OCDE - Financing SMEs and Entrepreneurs 2026 - Suecia de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

Key facts on SME financing Small and medium-sized enterprises (SMEs) dominate the Swedish business landscape, making up about 99% of all firms. This underscores their central importance to the national economy. By contrast, a mere 1% of companies are large enterprises (250+ employees), yet these contribute roughly half of total value added and around 45% of private-sector employment. In other words, while SMEs are overwhelming in number, the largest firms account for a disproportionate share of economic output, h ighlighting how firm size influences overall economic activity. SME lending trends have fluctuated considerably in recent years in Sweden . In 2022, outstanding SME loans declined by approximately 13 % to roughly SEK 1.353 trillion, while total business lending rose by over 20% to about SEK 5.134 trillion, reflecting divergent credit trends between sma ller and larger firms. This marked a reversal from 2021, when SME debt increased by 5 % and total business lending grew by around 7%. In 2023, SME lending rebounded by around 7 % to SEK 1.445 trillion, while overall business lending increased modestly by approximately 1 % to SEK 5.092 trillion. This volatility in credit volumes mirrors the broader economic swings: the extraordinary conditions of 2022 (with soaring inflation and tight money) were followed by a modest recovery in 2023 as financial conditions stabilized. Monetary policy, particularly adjustments to the policy rate by the Swedish Cent ral Bank (Sveriges Riksbank), has played a critical role in influencing borrowing costs and manag ing inflation between 2018 and 2023. From April 2022 to September 2023, the policy rate was raised from 0.00 % to 4.00% marking its highest level in recent years. With inflationary pressures easing, the Swedish Central Bank reversed its

and 2023. From April 2022 to September 2023, the policy rate was raised from 0.00 % to 4.00% marking its highest level in recent years. With inflationary pressures easing, the Swedish Central Bank reversed its course, reducing the policy rate to 2.50 % in December 2024 and further to 2.25 % in January 2025, indicating a pivot toward supporting economic growth. SME bankruptcies decreased modestly in 2020 and fell sharply, by 53 % in 2021. Following a slight increase in 2022, SME bankruptcies rose again by approximately 37 % in 2023 (to 2 551 cases) and by a further 11 % in 2024 (to 2 840 cases). These trends suggest that the government’s pandemic -related support measures had only temporary stabilizing effects, with financial pressures resurfacing in the subsequent years. Sweden2 

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

Table 1. Scoreboard for Sweden Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs SEK billion 930 964 1 003 1 073 1 173 1 290 1 413 1 514 1 492 1 563 1 353 1 445 Outstanding business loans, total SEK billion 2 683 2 722 2 812 2 901 2 962 3 189 3 831 3 754 3 868 4 159 51 34 5 092 Share of SME outstanding loans % of total outstanding business loans 34.6 6

683 2 722 2 812 2 901 2 962 3 189 3 831 3 754 3 868 4 159 51 34 5 092 Share of SME outstanding loans % of total outstanding business loans 34.6 6 35.39 35.67 36.99 39.60 40.46 36.89 40.33 38.57 37.59 28.35 28.38 Outstanding short-term loans, SMEs SEK billion 211 217 249 262 316 339 355 397 384 439 404 456 Outstanding long-term loans, SMEs SEK billion 719 747 754 811 857 951 1 058 1 177 1 108 1 125 949 989 Share of short-term SME lending % of total SME lending 22.7 1 22.50 24.83 24.44 26.92 26.28 25.12 26.22 25.73 28.06 29.85 31.54 Direct government loans, SMEs SEK million 1 422 1 716 3 231 2 112 2 023 2 161 2 200 2 354 3 241 3 324 2 559 1 857 2 292 3 930 2 513 2 851 2 455 2 001 Non-performing loans, total % of all business loans 0.08 0.46 0.83 0.78 0.65 0.70 0.61 1.24 1.17 1.04 1.12 0.49 0.58 0.51 0.42 0.30

Interest rate, SMEs % 4.86 5.66 2.43 2.59 4.17 4.07 3.29 2.71 1.75 1.56 1.50 1.53 1.87 2.08 2.02 2.89 5.39 5.42 Interest rate, large firms % 3.99 4.84 1.71 1.64 3.01 3.03 2.64 2.15 1.35 1.21 1.14 1.05 1.03 1.29 1.32 2.31 5.10 4.92 Interest rate spread Percentage points 0.87 0.82 0.72 0.95 1.16 1.04 0.65 0.56 0.40 0.34 0.37 0.48 0.84 0.79 0.70 0.58 0.29 0.51 Non-bank finance Venture and growth capital EUR million 559.7 492 363.1 698.5 413.4 340. 2 355.3 374.8 289.1 266.8 477.3 539.3 588.2 1 824.5 2 125.6 2 176.8 1 869.3 1 421.8 Venture and growth capital (growth rate) %, Year-on-year growth rate12.09226.2 92.4140.83 -17.7 4.41 5.49 -22.85 -7.7 78.89 12.99 9.07 211.87 15.87 2.41 -14.13 -23.94 Other indicators Payment delays, B2B Number of days 20.0 0 24.00 15.00 9.00 9.00 10.00 14 15

Other indicators Payment delays, B2B Number of days 20.0 0 24.00 15.00 9.00 9.00 10.00 14 15 Bankruptcies, SMEs Number 2 469 3 139 3 913 3 342 3 449 3 808 3 777 3 355 2 998 2 822 3 019 3 392 3 649 3 490 1 652 1 867 2 551 2 840 Bankruptcies, SMEs (growth rate) %, Year-on-year growth rate 27.14 24.6614.59 3.20 10.4 1 -0.8111.17 -10.64 -5.87 6.98 12.36 7.58 -4.36 -52.56 13.01 36.64 11.33

Source: See Table 2. 3

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

Macroeconomic and financing conditions The lending environment has undergone significant shifts in recent years. In 2021, the stock of SME debt, encompassing both long and short-term loans, stood at SEK 1.563 trillion, reflecting a 5% increase from

2020. Total outstanding business loans amounted to SEK 4.159 trillion in 2021, marking a 7.5 % rise.

However, by 2022, SME outstanding loans had declined sharply to approximately SEK 1.353 trillion (a decrease of around 13%), while total business lending surged to roughly SEK 5.134 trillion (an increase of 23%). As a result, SMEs’ share of total business debt fell significantly from abo ut 38% in 2021 to 26% in 2022. Monetary conditions tightened significantly throughout 2022 and 2023. The Swedish Central Bank’s policy

23%). As a result, SMEs’ share of total business debt fell significantly from abo ut 38% in 2021 to 26% in 2022. Monetary conditions tightened significantly throughout 2022 and 2023. The Swedish Central Bank’s policy rate, which remained at 0% as recently as early 2022, was raised rapidly to 3.75% by July 2023 and further to 4% by September 2023, in response to mounting inflationary pressures.1 These were the highest policy rates observed in Sweden since the Global Financial Crisis of 2008. The imp act on borrowing costs was substantial: the average interest rate on new SME loans more than doubled, rising from approximately close to 2% in early 2022 to over 5% in 2023.2 As inflation began to ease in late 2023, the Swedish Central Bank paused further rate hikes. Subsequently, the policy rate was reduced to 3.75% in May 2024 and further to 2.5% by January 2025, reflecting restored progress toward price stability. Market lending rates followed this trend, declining modestly toward the end of 2024 after peaking earlier in the year. For example, the average interest rate on new corporate loans dropped to 4% in December 2024. 3 Although financing costs remained above pre-2022 levels, this moderation brought partial relief to borrowers. SMEs in the National Economy Structural statistics reaffirm the central role of SMEs in the Swedish economy. According to the 2024 edition of Sweden’s Company Register, there were approximately 1,237,243 active enterprises , of which roughly 99.9% were classified as SMEs (firms with 0–249 employees).4 Even when excluding firms without employees, SMEs still accounted for nearly 99% of all employer businesses. With regard to employment and economic contribution: • Employer SMEs (0 –249 employees) were responsible for approximately 57.3% of private-sector employment and around 51.4% of value added in Sweden’s single-market economy in 2024.5

With regard to employment and economic contribution: • Employer SMEs (0 –249 employees) were responsible for approximately 57.3% of private-sector employment and around 51.4% of value added in Sweden’s single-market economy in 2024.5 • Micro-enterprises (0 –9 employees), although comprising 94, 2% of all firms, contributed only 23.4% of private employment and 16.7% of value added. 6 • Large enterprises (250+ employees), while making up just 0.1% of all firms, accounted for about 45.9% of employment, 53.1% of turnover, and 49.3% of value added in 2023/2024. 7 This distribution supports the previously mentioned conclusion that while the Swedish enterprise landscape is overwhelmingly dominated by micro firms in numerical terms, a disproportion ate share of economic output and employment is concentrated among a relatively small number of large firms. Updated structural data hence indicate a consistent pattern: SMEs continue to account for roughly 55 – 60% of private employment and approximately 50% of value added. This enduring distribution reflects the structural dualism of the Swedish economy, wherein both agile SMEs and large corpor ations serve as indispensable pillars of national economic performance.4 

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

SME lending Swedish small and medium-sized enterprises (SMEs) remain highly depen dent on bank financing, and developments in SME lending closely reflect broader macroeconomic shifts. In 2 021, the total stock of outstanding SME loans, both short and long-term, reached SEK 1.563 trillion, marking a 5% increase from the previous year. This expansion was largely driven by heightened credit demand as the economy recovered from the initial shock of the COVID-19 pandemic. SMEs accounted for approximately 38% of all business lending in 2021, signalling that larger firms also accessed substantial credit during the rebound phase. In 2022, however, outstanding SME loans dropped significantly, falling to approximately SEK 1.353 trillion

recovered from the initial shock of the COVID-19 pandemic. SMEs accounted for approximately 38% of all business lending in 2021, signalling that larger firms also accessed substantial credit during the rebound phase. In 2022, however, outstanding SME loans dropped significantly, falling to approximately SEK 1.353 trillion (a decline of ~13%), even as overall business lending surged to SEK 5.134 trilli on, an increase of 23%. This notable divergence resulted in the SME share of total business lending falling to about 26%. Several factors contributed to this shift: a discontinuity in the data series due to revised reporting methodology by Statistics Sweden, tighter monetary conditions and increased risk aversion amo ng both lenders and borrowers. At the same time, large corporations significantly increased their borrowing, likely to strengthen liquidity buffers amid rising operational costs.8 By 2023, SME lending showed tentative signs of recovery. The stock of outstand ing SME credit rose by approximately 7% to around SEK 1.445 trillion, while total business lending edged slightly downward to SEK 5.092 trillion. This raised SMEs’ share of outst anding business credit to roughly 28%. The modest rebound suggests a cautious resumption of bank lending to smaller firms, in line with easing inflationary pressures and improved macroeconomic stability. Nevertheless, credit conditions remained tighter than in 2021, reflecting, for example, the impact of elevated interest rates. Short-term SME credit mirrored these patterns. Following growth in 2021, short-term loan s declined from SEK 439 billion to SEK 404 billion in 2022, before increasing to approxi mately SEK 456 billion in 2023 (accounting for 31,5% of total SME lending in 2023), indicating fluctuations in working capital needs amid shifting business conditions. Long-term SME loans followed a similar trajectory, falling to around SEK 949 billion in 2022 and rebounding slightly to SEK 989 billion in 2023. Credit conditions From 2015 until the onset of the pandemic, Sweden experienced an extended period of ultra-low interest

shifting business conditions. Long-term SME loans followed a similar trajectory, falling to around SEK 949 billion in 2022 and rebounding slightly to SEK 989 billion in 2023. Credit conditions From 2015 until the onset of the pandemic, Sweden experienced an extended period of ultra-low interest rates. The Swedish Central Bank’s policy rate remained below zero for most of 20 15–2019, supporting favourable borrowing conditions for SMEs. During this period, average interest rates on new SME loans fluctuated between 1.5 and 3%. 9 In late 2019, the Swedish Central Bank began gradually increasing the polic y rate, raising it to 0% from – 0.50% the previous year, amid signs of economic strength. However, the COVID-19 outbreak di srupted this normalization. During 2020–2021, the policy rate remained at 0.00% and extraordinary monetary and fiscal measures ensured sufficient liquidity. SME borrowing costs remained stabl e, with average rates around 1.5–2%10, while credit availability was underpinned by low default rates and government guarantee schemes. This favourable environment shifted dramatically in 2022 as inflation surged. Begin ning in Q2 2022, the Swedish Central Bank implemented a series of rapid policy rate hikes, rais ing the policy rate from 0.00% in February 2022 to 3.75% by July 2023, and to 4.00% by September 2023. These actions aimed to curb inflation, which had significantly exceeded the 2% target and to anchor inflation expectations. In response, average lending rates for new bank loans to non-financial corporations, including SMEs, increased by just over 4 percentage points since January 2022, reflecting generally tight credit conditions in all sectors, with the interest rate spread between SME and larger firm lending temporarily widening as banks priced in 5

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

the interest rate spread between SME and larger firm lending temporarily widening as banks priced in 5

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

higher credit risks for smaller borrowers. By mid-2023, lending rates for both SMEs and larger firms converged around 5 to 6 percent.11 The tightening cycle substantially raised financing costs for businesses . By mid-2023, many SMEs were borrowing at rates above 5%. Coupled with high energy and input costs, this increa sed debt-service burden exerted pressure on vulnerable sectors, particularly interest-sensitive industries such as real estate and construction. Rising insolvency rates (the proportion of entities that cannot meet their debt obligations), especially among smaller firms, signalled emerging financial distress during 2022 –2023. Encouragingly, inflation began to moderate by late 2023, falling from approximately 1 0% in early 2023 to approximately 2% by year-end.12 As inflation slowed, the Swedish Central Bank paused its rate hikes and initiated a gradual easing cycle: the policy rate was reduced to 3.75% in May 202 4, to 3.25% in October, and to 2.50% in January 2025. By February 2025, the policy rate stood at 2.25% still above pre-pandemic levels, but well below its 2023 peak.13 Throughout these rate fluctuations, Swedish banks remained well-capitalized and generally willing to lend. However, credit standards tightened in 2023, as indicated by bank lending surveys. 14 The phase-out of government guarantee programs by 2022 further meant that SME lending in 2023 –2024 was shaped primarily by market conditions rather than policy backstops (government support mechanisms). Looking ahead, the trajectory of inflation and monetary policy will remain key de terminants of credit conditions for SMEs. A sustained return to low inflation and moderate interest rates woul d support more stable and affordable financing for smaller firms, facilitating investment and long-term growth in the sector. Alternative sources of SME financing

Looking ahead, the trajectory of inflation and monetary policy will remain key de terminants of credit conditions for SMEs. A sustained return to low inflation and moderate interest rates woul d support more stable and affordable financing for smaller firms, facilitating investment and long-term growth in the sector. Alternative sources of SME financing Swedish SMEs and start-ups benefit from a dynamic non-bank financing ecosystem, notably in the form of venture capital (VC) and growth equity. According to Invest Europe, venture and growth capita l investment in Swedish companies reached approximately EUR 2.13 billion in 2021 and EUR 2.18 billion in 2022, reflecting strong confidence in Sweden’s innovation-driven sectors. In 2023, total investment declined to EUR 1.87 billion, followed by a further drop to EUR 1.42 billion in 2024, according to Invest Europe. These figures represent a downward trend in capital flows, influenced by tighter monetary conditions and increased investor selectivity, though overall levels remai n well above prepandemic averages. Other indicators The moderate decline in SME bankruptcies in 2020 and the sharp 53% decrease in 2021 may be attributed to the effectiveness of pandemic-related government support. However, as these measures were phas ed out and cost pressures intensified, bankruptcies among SMEs (with 1 –249 employees) increased by approximately 13% in 2022, reaching 1867 cases. The trend continued into 2023, with SME bankruptci es rising to 2,551 cases, and further increased to 2,840 cases in 2024. This trajectory suggests that pandemicera support measures had only temporary stabilizing effects, with financial strain resurfacing thereafter. Government policy response Public initiatives have complemented private capital markets. Almi Företagspartner, the governmentowned development finance institution, significantly increased its SME lending during the pandemic as part of Sweden’s countercyclical policy response. Almi’ s disbursements peaked in 2020, far surpassing preGovernment policy response Public initiatives have complemented private capital markets. Almi Företagspartner, the governmentowned development finance institution, significantly increased its SME lending during the pandemic as part of Sweden’s countercyclical policy response. Almi’ s disbursements peaked in 2020, far surpassing prepandemic levels, and gradually returned to normal levels by 2022 as commercial credit markets stabilized.6 

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

This trend underscores Almi’s role as a flexible policy instrument, scal ing up support during crises and scaling down as market-based financing becomes more accessible. In 2024–2025, Sweden did not introduce a new broad-based SME guarantee scheme comparable to the pandemic measures; instead, policy focused on targeted and market-complementary instrum ents. Almi continued to provide direct lending to SMEs, with disbursements of SEK 1.79 billion in 2024 and SEK 1.96 billion in 2025, including green loans supported by EIF/InvestEU guarantees15. Almi’s Green Loan supports SME investments in energy efficiency, renewable energy, circular solutions and ot her climate-related investments, with disbursements of SEK 145 million in 2024 and SEK 108 milli on in 2025 16. Exporting SMEs also continued to benefit from EKN’s working-capital and investment-credit guarantees, which share banks’ risk; in 2025, EKN integrated Export Leap into its regular offering and digitalised guarantee processes to facilitate bank use17. Overall, the diversification of financing sources has strengthened access to capi tal for Swedish SMEs. While bank lending remains the primary funding source, venture capital, private equity, and public financing institutions like Almi provide essential complementary capital , especially for high-growth and early-stage enterprises and during periods of financial market stress. This multifaceted fi nancing environment has contributed to the resilience and sustained development of Sweden’s SME sector in recent y ears. 7

institutions like Almi provide essential complementary capital , especially for high-growth and early-stage enterprises and during periods of financial market stress. This multifaceted fi nancing environment has contributed to the resilience and sustained development of Sweden’s SME sector in recent y ears. 7

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

Figure 1. Trends in SME and entrepreneurship finance in Sweden

Source: See Table 18 

FINANCING SMES AND ENTREPRENEURS 2026: SWEDEN © OECD 2026

Table 2. Sources and definitions of the Sweden’s Scoreboard Indicator Definition Source Outstanding business loans, SMEs Sum of SME short and long-term liabilities from the balance sheet, excluding loans from group companies or associates and excluding firms with 0 employees. Excludes ISIC codes A (Agriculture, forestry, fishing) and K (Financial and insurance activities). Includes only limited companies. Group companies are classified to the size class according to the total number of employees in the enterprise group. Statistics Sweden, Structural Business Statistics. Based on administrative data on liabilities collected from the National Tax Agency. Outstanding business loans, total Sum of short and long-term liabilities from the balance sheet, excluding loans from group companies or associates and excluding firms with 0 employees. Excludes ISIC codes A (Agriculture, forestry, fishing) and K (Financial and insurance activities). Includes only limited companies. Statistics Sweden, Structural Business Statistics. Based on administrative data on liabilities collected from the National Tax Agency. Outstanding short-term loans, SMEs Sum of SME debts (liabilities) from the balance sheet with a due date less than 12 months from closing day, excluding loans from group companies or associates and excluding firms with 0 employees. Excludes ISIC codes A (Agriculture, forestry, fishing) and K (Financial and insurance activities). Includes only limited

date less than 12 months from closing day, excluding loans from group companies or associates and excluding firms with 0 employees. Excludes ISIC codes A (Agriculture, forestry, fishing) and K (Financial and insurance activities). Includes only limited companies. Group companies are classified to the size class according to the total number of employees in the enterprise group. Statistics Sweden, Structural Business Statistics. Based on administrative data on liabilities collected from the National Tax Agency. Outstanding long-term loans, SMEs Sum of SME debts (liabilities) from the balance sheet with a due date 12 months or longer from closing day, excluding loans from group companies or associates and excluding firms with 0 employees. Excludes ISIC codes A (Agriculture, forestry, fishing) and K (Financial and insurance activities). Includes only limited companies. Group companies are classified to the size class according to the total number of employees in the enterprise group. Statistics Sweden, Structural Business Statistics. Based on administrative data on liabilities collected from the National Tax Agency. Direct government loans, SMEs Sum of new lending by ALMI. ALMI Business Partner. Unpublished data. Non-performing loans, total "Bank nonperforming loans to total gross loans are the value of nonperforming loans divided by the total value of the loan portfolio (including nonperforming loans before the deduction of specific loan-loss provisions). The loan amount recorded as nonperforming should be the gross value of the loan as recorded on the balance sheet, not just the amount that is overdue." International Monetary Fund (IMF), Bank nonperforming loans to total gross loans (%), http://data.imf.org/?sk=5ba7aeb2-c4264b07-acae-ff4e5bbd461e&hide_uv=1

Interest rate, SMEs Bank interest rates - loans to corporations of up to EUR 1 million with a floating rate and an IRF period of up to one year (new business)

4b07-acae-ff4e5bbd461e&hide_uv=1

Interest rate, SMEs Bank interest rates - loans to corporations of up to EUR 1 million with a floating rate and an IRF period of up to one year (new business) ECB, Data Source in SDW: http://sdw.ecb.europa.eu/quickview.do?SERI ES_KEY=124.MIR.M.SE.B.A2A.F.R.0.2240. SEK.N Interest rate, large firms Bank interest rates - loans to corporations of over EUR 1 million with a floating rate and an IRF period of up to one year (new business) ECB, http://sdw.ecb.europa.eu/quickview.do?SERI ES_KEY=124.MIR.M.SE.B.A2A.F.R.1.2240. SEK.N Venture and growth capital Sum of Private Equity investments in Swedish portfolio companies in the Growth and Venture phase. Invest Europe Payment delays, B2B Average payment delay of domestic B2B customers Atradius Payment Practices Barometer Sweden 2018, https://atradius.se/documents/ppb18_swede n_2018.pdf Bankruptcies, SMEs Number of court ruled bankruptcies for companies with 1-249 employees Tillväxtanalys (Swedish Agency for Growth Policy Analysis) 9

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Swedish Export Credit Agency. (2026). Swedish exports in turbulent times: Annual report 2025. https://www.ekn.se/globalassets/dokument/finansiella-rapporter/en/ekn_annual_report_2025_.pdf TheGlobalEconomy. (2024). Sweden: Business credit interest rate. Downloaded from https://www.theglobaleconomy.com/Sweden/Business_credit_interest_rate/

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TheGlobalEconomy. (2024). Sweden: Business credit interest rate. Downloaded from https://www.theglobaleconomy.com/Sweden/Business_credit_interest_rate/

This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibili