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Le programme SBIC : analyse et enseignements

Listed author(s):
  • Cécile Carpentier
  • Jean-Marc Suret
Registered author(s):

    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.

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

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    Length: 34 pages
    Date of creation: 01 Mar 2005
    Handle: RePEc:cir:cirwor:2005s-15
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