Financing innovative small and medium-sized enterprises in times of crisis

Erić, Dejan and Beraha, Isidora and Đuričin, Sonja (2011) Financing innovative small and medium-sized enterprises in times of crisis. Revista Romana de Economie :Romanian Journal of Economics, 33. pp. 59-74. ISSN 1220-5567

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Small and Medium-sized Enterprises (SME) in general and particularly innovative ones are becoming an increasingly important factor on the road to achieving smart, sustainable and comprehensive development. Because of their propensity to innovative undertaking and risk, SMEs contribute significantly to economic growth but are generally less productive and pay the cost of high rates of death and lower rates of profitability. Financing SMEs is risky and uncertain and for innovative SMEs it is even more difficult to access financing. When financing innovative activities, investors perceive high risks and it is even more emphasized in times of crisis when there is an increase in the cost of capital. Institutional support and governmental programmes have an important role in closing financial gap that innovative SMEs are faced with. Because the survival and development of SMEs is to a great extant determined by their ability to access favorable financing, the main objective of this paper is to provide policy recommendations for promoting availability of financing to innovative SMEs in order to foster economic recovery and more dynamic development of Serbia. The recommendations are to emerge from analyzes and evaluation of currently available sources of finance for innovative SMEs.

Item Type: Article
Additional Information: COBISS.ID=512175714
Uncontrolled Keywords: innovative small and medium-sized enterprises, economic growth and development, financing, risk, crisis
Research Department: Business Economics
Depositing User: Jelena Banovic
Date Deposited: 23 Jan 2017 08:30
Last Modified: 26 Apr 2020 13:11

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