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FINANCING SOURCES FOR ROMANIAN SMEs IN THE CONTEXT OF KNOWLEDGE BASED ECONOMY

Author

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  • Daniel URITU
  • Alexandru-Emil POPA

Abstract

SMEs access to the finance needed to run the business was and still is one of the main problems that SMEs are facing. The resources available to SMEs are always limited and insufficient for their development potential. Therefore, the study aims to identify the financing sources for Romanian SMEs, to quantify in what measure they apply to this financing sources and what is their trend.In order to present the actual financing sources for SMEs in Romania we used 3 methods. First we conducted an interview addressed to Romanian entrepreneurs in order to identify the financing sources to which they call on most frequently. Secondly, we conducted a quantitative study in order to quantify the number of entrepreneurs that appeals to each of the identified sources. Thirdly, we compared the results from the past five years (2011 – 2015) in order to observe the trend.Approximately 82.04% of Romanian SMEs under questioning finance their economic activities out of own sources and only 24.58% of them use the bank credit for financing. Although there is a great range of funding sources, very few entrepreneurs use other sources than the classic ones, self-financing and bank credit. There are significant numbers of SMEs that could use funds productively if they were available, but cannot obtain finance from the formal financial system.

Suggested Citation

  • Daniel URITU & Alexandru-Emil POPA, 2015. "FINANCING SOURCES FOR ROMANIAN SMEs IN THE CONTEXT OF KNOWLEDGE BASED ECONOMY," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 9(1), pages 590-597, November.
    • Handle: RePEc:rom:mancon:v:9:y:2015:i:1:p:590-597
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    Citations

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    Cited by:

    1. R. Malar MARAN, & Alexandru Mircea NEDELEA, 2017. "Corporate Finance Theories And Principles: Redundant," EcoForum, "Stefan cel Mare" University of Suceava, Romania, Faculty of Economics and Public Administration - Economy, Business Administration and Tourism Department., vol. 6(2), pages 1-20, July.
    2. Urîtu Daniel & Corcodel Ștefan-Florin, 2016. "The Usage of Consulting Services Among Romanian SMES between 2011-2015," Management of Sustainable Development, Sciendo, vol. 8(1), pages 29-34, June.
    3. Daniel URÎTU & ?tefan-Florin CORCODEL & Ion Alexandru TÃNASE, 2017. "Awareness of the Concepts of Knowledge-based Economy and Organization within Romanian SMEs," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 18(1), pages 53-62, March.

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