EFRAG finds limited interest in a voluntary template for SMEs and startups on the European Single Access Point
EFRAG’s Draft Assessment Report on the potential uptake of a voluntary template for SMEs and startups on the European Single Access Point (‘ESAP’) tentatively concludes that overall interest is insufficient to generate meaningful engagement. The report follows consultations with more than one hundred potential users – including SMEs, startups, finance providers and finance facilitators in the EU. The document has been published as part of the due process requirements.
Stakeholders are invited to provide feedback on the report by 27 May 2026, either via written comment letter or interview with the EFRAG project team.
Highlights of stakeholders’ views on the voluntary template
Smaller Initial Public Offering (IPO) facilitators and mergers & acquisitions (M&A) advisors are interested in the template, as it could help them identify entities that are ready for listing or suitable for mergers and acquisitions.
Startups and fast-growing companies expressed conditional interest, particularly when facing financing challenges, and provided that the template would not be costly to complete, and would not require the disclosure of commercially sensitive information. A voluntary template on a platform other than ESAP might further reduce the cost of providing the information.
Large private equity and venture capital providers also showed little interest, preferring established channels, such as commercial databases, pitch events and proactive requests from startups and other potential investees.
Smaller finance providers, including business angels, small VC funds, and crowdfunding platforms, may find the template useful for cross-border investments. However, its appeal is limited for most business angels, who tend to operate locally.
Some public agencies providing financial aid or advice to SMEs and startups also expressed interest, seeing the voluntary template as a source of information about companies they could assist or assess for eligibility for financial aid.
When it comes to banks, they are unlikely to use the template. They cited the need for more information for credit assessments, their local focus, and limited proactive client outreach. Banks currently provide most SME financing, but cannot offer sufficient support to startups and fast-growing, innovative companies.