• ISSN: 2301-3567
    • Frequency: Quarterly (2013-2014); Monthly (2015-2017); Quarterly (Since 2018)
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
    • Executive Editor: Ms. Mia Hu
    • Abstracting/ Indexing:  Electronic Journals Library, Ulrich's Periodicals Directory, MESLibrary, Google Scholar, Crossref, and ProQuest.
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JOEBM 2017 Vol.5(12): 352-356 ISSN: 2301-3567
DOI: 10.18178/joebm.2017.5.12.538

Financing for SMEs: The Role of Crises

Cláudia Cardoso and Marta Sampaio
Abstract— The financial crisis of 2007-2009, in the US, was followed by several sovereign-debt crises and banking crises in Europe. One of the most discussed consequences of these crises was if there was an effect on the financing to the economy. Among the firms, small and medium-sized enterprises (SMEs) are traditionally considered more fragile and many authors engaged in the analysis of the financing conditions of these companies and the particular restrictions that they may face in the moment of a financial crisis. This is our starting point for an exploratory study on the behaviour of demand, supply and the cost of financing for SMEs. We conclude that, despite the decreased cost of financing have been higher for large firms than for SMEs, and after a period of scarcity of financing, the external financing available for the SMEs had overcome the needs, on the euro zone. There is also some evidence that there was a change on the structure of the sources of financing used by the SMEs.

Index Terms— Bank loans, crisis, financing of firms, SMEs.

Cláudia Cardoso is with Management Applied Research Unit (UNIAG) and Polytechnic Institute of Cávado and Ave (IPCA), Vila Frescaínha S. Martinho, 4750-810 Barcelos, Portugal (e-mail: ccardoso@ipca.pt). Marta Sampaio is with University of Minho, Largo do Paço, 4704-553 Braga, Portugal (e-mail: mart.filipa.20@gmail.com).

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Cite: Cláudia Cardoso and Marta Sampaio, " Financing for SMEs: The Role of Crises," Journal of Economics, Business and Management vol. 5, no.12, pp. 352-356, 2017.

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