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Small and Medium Enterprises in the Czech Republic - The Possibilities of Financing their International Business Activities

Author

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  • Eva Černohlávková

Abstract

At the beginning of nineties small and medium enterprises (SMEs) constituted a new phenomenon in the Czech economy. Their role increased during past fi fteen years but the development and internationalisation of their activities have been infl uenced by many barriers. The shortage of fi nancial recourses, lack of experience, information and knowledge were the most important among them. Step by step the institutions and business supporting services for SME were introduced. The fi nancial market development caused the change of the attitude of Czech commercial banks towards SMEs in a positive way. Another reason of this shift is the support the commercial banks receive from the international fi nancial institutions /EBRD, EIB/ for fi nancing of SMEs. The EU accession has brought new incentives to the international business activities of SME. To increase their competitiveness the effi ciency of using the fi nancial resources of EU funds might be crucial. The best ways of the fi nancial support of SMEs would probably be the forms which are connected with networking and cooperation among SMEs and management advice.

Suggested Citation

  • Eva Černohlávková, 2005. "Small and Medium Enterprises in the Czech Republic - The Possibilities of Financing their International Business Activities," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2005(2), pages 16-30.
  • Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:2:id:174:p:16-30
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    More about this item

    Keywords

    small and medium enterprises; business fi nance;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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