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David Irwin was asked both to
make a presentation at the seminar on financing entrepreneurship and to
act as rapporteur. The eventual result was this paper, originally written in 2005, which reviews
mechanisms for financing entrepreneurship and new, emerging businesses at
the regional and local level and assesses the current position in SEE
countries. Transitional economies have acknowledged that SMEs are crucial
for industrial restructuring and have formulated national SME development
policies and programmes. The growth of SMEs in the region suggests that
there is significant potential for further expansion. This can only happen
if it becomes easier for entrepreneurs to raise the finance that they
need. . The chapter highlights the need for work in three key areas:
firstly, on the demand side, by building the capacity of entrepreneurs to
manage their businesses effectively so that they can secure credit more
easily; secondly, on the supply side, by combining new instruments and
more enlightened banks; and, thirdly, through mediation, by matching
supply and demand with good business support agencies, business angel
networks and regional stock exchanges, for example.
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