How do SMEs ensure a balanced financial structure despite bank credit rationing?

The aim of this article is to highlight ex-ante financial imbalance so as to propose means of funding the long and medium term needs of SMEs confronting excessive bank credit rationing in order to achieve a balanced financial structure. It is based on two surveys, the first one was carried out in 2011 on 70 Cameroonian SMEs; it enabled to highlight the frequency of occurrence of alternative funding methods for SMEs’ long and medium term needs. The second one was conducted between 2013 and 2016 on 452 SMEs in Cameroon; we resorted to the above-mentioned frequencies of occurrence to spotlight the funding methods used by SMEs in a context of bank credit rationing. We then brought out the mechanisms by which SMEs achieve financial equilibrium. So our first investigation pointed to the following constantly used funding methods: equity, tontines (savings and loan associations), help from relatives, microfinance institutions, bank loans, leasing. As for the second study, there are tontines (savings and loan associations), microfinance institutions, inter-company credit, help from relatives, help from friends, contributions from associates, leasing institutions, associations, capital increase. The results thus obtained could constitute a hopeful prospect in line with the models by Modigliani and Miller, Myers and Majluf, and Quintart for those showing interest in the funding of SMEs in a context of excessive credit rationing.