Small Companies Access to Multi Guarantee Mechanisms - An Evidence from Serbian Female Companies

Main Article Content

Stevica Dedjanski
Radmila Grozdanić
Mirjana Radović-Marković
Vladimir Vukotic

Abstract

Financial markets and sources of funds are scarce in Serbia for small companies, especially for these owned by women. There is a little mobilized capital for various reasons to support innovative small companies, the lack of private equity funds and various multi guarantee schemes, and private public sources. The main objective of this paper is to show the opportunities for the better transfer of best current practice into the system and practical solutions of the Serbian financial intermediaries and end users in the field of guarantees /loans, equity or joint venture, the proportion of the guarantee/ which covers the loan, interest rate, length, and conditions of the applications /, service/ multi societies or state agencies/. Investments in the Development of small companies, female owned, especially in the innovation of products, services and technology are the main precondition to their greater involvement in exporting, selling goods with higher added value to global market and sustainability of their business.

Article Details

Section
Articles

References

[1] Aernoudt, R. (1997). EU policy and loan guarantee schemes. Hoge school: Gent.
[2] Bannock & Partners. (1995). Securitization of Guaranteed Loans in Europe and Finance for Innovation, Main findings. European Commission: http://www.cordis.lu/eims/sc/eims-c3.
[3] Christensen, JL., Jackson, S., Riding, A., Mensah, S. (1999). “Loan guarantee schemes in six countries”, chapter 2. Aalborg University. http://www.cebr.dk/publications/reports/202000_1b.pdf.
[4] Cressy, RC. (1997). European loan guarantee schemes: who has them, who pays and who gains? Warwick Business School. CSME Wkg Paper.
[5] De Gobbi, M. (2002). Making Social Capital Work: Mutual Guarantee Associations for Artisans, Social Finance Programme, Employment Sector, International Labour Organisation
[6] European Bank for Reconstruction and Development and the World Bank. (2010). “Business Environment and Enterprise Performance”, World Bank Group, Washington DC
[7] European Commission. (2011). 2012. Progress Reports, Commission of the European Communities, Brussels
[8] European Bank for Reconstruction and Development. (2011). Transition Report, EBRD, London
[9] European Bank for Reconstruction and Development. (2012). Country strategies, EBRD, London
[10] Final Report of the 3rd Round Table of Bankers and SMEs. (2000). European Commission: http://www.europa.eu.int.
[11] OECD. (2012). SME Policy Index 2012, OECD, Paris
[12] Stiglitz and Weiss. (1981). “Credit rationing in markets with imperfect information”, The American Economic Review, Vol. 71, pp. 393-410.
[13] Storey, DJ. and Tether, BS. 1998b. Public policy measures to support new technology-based firms in the European Union. In Research Policy 26 (1998) pp1037-1057, Elsevier Science BV: Amsterdam. ISSN 0048-7333.
[14] Sljivic, R., Grozdanic, R., Damnjanovic, A. (2010). “Mikrokreditiranje u Srbiji”. Ekonomksi vidici. No. 4/2010.str 553-563
[15] Tucker and Lean. (2003). “Small firm finance and public policy”, Journal of Small Business and Enterprise Development, Vol .10, pp. 50-61
[16] Vogel, R. and Adams, C. (1997). Costs and benefits of loan guarantee schemes. Proc. Inter-American Development Bank Round Table on Loan Guarantees. IADB: Washington DC.

Most read articles by the same author(s)

1 2 3 4 5 > >>