The Journal of Accounting and Management, Vol 5, No 3 (2015)

Access to Finance of SMEs in CEE Countries and Supportive Measures

Angela Roman, Valentina Diana Rusu


The access to finance is very important for the proper functioning and development of the enterprises. But, unfortunately, the access to finance is one of the major problems faced by the SMEs from all the European Union countries. Moreover, the recent financial crisis has brought even more challenges for these enterprises, because the deteriorating macroeconomic environmentand the uncertainty about the macroeconomic outlook caused creditors to show a greater reluctance in lending to these enterprises.Thus, the objective of our paper is to analyze the problems faced by the SMEs from ten Central and Eastern European (CEE) countries when trying to obtain the financial resources they need in current times, after the recent financial crisis. Another objective is to highlight the reforms adopted by these countries to sustain SMEs financing.The main findings of our paper are the fact that the current financial crisis had major negative implications on SMEs' access to finance and the measures taken by the decision makers to support lending of these enterprises are not enough, they must extend, in order to achieve a level of the access to finance of SMEs similar to the one in the developed European countries.


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