2.3. Constraints on access to finance according to SMEs.
38. For the most part (Chart 12), Tunisian SMEs consider banks’ collateral requirements as the main obstacle hindering their access to bank credit. Even though they are mentioned less often, administrative procedures and the required supporting documents are also considered to be significant obstacles.
39. SICARs’ and leasing companies’ small share in the financing of Tunisian companies appears to be due in part to the companies’ inadequate grasp of these financing tools. Low recourse to financial markets is also mainly due to companies’ lack of knowledge and to the perception that this type of financing is the preserve of large enterprises.
Chart 12. Obstacles to the access to specific financing instruments.
(Pct. of firms which quote the item).
Source: Enquête sur la compétitivité, IEQ 2007.
40. In terms of bank finance, Tunisian companies report that banks require collateral worth up to an average of 167 percent of the loan provided (Chart 13). According to ITCEQ data, the level of collateral required follows a fairly classic pattern: it is higher for industries, for companies outside the capital city and firms that do not submit certified accounts. Available data show that these levels of collateral remain comparatively high: they are close to levels practiced in Morocco and Algeria but much higher than those observed in China or Brazil for example (Chart 14).
Chart 13. Average amount of collateral required by Tunisian banks.
(Pct. of loan value).
Source: Enquête sur la compétitivité, IEQ 2007.
Chart 14. Amount of collateral required in selected countries
(Pct. of loan value).
Note.
Manufacturing sector only
Source: Enquête sur la compétitivité, IEQ 2007 and World Bank enterprise surveys (www.enterprisesurveys.org).
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