The Belgian Knowledge Centre for SME Financing (BeCeFi) published the final report of its study "Financing business transfers of Belgian SMEs" on September 20th 2007. It is the first time that such a study aims at all relevant actors in Belgium and considers, both qualitatively and quantitatively, the issue of business transfers among SMEs from the angle of financing aspects.

The first objective of this study is to give a synthesis of the existing expertise with regard to the financing of business transfers. This synthesis is based on the analysis of reference literature, and is completed with the advice of experts who were questioned by the BeCeFi. This is the qualitative section of the study.

On the other hand, the quantitative section makes it possible to gain a statistic insight into the credit or guarantee applications, thanks to the systematic analysis of the files which were treated by commercial banks but also by the Participation Fund and the Brussels Guarantee Fund. This concerns only the financing of SME transfers. However, with the quantitative section, we want to go further then just a mere description. Based on the results of the statistic analysis, conclusions were drawn and recommendations were formulated.

Download the final report in French and in Dutch.


In cooperation with the Catholic University of Leuven (department of Accountancy, Insurance and Finance) BeCeFi will start a complementary research project to analyse the investment behaviour of businesses after their transfer.

BeCeFi also contributes to the publication "Durven Overlaten" of the Flemish Policy Research Centre "Entrepreneurship, enterprises & innovation" (STOOI).