Advanced Search
MyIDEAS: Login to save this paper or follow this series

Le programme SBIC : analyse et enseignements

Contents:

Author Info

  • Cécile Carpentier

    ()

  • Jean-Marc Suret

    ()

Registered author(s):

    Abstract

    We analyse the American Small Business Investment Companies (SBIC) program designed to help small and medium sized businesses find venture capital. SBICs are private entities that may be financed by the Small Business Administration under favourable conditions. The success of this program should inspire public policy makers in other countries. Indeed, SBICs have financed numerous traditional and high tech SMEs at a low or zero cost for the government. The rules of government intervention are very similar to those of private financing. The program rests on strong governance, clear rules and stakeholder accountability. The SBA is powerful and the SBICs are stringently governed. The private status of SBICs, their sizeable initial funding, the third party certifying the quality of the project and officers with proven management capacity may explain the success of the program. Nous analysons le programme américain des Small Business Investment Companies (SBIC), destiné à aider les PME à trouver du capital de risque. Les SBICs sont des entités entièrement privées ayant la possibilité de se refinancer dans des conditions favorables auprès de la Small Business Administration (SBA). Ce programme peut être considéré comme un succès et devrait inspirer les décideurs d’autres pays. Les SBICs ont en effet permis des financements nombreux de petites et moyennes entreprises traditionnelles et de haute technologie, à un coût faible ou nul pour le Gouvernement. L’intervention se fait suivant des règles qui sont proches de celles qui prévalent sur le marché privé. Le programme repose sur un système de gouvernance solide, des règles claires et la responsabilisation des acteurs. Le pouvoir de la SBA est important, et la régie interne des SBICs est forte. Le caractère largement privé des SBICs associé à une capitalisation initiale relativement importante, à la présence d’une tierce partie certifiant la qualité du projet, et à la qualité de gestion des dirigeants contribuent également au succès de ce programme.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.cirano.qc.ca/pdf/publication/2005s-15.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by CIRANO in its series CIRANO Working Papers with number 2005s-15.

    as in new window
    Length:
    Date of creation: 01 Mar 2005
    Date of revision:
    Handle: RePEc:cir:cirwor:2005s-15

    Contact details of provider:
    Postal: 2020 rue University, 25e étage, Montréal, Quéc, H3A 2A5
    Phone: (514) 985-4000
    Fax: (514) 985-4039
    Email:
    Web page: http://www.cirano.qc.ca/
    More information through EDIRC

    Related research

    Keywords: public policy; small business; financing; SBIC; governance; : politique publique; petites entreprises; financement; SBIC; gouvernance;

    This paper has been announced in the following NEP Reports:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:cir:cirwor:2005s-15. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Webmaster).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.