This paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized... Show moreThis paper examines differences in the ability to obtain capital—bank loans and trade credit—between firms, industries, and countries using survey data on European small and medium-sized enterprises (SMEs) from 2009 to 2014. The results show that firm age and firm size are positively linked to SMEs’ access to bank loans, but only firm size is positively related to the provision of trade credit. The results also provide em- pirical support for a complementary rather than a sub- stitutive effect between bank loans and trade credit. Manufacturing SMEs have a significantly higher likeli- hood of receiving bank loans and trade credit than non- manufacturing SMEs. We find differences across coun- tries in terms of the relevance of firm age and firm size for obtaining capital. In addition, we point at specific country-level variables that explain why obtaining credit is easier in some countries. We perform additional anal- yses to confirm our baseline results and provide direc- tions for future research. Show less