This paper investigates the demand for, and access to, financing for young small and medium-sized enterprises (SMEs). The work compares, theoretically and empirically, two sets of new firms—those that export and those that do not export—as to the frequency with which they seek and obtain external financing. The work hypothesizes that new growth firms and new exporter firms are especially likely to seek external financing yet less likely to obtain financing. Empirical findings confirm these expectations, demonstrating that young growth firms were more likely than non-growth firms to seek all forms of capital and exporters were particularly likely to apply for equity and trade credit. Commercial lenders were less likely to approve loan applications from early stage growth firms, and especially so for applications from young, growth-oriented SME exporters. The implications of these results for research and public policy are discussed.
Small Business Economics – Springer Journals
Published: Jan 13, 2010
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