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Small Business Financing: Differences Between Young and Old Firms

  • Alicia M. Robb

    (Federal Reserve Board of Governors)

Registered author(s):

    Financial capital is necessary not only for business formation but also for business survival and expansion: its role is well documented in the literature. While venture capital and IPOs often make the popular press, the fact is most firms are unable to tap into this market. Instead, they depend on owner equity, other private equity, and debt financing. Survey data from the Federal Reserve Board allow an in depth look at the patterns of small business financing in the late nineties. Evidence suggests that debt financing for small businesses was extremely important, especially for young firms.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-2002-07-2-e-robb.pdf
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    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 7 (2002)
    Issue (Month): 2 (Summer)
    Pages: 45-64

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    Handle: RePEc:pep:journl:v:7:y:2002:i:2:p:45-64
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    Web page: http://bschool.pepperdine.edu/jef

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    3. Frederick C. Scherr & Timothy F. Sugrue & Janice B. Ward, 1993. "Financing the Small Firm Start-Up: Determinants of Debt Use," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 3(1), pages 17-36 , Fall.
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    8. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
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