Η οικονομική κρίση και η χρηματοδότηση των μικρομεσαίων επιχειρήσεων στην Ελλάδα
The economical crisis and the funding of SME in Greece
KeywordsΟικονομική κρίση ; Μικρομεσαίες επιχειρήσεις ; Μικρομεσαίες επιχειρήσεις -- Χρηματοδότηση ; Economical crisis ; SME ; Funding of SME
The development of the Greek economy is based on the effective and sustainable operation of SME, which under the present conditions of deep and prolonged recession is at risk. For Greece, SMEs are extremely important since they constitute the basic business model and the cornerstone of the national and regional development. Particularly, they consist the basic (key) drivers of economic development, production, progress on innovation, confrontation of unemployment and empowerment of social cohesion. In order to be in a position, the SMEs to perform these multilateral functions, they need funds, which come from (derives) from internal and external sources. In this context, the access of SME to the various funding sources is becoming a pressing necessity so that they will manage to survive. The purpose of the present essay is to study the obstacles and the difficulties that the contemporary SMEs face in the field of Financial Funding, especially after the outburst of the economic crisis at the end of 2009. In order to achieve the proper presentation of data, this essay was constructed (structured) in 9 chapters. In the first chapter, an attempt is made to give a reliable definition of economic crisis as well as an extensive reference to the global economic crisis by making a short recursion to previous crises that afflicted the global economy, concluding to the consequences to the current economic situation of the country, which seems to consist the main reason for the existing difficulties and obstacles in financing the enterprises. In the second chapter, the problems of financing the SMEs and their general characteristics are documented. Reference is made to the general problems that these enterprises face related to their operation due to the harsh economic situation. Finally, statistical data are presented which appertain to the counting of the number of businesses in Greece and EU. In the third chapter the alternative methods of financial funding are displayed, such as the business involvement funds, in formal investors, etc. Despite the change of attitude and the appearance of new financial tools, the bank loan is still the main financing source of the operation and investment activities of SMEs. The economic crisis that afflicts the Greek economy since 2009 has not caused problems only to the business world, but as it is well known, to the banking sector, which is blocked from the international markets and faces immense liquidity problems, trying to maintain its economic position, through adopting a stricter attitude towards the current and potential borrowers. Therefore, in the fourth chapter we present all the forms of bank funding and at the same time the criteria which are used by the banks, so that they finance the enterprises and the reassurances they require in order to be covered against the credit risk. Banks under the new circumstances have set stricter criteria in granting credit, asking more guarantees and objective data proving the economic status of the companies limiting in this way the circle of recipients. In the fifth chapter we observe through studies that have been carried out by official bodies, which are the most important obstacles in financing of the contemporary SMEs while in the sixth chapter national and community programs that enhance business funding are listed. Due to the important dimensions that the problem of financing the SME has received, as part of this essay empirical research was carried out using a questionnaire, which was based on valid questionnaires of previous similar surveys. The questionnaire was distributed through e-mails but also in printed, as well as by Google form in SMEs in the Attica region. The research lasted from the middle of April until the middle of June 2016 and in the seventh chapter there is a detailed description of the methodological cycle of the survey. The findings of the research are quite interesting. The conclusions that emerge from the analysis of the research findings are the following: The difficult access of the enterprises especially of the non-capital and the newly established in external funding which consists one the most important restrictive factors for the development of the activity of Greek SMEs during the economic crisis with the tax policy to be the primary issue. Other conclusions are the difficulty in receiving financing from the domestic credit institutions due to the strict conditions and terms they lay down which results in plenty of the SMEs turning to self-financing or commercial credit, the lack of alternative forms of funding and capitalization of national and community programs, whereas they also find important in great percentage the easily acquired funding for their sustainability, especially for the ones who trade in a domain with intense liquidity problem. The basic suggestions include the constitution of a new context of designing financial instruments which will be disposed during the current period 2014-2020 driven by the actual needs of the SME and the reduction of the bureaucracy, the promotion of alternative forms of financing and finally the formation of a national strategy having as a target the upgrade of the very small and medium family oriented personal business, so that they evolve into viable enterprises with a high degree of extroversion and innovation which will create competitive products and services.