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Sources of financing european smes and new supporting EU policies: evidence from the new EU member states

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  • Angela ROMAN

    („AL. I. CUZA” UNIVERSITY OF IASI)

Abstract

The SMEs’ access to finance is crucial for the creation, survival and growth of these firms. In the light of the recent global crisis, the dramatic fall in demand for goods and services and the reduced availability of bank loans has led to the aggravation of the problems faced by SMEs when they prospect for purchasing financial resources. In this context, our paper aims to highlight the sources of financing used by the European SMEs and the new policies proposed by the European Commission to facilitate their access to finance. The analysis carried out in this paper is based on data and statistics provided mainly by the European Commission and the World Bank. Based on the methodology used, the paper mainly indicates, the major problems regarding the financing opportunities faced by SMEs and the indispensable necessity for the adoption of measures, especially at EU level, to support their access to finance.

Suggested Citation

  • Angela ROMAN, 2012. "Sources of financing european smes and new supporting EU policies: evidence from the new EU member states," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 245-252, May.
    • Handle: RePEc:tdt:annals:v:xviii:y:2012:p:245-252
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    File URL: http://fse.tibiscus.ro/anale/Lucrari2012/kssue2012_036.pdf
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    References listed on IDEAS

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    1. de la Torre, Augusto & Martínez Pería, María Soledad & Schmukler, Sergio L., 2010. "Bank involvement with SMEs: Beyond relationship lending," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2280-2293, September.
    2. Berger, Allen N. & Udell, Gregory F., 2005. "A more complete conceptual framework for financing of small and medium enterprises," Policy Research Working Paper Series 3795, The World Bank.
    3. Ferrando, Annalisa & Griesshaber, Nicolas, 2011. "Financing obstacles among euro area firms: Who suffers the most?," Working Paper Series 1293, European Central Bank.
    4. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2005. "SMEs, Growth, and Poverty: Cross-Country Evidence," Journal of Economic Growth, Springer, vol. 10(3), pages 199-229, September.
    5. Concha Artola & Veronique Genre, 2011. "Euro Area SMEs under Financial Constraints: Belief or Reality?," CESifo Working Paper Series 3650, CESifo.
    6. Beck, Thorsten & Demirgüç-Kunt, Asli & Maksimovic, Vojislav, 2008. "Financing patterns around the world: Are small firms different?," Journal of Financial Economics, Elsevier, vol. 89(3), pages 467-487, September.
    7. Thorsten Beck & Asli Demirgüç-Kunt, 2004. "SMEs, Growth, and Poverty," World Bank Publications - Reports 11278, The World Bank Group.
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    Cited by:

    1. Roman Angela & Rusu Valentina Diana, 2012. "The Access Of Small And Medium Size Enterprises To Banking Financing And Current Challanges: The Case Of Eu Countries," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(14), pages 1-21.

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    More about this item

    Keywords

    SMEs; financing; constraints; European Union policies;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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