And the pendulum has shifted too far in the other direction so that even if you've got a good business plan, you've got a good model and you're making profits and a good product, now banks are reluctant to lend at all.

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An ECB research paper released on Thursday estimated that the three-year loans will add between 0.7% and 0.8% to euro-zone gross domestic product by the middle of this year, in part by allowing banks to lend the money out into the economy.

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Banks that will lend to small businesses will resort to selling limited and cookie-cutter product offerings with zero flexibility.

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The structure of ETFs does lend itself to a more tax-efficient model, but that depends on each product also.

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