SME Financing and the Financial Crisis: A Framework and Some Issues

Journal title ARGOMENTI
Author/s Gregory F. Udell
Publishing Year 2010 Issue 2010/28 Language Italian
Pages 15 P. 5-19 File size 518 KB
DOI 10.3280/ARG2010-028001
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Studies of net job creation generally confirm the importance of the SME sector as an engine that can drive the economy out of a recession. The SME sector cannot perform this role without access to external finance. This article examines new paradigms that have expanded our understanding of how SME loans are underwritten and how underwriting changes during a macro financial shock. We also use these paradigms to examine two interesting issues related to SME financing during the current financial crisis: the behavior of foreign-owned banks particularly in developing economies and the efficacy of government guarantee programs.

Keywords: SME Financing, Lending Technologies, Guarantee programs.

Gregory F. Udell, Il finanziamento delle piccole e medie imprese e la crisi finanziaria: un quadro di riferimento in "ARGOMENTI" 28/2010, pp 5-19, DOI: 10.3280/ARG2010-028001