Small and Medium Enterprises’ Access to Financing – A European Concern: Evidence from Romanian SME

Abstract

While small and medium enterprises (SME) are experiencing a period of financial and economic crisis, the European Union is providing interesting business funding opportunities for the 27 European Members States. Empirical research shows that the factors driving SME financing decisions are complex, a state of fact reflected also by an ambiguous theoretical literature. On the one hand, this paper discusses the main characteristics of SME financing in Europe and provides against this background an analysis of the impact of the funds absorption on sustaining economic growth for Romanian SME. The results confirm the fact that for Romanian SME the access to financing is a priority issue in the actual economic situation. On the other hand, the paper points out some avenues for further research on this topic.