Sources And Mechanisms Of Financing For Smes In Villavicencio, Colombia Fuentes Y Mecanismos De Financiacion En Las Pymes De Villavicencio (Colombia)

SMES are of vital importance in the corporate field. Access to financing is considered one of its great problems. This article identifies the sources and mechanisms of financing for SMES in Villavicencio, to establish the cost in the debt and its profitability. We show results in two phases: The first consists of a characterization in the financial structure, and the second, a revision of the financial statements for the period 2008-2011 for the sample SMES. The conclusions are: 79% are small entities that function with assets inferior to five million Colombian pesos and less than fifty employees. Contrary to results of other studies, the resources of these entities come from internal financing, generated by the re-investment of profit and capital addition. Although in Colombia there are macro policies that have been established to facilitate the access of SMES to small loans. Commercial banks are the main source of external financing, in levels above 50% of debt. The financing cost absorbs 86% of its operational margin leaving an average of 3% to 5% as net profit margin.