In recent years, Small- and Medium-sized Enterprises (hereafter called SMEs) have emerged to become an important factor for Vietnam¡¦s rapid economic growth. The environments in which these SMEs operate are speedily changing with the internationalization of the Vietnamese economy. Prompt changes have brought both opportunities and threats for the fragile SMEs section in Vietnamese economy. The purpose of this research is to answer ¡§What are the solutions for Vietnamese SMEs after going in the globalization process?¡¨ This paper indicates solutions (chiefly financial solutions) for challenges lie ahead if the plans for further trade liberalization and internationalization are realized. The basis of this paper¡¦s analysis is a database on the activities of some Vietnamese SMEs in a period of 2007-2009, with quantitative data about various aspects of company operations, as well as qualitative information about the entrepreneurs¡¦ perceptions of the current business environment and expectations about the future. In the survey¡¦s results, I have found a model of the internationalization of SMEs has been created which includes some elements: financial keys, governmental role, and other supporting organization. In which, access in finance has appealed as a key element for small and medium enterprise regarding the scope research of the survey. I believe they are main considerations for the Vietnamese SMEs to maintain, survive and develop their business operation after going globalization. Optimize financial solutions as suitable way to entry foreign market, government support; determine own Competitive advantage, positioning, decision-making and controlling.

Growth and development of small and medium-sized enterprises (SMEs) are the key drivers of economic growth and development in Africa. While this has become a widely accepted idea, access to financing for growth remains a stumbling block for many enterprises in Zambia. Traditional lenders (i.e. banks) are risk averse because they may not understand the SME market and have been negatively impacted by information asymmetry that is often associated with these ventures. As a result, they tend to charge exorbitant interest rates that are unsustainable for long-term growth. The existing focus of many microfinance institutions in Zambia is typically directed towards salaried employees which crowds out lending to SMEs. Private equity financing, on the other hand, presents an alternative solution to the long-term financing dilemma faced by enterprises. The Zambian private equity market is itself in a nascent space but shows much potential. This dissertation seeks to determine what drives private equity financing in Zambia and what constrains it. The dissertation adopts a qualitative research approach relying on the interviews of various Fund Managers who are familiar with investing in Zambia. The paper finds that private equity investment in Zambia is determined and catalysed broadly by business attractiveness and the business environment. Business attractiveness is underpinned by management capacity, the business track record, exits and returns, impact potential and business scalability. The business environment is driven by political stability, GDP growth and population growth. The sector is however, constrained by a less developed private equity culture, limited opportunities to invest and currency risk.

Charles University in Prague Faculty of Social Sciences Institute of Economic Studies MASTER THESIS The determinants of access to finance. Evidence for transition economies Author: Alina Cazachevici Supervisor: Roman Horvath, Ph.D. Academic Year: 2012/2013 Abstract The thesis provides an empirical analysis of impact of country-level and firm-level determinants on access to finance in transition economies. Generalized Ordered Logit model is applied on survey data for transition countries, combined with financial market indicators. The results show that higher concentration in banking sector, as well as higher financial deepening have a positive impact on access to finance, while volatile macroeconomic environment, higher implication of foreign-owned and state- owned banks seems to be perceived as increasing obstacles in accessing external financing. Combining indexes for liberalization in banking sector and liberalization of securities markets proved that before liberalization process firms had better access to finance. One of the possible explanations is that before liberalization state banks were forced by politicians to issue more loans, while after reforms the political pressure was removed, imposing stricter conditions for loan granting. Inclusion of corruption variable yields expectable results that...

Mongolian SME sector is an important part of its private sector that effectively contributes to the outcome of Mongolian economy. Like SMEs in other countries, SMEs in Mongolia face challenge of accessing to finance and this is the most constraint for their continuous growth. While credit guarantee schemes, by filling this gap, became one of the most effective SME promoting tools for the governments of many developed and developing countries, Mongolian government has not been institutionalizing such schemes yet. This study investigates the feasibility of Mongolian government to establish a state-funded CGS in order to facilitate SMEs access to finance. This research based on questionnaire survey conducted from 316 SMEs in urban and rural areas of Mongolia in late 2011. SMEs need for financing, demand for guarantee services and their attitude toward establishing the CGS in Mongolia were investigated. Also, two officials from ¡§SME Fund¡¨ and ¡§SME Support Agency¡¨ were interviewed to analyze their attitude on feasibility of institutionalizing the CGS with the support of Mongolian government. The study showed that there is a high demand for additional financing and credit guarantees in SME sector. The findings suggested that the government urgently needs to institutionalize CGS to solve financial challenges of SMEs. As the most appropriate type of CGSs for Mongolian environment found was a ¡§Public CGS¡¨.

Magister Legum - LLM / Timely, adequate and affordable access to finance is pivotal to bolstering the participation of small and medium-size enterprises (SMEs) in both domestic and international trade. Regrettably, despite their immense contributions to the economy, most SMEs in Nigeria and across Africa find it extremely challenging to access finance from banks and the stock market. As a result, they cannot fund their working capital and trade financing needs conveniently, and this undermines their growth and capacity to contribute even more to the economy. This situation has made it imperative to continue exploring alternative sources of finance that may be more accessible and align better with the peculiarities of SMEs.

Yes / Sustainable Development Goals (SDGs) place considerable focus on women empowerment and access to finance as well. While goal 5 of SDGs targets gender equality and women empowerment, access to finance appears as an enabler of at least eight goals among seventeen SDG goals. Considering significant emphasis both on women empowerment and financial access by the policymakers and multilateral organisations, in this study using India as our country of interest, we examine the relationship between access to finance to women and women empowerment. In this context we also examine whether financial literacy can assist in improving women empowerment and their access to finance. / The full-text of this book chapter will be released for public view at the end of the publisher embargo, 24 months after publication.

This dissertation examines the effect of the legal environment on access to several types of external finance, and on the decision to invest, for the 3 countries that make up the East African Community (EAC). The results suggest that well defined creditor rights are positively correlated with access to bank loans. Strong creditor rights places pressure on firms to keep good quality financial records. More lending takes place in this environment. A good quality legal system also improves access to non-bank finance, namely trade credit and leasing finance. The analysis demonstrates that collateral in the form of machinery and equipment improves access to bank finance. Collateral appears to be of greater importance when legal enforcement costs are relatively low and information asymmetry is more acute. The results also show that the property rights environment is important for investment. However, the protection of property rights has a more meaningful effect on investment in an environment where the costs of corruption are lower and courts are more efficient. Access to bank finance has a significant positive effect on investment. Thus, a legal system that improves the flow of funds from banks to firms promotes growth enhancing activities. Internal sources of finance are also found to be important for investment. It is recommended that strong emphasis is placed on improving the laws protecting the rights of creditors over property pledged as collateral and over information they can obtain from debtors. Debtor rights over assets in their possession should also be strengthened.

Worldwide, entrepreneurship is seen as one of the most important solutions to unemployment, poverty and low economic growth. The creation of new ventures and the growth of existing businesses are vital contributing factors to any economy. Women outnumber male entrepreneurs, which have led to a renewed focus on gender entrepreneurship and the development of appropriate interventions for gender–specific groups across the globe. In South Africa, women make up just less than 50% of the entrepreneurial population. There is therefore, considerable scope to improve the number of women entrepreneurs in the economy and the level at which they operate. Literature review in this study highlighted that female business ownership is concentrated primarily in the service industries where businesses are relatively smaller in terms of employment and revenue, as opposed to the technology, construction and manufacturing sectors. Women entrepreneurs want to expand their businesses as much as male entrepreneurs but women have a hard time in obtaining external financing and credibility as business owners. The objective of the study was to explore white and black women entrepreneurs in the Carletonville and Soweto areas and to provide practical recommendations to ensure successful women entrepreneurship in the country. This study had a total of 58 black and white women entrepreneurs that were motivated by factors like the need for independence, confidence in the product/service offered, self– fulfillment and the need for a challenge into owning a business. A typical woman entrepreneur in this study is between the ages 40 to 59 years, is married with an average of one to two children. The woman entrepreneur is fairly educated with an education level of matric and a diploma. But her business is micro or very small with an annual turnover of R50 000 to R500 000. Participating women entrepreneurs are faced with obstacles such as inequality of access to credit, awareness and access to business support, risk averse, lack of focused women entrepreneurship policies from regional municipalities and government, lack of education and training in their business start–up phase. They are faced with obstacles such as awareness / access to business support, gaining acceptance and respect of people, liquidity and other financial problems and lack of timely business information in running their businesses. Women entrepreneurs in this study declared that they need support on factors such as business advice, information, counselling, mentoring, marketing support and women entrepreneurship specific based policies to enhance women entrepreneurship in the areas of Soweto and Carletonville. The study also conducted t–tests to compare white and black women entrepreneurs in the Carletonville and Soweto areas. The t–tests focused on motivational factors to self– employment, obstacles to business start–up and obstacles faced in current business operations. The t–test in this study revealed that black women entrepreneurs rated the following motivating factors: desire to wealth, the need for independence, need for flexible work schedule, need for a challenge, self–fulfillment, to develop my hobby, insufficient family income and ensure high job security more positively than the white women entrepreneurs. In addition, the t–tests also revealed that black women entrepreneurs are affected more than the white entrepreneurs by fear of failure and their perceived inequality of access to credit in their business start–up. Furthermore, black women entrepreneurs, in running their businesses are severely affected by family pressures in relation to gender roles and a lack of awareness of or access to business support more than the white women entrepreneurs. This study offered recommendations such as exposing women in entrepreneurship at a tender age, increasing access to finance and the establishment and enhancement of women entrepreneurs’ organisations like SAWEN, BWASA, and SAWIMA amongst others. The women entrepreneurs’ organisations should embark on campaigns and intensify their marketing strategies amongst others. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2012.

The purpose of this study is to provide empirical, qualitative evidence concerning the factors within the supply, demand and institutional support environments that hinder SME access to finance as well as the interventions necessary to improve access to finance for SMEs in the North West Province (NWP) of South Africa. The semi-structured interview technique was used to collect data from a sample of 25 organisations. A response rate of 56% comprising two financial institutions and 12 SME support and development organisations currently operating in or providing financial and/or non-financial services to SMEs in the NWP, participated in the study. Descriptive statistics in the form of frequency counts and percentages and a qualitative data analysis software package (Weft QDA) were used to analyse the data and interpret the results. The findings of this study are consistent with and support the findings of previous studies investigating SME access to finance. The findings indicate that the SME sector is characterized by a dearth of entrepreneurs, highly risk averse financial institutions and a poorly functional support and development environment. The findings of this study further indicate that formal and structured collaboration initiatives between financial institutions and SME support organisations are vital to improving SME access to finance in the NWP. The study will be of interest to policy makers, financial institutions and SME support and development organisations interested in SME financing and economic development. The results of the study contribute to the understanding of the current financing challenges facing SMEs and will assist financial institutions, SME support organisations and SMEs to better understand the role and importance of effective stakeholder collaboration in improving SME access to finance. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The purpose of this study is to provide empirical, qualitative evidence concerning the factors within the supply, demand and institutional support environments that hinder SME access to finance as well as the interventions necessary to improve access to finance for SMEs in the North West Province (NWP) of South Africa. The semi-structured interview technique was used to collect data from a sample of 25 organisations. A response rate of 56% comprising two financial institutions and 12 SME support and development organisations currently operating in or providing financial and/or non-financial services to SMEs in the NWP, participated in the study. Descriptive statistics in the form of frequency counts and percentages and a qualitative data analysis software package (Weft QDA) were used to analyse the data and interpret the results. The findings of this study are consistent with and support the findings of previous studies investigating SME access to finance. The findings indicate that the SME sector is characterized by a dearth of entrepreneurs, highly risk averse financial institutions and a poorly functional support and development environment. The findings of this study further indicate that formal and structured collaboration initiatives between financial institutions and SME support organisations are vital to improving SME access to finance in the NWP. The study will be of interest to policy makers, financial institutions and SME support and development organisations interested in SME financing and economic development. The results of the study contribute to the understanding of the current financing challenges facing SMEs and will assist financial institutions, SME support organisations and SMEs to better understand the role and importance of effective stakeholder collaboration in improving SME access to finance. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.