This EIF Working Paper investigates financing patterns of European SMEs by looking at different financing instruments and their complementary or respectively substitutive use, based on the SAFE dataset collected in 2015. Applying cluster analyses, the authors develop an empirical taxonomy of SME financing patterns in Europe. In order to investigate the cluster stability over time, they replicate an approach by Moritz et al. (EIF Working Paper 2015/30), who used the SAFE data from 2013. In addition, the analysis extends that study by looking at the role of the country-specific macroeconomic and institutional environment for the financings patterns of SMEs.