Abstract:

It is well-known, that SMEs drive business dynamics at all stages, namely the creation, expansion, contraction and insolvency of firms, and can be considered as the fuel for general economic growth [1]. But SMEs are mainly dependent on financing level, though the issues of their challenges in access to finance should not be underestimated. According to a World Bank Group study [2], SMEs face lack of obtaining bank loans in comparison with large firms. Internal funds, or cash from friends and family, aimed at launching and running their business activities, are among their main financial sources.