Access to finance of SMEs: young growth oriented companies and company transfers

The SMEPEFI project, funded by the Belgian Science Policy (BELSPO, Research project TA/00/41) studies the access to finance of small and medium enterprises (SMEs), mainly by exploiting existing databases as stipulated in the call.
In working out policy measures to increase the access to finance of SMEs, the Belgian government is confronted with a range of international, national and regional data which are very often isolated pieces of information, lacking an integrated perspective or failing to take into account the specific characteristics of the Belgian institutional context. The main goal of this study is to provide valuable input for policy makers in their aim to increase the access to finance of SMEs. The core focus of the project is on two central processes: the financing of young innovative, growth-oriented enterprises and the financing of business transfers. More specifically, the objectives are twofold. We aim to increase insight into (1) how companies are financed in their initial growth phase and when transferred, and (2) how these financing strategies impact their further development. Further, we recognise that financial resources are critical to the development of firms, but that not all types of financing are equal. Hence, we examine the impact of differences between financing sources and financiers on the development of young SMEs.

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Prof. dr. ir. Sophie Manigart
Department of Accounting, Corporate Finance and Taxation