SMEs: the bigger the company, the more they take advantage of leasing


Press Release

The Europejski Fundusz Leasingowy SA

Wrocław, July 03, 2017

In relation to the growing number of investments, in the second quarter of this year one in five enterprises from the SME sector expected to make more use of external financing, according to the “EFL Barometer.” As in the previous quarter, leasing remains the most popular financial instrument, with 58% of companies choosing this option. Looking at different sectors, leasing was most frequently used by construction (73.8%), transport (73.8%) and manufacturing (73%) companies.

The primary source of financing for investment in micro-, small and medium-sized companies is still their own funds. This applied to 9 out of 10 of the enterprises surveyed. Taking external support into account, leasing is still the preferred option over bank loans (58.1% vs. 54.4%). One in six companies takes out insurance on company assets (17.4%), and one in ten makes use of factoring.

The smallest companies reach into their own pockets, while larger firms look to leasing

As in previous quarters, there is a clear tendency for the use of financial instruments when looking at the size of various entities. The more workers a company employs, the more frequently it takes advantage of leasing. While, among micro-sized companies, 45.5% of managers rely on leasing, among small companies that number rises to 61.4%; as much as 71.7% of medium-sized enterprises fund their activity by means of leasing. A similar dependency exists in the case of asset insurance and factoring.

Radosław Kuczyński, Chairman of the EFL

As pointed out by Radosław Kuczyński, Chairman of the EFL, such results, on the one hand, correspond to huge optimism among medium-sized companies in terms of investment plans for this year’s second quarter. “Medium-sized enterprises most frequently reported growth of planned investments, with small and micro-sized companies reporting considerably less. On the other hand, however, in the case of the smallest companies, we can see less of an inclination to take financial risks, the result of which is, above all, the use of cash,” says Radosław Kuczyński, Chairman of the EFL.

Construction, transport and manufacturing companies make use of leasing most frequently

From among the six sectors included in the research, three stand out – those whose representatives most frequently used leasing to finance their investments. These three sectors were construction (73.8%), transport (73.8%) and manufacturing (73%). On the other hand, the considerably greater importance of internal resources and lesser importance of leasing and bank loans was visible within the commerce sector – as much as 92.4% of the sector relies on cash, 49.2% on credit, and 48.3% on leasing. We see a similar situation in the services sector, wherein only 46% of companies opt for credit, and 40.3% use leasing.


[1]EFL Barometer” is an indicator that informs about the propensity of companies from the SME sector to grow (i.e. development is understood as setting targets in the company connected with an increase in sales and production, expansion into new markets and maximization of profits, which is related to investments in fixed assets). Quarterly forecasted financial health of SME companies gives a reference point to the application for the intended changes that favor the growth of the company or work as an obstacle to their development. The survey is prepared by Ecorys on behalf of the Europejski Fundusz Leasingowy SA., and the results are published on a quarterly basis. The participants are micro, small and medium-sized companies all over Poland. The representative group of 600 micro, small and medium-sized companies took part in the survey. The current survey was held on May 04-10, 2017.

The Europejski Fundusz Leasingowy SA was established in 1991 as one of the first leasing companies in Poland. Since 2001, the EFL has been a part of the Crédit Agricole Group, which guarantees the company financial stability and security, while also allowing it to take advantage of the knowledge and experience of a financial institution with an international presence. The EFL consistently expands the scope of development for business. The company offers a broad range of products: leasing, loans, long-term rental, insurance and factoring. Since 1991, it has been cooperating with the most notable manufacturers and suppliers of machinery, equipment, vehicles and other fixed assets. The company has won a variety of awards, including being named a Client-Friendly Company six times and Financial Brand of the Year five times. More than 290,000 clients have already chosen the EFL as their business partner. More information at: