Financing alternatives for SMEs
Fecha: enero 2013
Autores: Arturo Rojas, Javier López Somoza
Etiquetas: Acceso al crédito, Financiación de la empresa, Pequeña y mediana empresa (pyme), Crédito bancario
The drought in bank credit will not be short-lived, making it imperative for SMEs to tap alternative sources of financing, through either debt or equity markets. Debt financing options range from commercial paper or bond issuance, securitization of loans, or creation of investment funds to invest in SME debt. However, these SME debt-financing options would need to overcome investor risk perceptions, illiquidity, high costs to the issuer, and regulatory barriers. Equity finance could be channeled through the already existing Alternative Investment Market (MaB), which could potentially provide a lower cost equity option to SME issuers, among other benefits, such as brand image and diversification. For this to be the case, MaB’s existing shortcomings and current negative dynamics will have to be addressed over time.