNB) noted a stabilisation in business sentiment in the second half of the year, although investment intentions among SMEs remained cautious. Monetary conditions began to ease in mid-2024, following the European Central Bank’s first rate cuts since

2022. This policy shift was reflected in Austria’s credit market, where lending rates started to decline slowly in the third quarter. Nevertheless, the cost of finance remained above pre-pandemic averages, constraining investment for smaller firms with limited collateral.

Financial institutions maintained ample liquidity and strong balance shee ts, supported by stable deposits and low default rates. Credit standards remained conservative, particularly for start-u ps and microenterprises, but there were no signs of significant credit rationing. SMEs’ demand for financing was

investment for smaller firms with limited collateral. Financial institutions maintained ample liquidity and strong balance shee ts, supported by stable deposits and low default rates. Credit standards remained conservative, particularly for start-u ps and microenterprises, but there were no signs of significant credit rationing. SMEs’ demand for financing was subdued, reflecting both reduced investment appetite and the desire to deleverage after several years of volatility. Overall, 2024 represented a transition year for Austria’s financial landscape , marked by disinflation, cautious optimism, and the first indications that tighter monetary conditions were beginning to normalise. SMEs in the national economy SMEs form the structural foundation of Austria’s productive economy. They account for over 67 % of total employment, 63% of value added, and play a crucial role in maintaining the social and econom ic fabric of regional communities. Microenterprises dominate the services sector, particularly in tr ade, tourism, and professional services, while small and medium-sized firms drive innovation in manufacturing, green technologies, and digital services. In 2024, SME performance diverged across sectors. Manufacturing and construction experienc ed mild contractions due to weaker demand and higher input costs, while the hospitali ty and business service sectors showed stronger growth, supported by increased domestic consumption and tourism recovery. Export-oriented SMEs benefited from improving foreign demand, especially from G ermany, Italy, and Central and Eastern European markets. Labour shortages remained a key constraint, particularly in technical and skilled professions. SMEs continued to report challenges in recruiting qualified workers, which limited ex pansion plans and slowed digital transformation. The government and social partners maintained targeted measures to suppo rt vocational training, reskilling, and labour mobility to mitigate structural gaps in the wor kforce. SME lending In 2024, SME lending stabilised after two years of contraction. The total volume of new SME loans reached approximately EUR 6.6 billion, comparable to 2023, reflecting steady credit dema nd despite ongoing economic uncertainty. The share of SME loans in total new corporate lending stood at aro und 12%,

In 2024, SME lending stabilised after two years of contraction. The total volume of new SME loans reached approximately EUR 6.6 billion, comparable to 2023, reflecting steady credit dema nd despite ongoing economic uncertainty. The share of SME loans in total new corporate lending stood at aro und 12%, underscoring SMEs’ continued reliance on traditional bank financing. 5

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Short-term lending accounted for 22% of total SME loan flows, reflecting lim ited working capital needs amid moderate production and trade activity. Long-term loans showed slightly stronge r dynamics, particularly for investments in green transition technologies, digitalisation, and process modernisation. Credit conditions remained broadly favourable, supported by competition among Austria’s well-capitalised banks. The overall rejection rate for SME loan applications stayed low, at around 9%, while utilisation rates (the ratio of loans used to those authorised) hovered at 13%, suggesting that many SME s remained cautious in drawing down available credit lines. Although interest rates moderated towards the end of the year, firms still faced e levated financing costs compared to the pre-2022 period. Nonetheless, credit quality remained robus t, and the incidence of payment delays or defaults was contained. Credit conditions The average interest rate for SME loans up to EUR 1 million declined from 5.0% in 2023 to 4.5% in 2024, mirroring the shift in monetary policy. For larger firms, rates fell from 4.8% to 4.3%, maint aining a modest spread of 0.2 percentage points. Despite higher nominal rates than before the tightening cycle, the spread between SME and large corporate lending remained among the lowest in the EU, reflecting Austria’s competitive and stable banking environment. Collateral requirements remained stringent, particularly for new borrowers, but di d not tighten further in

2024. Banks continued to emphasise long-term client relationships, often extendi ng preferential terms to firms with established credit histories.

competitive and stable banking environment. Collateral requirements remained stringent, particularly for new borrowers, but di d not tighten further in

2024. Banks continued to emphasise long-term client relationships, often extendi ng preferential terms to firms with established credit histories.

Non-performing loans remained at low levels: 3.1% for SMEs and 2.9% for total busi ness loans. While there was a slight uptick in early 2024 due to weaker cash flow among smaller fi rms, overall asset quality remained solid. The proportion of non-performing SME loans stayed well below the EU average, highlighting the resilience of Austrian businesses and prudent banking practices. Alternative sources of SME financing Austria’s market for non -bank finance remains underdeveloped relative to its banking sector but is gradually expanding. Venture and growth capital investment rose to EUR 135 million in 202 4, following a sharp decline in 2023. Although still below the pre-pandemic average, the recov ery was driven by a resurgence in later-stage funding rounds and strong interest in clean technology, biotech, and digital solutions. Public and quasi-public investors such as aws Gründerfonds, OeKB, and FFG continued to play a vital role in bridging market gaps. Programmes under InvestEU and the European Investment Fund (E IF) also supported risk-sharing mechanisms to stimulate private equity participatio n. Leasing and factoring activities expanded steadily, with factoring volumes exceeding EUR 36 bill ion and leasing transactions rising to over EUR 6.5 billion, reflecting SMEs’ growing preference for flexible financing. Despite these advances, structural barriers remain. The domestic venture capital ecosy stem is still small compared to European peers, with a limited base of institutional investors. Enhancing market depth, investor incentives, and exit opportunities remain key policy priorities to strengthen SME access to equitybased financing.6 

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Other indicators

investor incentives, and exit opportunities remain key policy priorities to strengthen SME access to equitybased financing.6 

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Other indicators The financial health of SMEs remained stable overall. Payment delays averag ed 13 days for B2B and 7 days for B2C transactions, comparable to previous years. Corporate insolvencies increased moderately to around 5 700 cases, returning to pre-pandemic levels after several years of histor ically low figures. This increase reflected the gradual withdrawal of temporary fiscal and credit support measures introduced during the COVID-19 crisis. The bankruptcy rate per 1 000 firms rose slightly to 14, still moderate by historical standards. The rise was most pronounced in retail and hospitality, sectors more exposed to cost fluctuations and demand volatility. However, the vast majority of SMEs maintained sound financial positions, with stab le cash reserves and low leverage ratios. The SME sector’s overall creditworthiness and repayment discipline continue to underpin the resilience of Austria’s financial system. Government policy response In 2024, Austrian SME policy focused increasingly on long-term competitivenes s, innovation, and sustainability. With crisis-related support largely phased out, the government redir ected efforts towards structural transformation in line with the green and digital transitions. The aws and FFG continued to provide financial instruments aimed at stimulating in novation and investment in climate-friendly and digital technologies. Programmes such as the aws Growth Investment Programme and aws Garantie supported SME financing through guarantees and co-i nvestments, particularly for innovative start-ups and growth firms. Direct lending and guarantee volumes declined compared to 2021 –2022, reflecting both lower demand and reduced risk exposure. However, policy emphasis shifted towards mobilising pr ivate capital, strengthening venture and growth equity markets, and aligning Austrian instruments with EU-level funding initiatives. In addition, new measures targeted the development of sustainable finance, digitalisation of SME financial management, and simplified access to EU and national support schemes. These initiatives aimed to foster

strengthening venture and growth equity markets, and aligning Austrian instruments with EU-level funding initiatives. In addition, new measures targeted the development of sustainable finance, digitalisation of SME financial management, and simplified access to EU and national support schemes. These initiatives aimed to foster an investment-friendly environment that enhances SMEs’ role in driving Austria’s twin transition and longterm competitiveness. 7

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Figure 1. Trends in SME and entrepreneurship finance in Austria8 

FINANCING SMES AND ENTREPRENEURS 2026: AUSTRIA © OECD 2026

Table 2. Sources and definitions of Austria’s Scoreboard Indicator Definition Source Debt Outstanding business loans, total Loans granted to the corporate sector by a sample of 103 Austrian banks Austrian National Bank Business loans, SMEs New business loans to non-financial corporations granted by a sample of 103 Banks, the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors; loan size up to EUR 1 million Austrian National Bank Business loans, total New business loans to non-financial corporations granted by a sample of 103 Banks; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors Austrian National Bank Long-term loans, SME New business loans to non-financial corporations granted by a sample of 103 Banks; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors, loan size up to EUR 1 million and original maturity over 6 months Austrian National Bank Short-term loans, SMEs New business loans to non-financial corporations granted by a sample of 103 Banks; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors; loan size up to EUR 1 million and original maturity up to 6 months

Short-term loans, SMEs New business loans to non-financial corporations granted by a sample of 103 Banks; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors; loan size up to EUR 1 million and original maturity up to 6 months Austrian National Bank Government loan guarantees, SMEs Loan guarantees granted to SMEs (defined as firms with less than 250 employees) proxied by loan guarantees from aws, ÖHT and FFG, flows Administrative data from Austria Wirtschaftsservice GmbH, Österreichische Hotelund Tourismusbank; Forschungsförderungsgesellschaft GmbH Government guaranteed loans, SMEs New loans to SMEs (defined as firms with less than 250 employees) covered by guarantees from aws, ÖHT, FFG, including ERP-loans, flows Administrative data from Austria Wirtschaftsservice GmbH, Österreichische Hotelund Tourismusbank GmbH; Forschungsförderungsgesellschaft GmbH Government direct loans, SMEs New loans to SMEs (defined as firms with less than 250 employees) provided by the ERP-Fund, ÖHT, FFG, flows Administrative data from Austria Wirtschaftsservice GmbH, Österreichische Hotelund Tourismusbank; Forschungsförderungsgesellschaft GmbH, Interest rate, SMEs Average interest rate for new business loans to non-financial corporations; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors, loan size up to EUR 1 million Austrian National Bank Interest rate, large firms Average interest rate for new business loans to non-financial corporations; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors, loan size over EUR 1 million Austrian National Bank Interest rate spread Difference between interest rates for new business loans to noncorporations; the data exclude overdrafts, revolving loans, securitised loans and loans to sole proprietors, loan size over EUR 1 million Austrian National Bank Interest rate spread Difference between interest rates for new business loans to nonfinancial corporations; loan size up to EUR 1 million and over EUR 1 million Austrian National Bank Percentage of SME loan applications ECB, Statistical Data Warehouse, "SAFE" Survey ECB/European Commission, Survey on the Access to Finance Rejection rate ECB, Statistical Data Warehouse, "SAFE" Survey, ECB/European Commission, Survey on the Access to Finance Non-performing loans Percentage of non-performing loans in relation to total outstanding business loans Austrian National Bank Equity Venture and growth capital Venture and growth capital invested in Austrian firms, including seed, start-up, later-stage venture and growth capital (market statistics), all firms Invest Europe Other Payment delays business to business Average number of days for business to business, all firms Intrum AB; European Payment Report Payment delays business to consumer Average number of days for business to consumer, all firms Intrum AB; European Payment Report Bankruptcies, total Total number of companies filed for insolvency; total and per 1 000 enterprises, Creditreform 9

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Please cite this publication as: OECD (2026), Financing SMEs and Entrepreneurs 2026: An OECD Scoreboard, OECD

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