Evaluation of the Small Business Initiative Phase I
01 Nov 2024
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Overview: about the EBRDWho we are
Overview: about the EBRD
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Learn about the EBRD's journey to investing more than €220 billion in over 7,800 projects.
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Overview: how the EBRD operates
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Across three continents, the EBRD supports the transition to successful market economies.
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Eng
Eng
Evaluation of the Small Business Initiative Phase II
April 2026
The evaluation covers the implementation of the Small Business Initiative (SBI) during 2015–2023, supplemented by post‑2023 evidence (2024–25 where available) to reflect more recent developments.
The evaluation found that SBI expanded SME access to finance and played a stabilising, counter‑cyclical role but constraints remain on the demand side. Furthermore, SBI has supported changes towards greener, more inclusive and more digital practices but SME‑targeted digital finance remains limited. Lastly, strong firm‑level results were achieved with SBI support, but they did not translate into systemic market transformation.
IEvD
Independent Evaluation Department