Michael, Thanks for your comments. We agree that different types of SMEs may have a different impact on innovation, productivity, and growth. Some Credit Guarantee Schemes around the world try to differentiate among these types of SMEs and introduce special programs for innovative/high tech SMEs. We are not aware of any rigorous evaluation of the impact of these special schemes. We believe more work needs to be done in assessing the impact of policy interventions in general, especially interventions that target those SMEs. However, that was not the focus of this paper. We are still at a more basic level, making an effort to raise basic data on SME lending and its basic determinants. We also recognize that non-bank forms of finance such as private equity are also needed to support these SMEs, although not too many countries provide the conditions for these private equity funds to succeed.