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Financing Gap for SMES and the Mezzanine Capital

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  • Laura Giurca Vasilescu

Abstract

Mezzanine capital is a hybrid instrument which combines the benefits of debt and equity and represents an alternative source in financing the start-up and expansion of SMEs.The paper analyzes the mezzanine financing instruments that include private placement instruments (private mezzanine) and capital market instruments (public mezzanine) and the level of development in the market for mezzanine financing that varies across Europe: while SMEs in some countries can choose from a wide range of different products, other countries still have ground to make up in this area.Taking into consideration the financing gap of the SMEs in EU, the mezzanine capital represent an important option for covering this gap. This instrument should be considered in the context of the international financial crisis which affects dramatically the possibilities of financing for the SMEs. Thus, the paper presents the main features and advantages offered by this hybrid financing instrument from the firms and investors’ perspective but also the main challenges.

Suggested Citation

  • Laura Giurca Vasilescu, 2010. "Financing Gap for SMES and the Mezzanine Capital," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 23(3), pages 57-67, January.
    • Handle: RePEc:taf:reroxx:v:23:y:2010:i:3:p:57-67
    DOI: 10.1080/1331677X.2010.11517423
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    Cited by:

    1. Robert Gampfer & Jessica Mitchell & Blagoy Stamenow & Jana Zifciakova & Koen Jonkers, 2016. "Improving access to finance: which schemes best support the emergence of high-growth innovative enterprises? A mapping, analysis and assessment of finance instruments in selected EU Member States," JRC Research Reports JRC102928, Joint Research Centre.
    2. Esho, Ebes & Verhoef, Grietjie, 2018. "The Funding Gap and the Financing of Small and Medium Businesses: An Integrated Literature Review and an Agenda," MPRA Paper 90153, University Library of Munich, Germany, revised 21 Nov 2018.
    3. Robert Golej, 2016. "Selected Determinants of Mezzanine Financing in Poland," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 12(3), pages 57-84.

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