More than half (51%) of SMEs in 8 major European markets used leasing in 2014, up from 43% in 2013, a Leaseurope survey estimated.

3,000 SMEs from 8 countries – Germany, France, UK, Italy, Spain, Netherlands, Poland, and Sweden- took part in the survey, carried out by Oxford Economics in August and September 2014. This research built on Leaseurope’s first study conducted in 2011.

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The survey found that SMEs financed 19% of their total investment via leasing in 2013, more than any individual form of bank lending. This figure showed the popularity of leasing among SMEs, as the leasing penetration rate for businesses of all sizes stood at 12% in 2013.

Exporting and growth SMEs were found to rely on leasing to a greater extent than other firms. Exporting firms financed 20% of their investment via leasing, as opposed to 18% for non-exporters. Similar results were recorded for growth firms, with almost a quarter (24%) of their investment financed through leasing, significantly more than the 18% of non-growth SMEs.

According to the report, SMEs that used leasing invested more than double the amount that non-users of leasing invested.

Leaseurope estimated that the overall size of the leasing market to SMEs in Europe was just over €103bn in 2013, equating to roughly 9.2m.

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Enrico Duranti, chairman of the Leaseurope board and general manager of Iccrea BancaImpressa said: "SMEs undoubtedly play a vital role in providing jobs (2 out of every 3 in Europe) and in stimulating economic growth, making them a key focus of policymakers. This report demonstrates that leasing is an important form of investment finance for the SME sector and that promotion of this market would boost SME growth in the future. Given this fact, European and national initiatives aimed at improving SME access to finance should be raising awareness of leasing, as well as facilitating its use. Ideally placed as a reliable and well suited form of finance for smaller firms, leasing can play a crucial role in ensuring European SME investment and, in turn the European economy, go from strength to strength."