Funding for MSMEs resources in the commercial sector of Manizales
Article Sidebar
Main Article Content
Abstract
Objective: to determine a suitable system of amortization for MSMEs available resources of the commercial sector of Manizales.
Methodology: a survey was applied to 301 MSMEs at random and to 15 financial organizations of Manizales (Colombia). The research process included three phases, namely, identification of enterprises, implementation of the survey with different variables regarding the demand or the offer of monetary resources, interest rates, installation times and amounts for credit and economic benefits of MSMEs. A later survey was applied to the group of underwriters, that is, all financial institutions that grant resources. Finally, it was queried about the structure of interest rates for particular cases and how risks are identified and measured in such enterprises.
Results: regarding MSMEs, results showed that there are difficulties when obtaining financing resources and if granted, they are used improperly. A tiered system of amortization where credit taker may have more flexibility in cash flows according to periodic payments.
Conclusions: in cases where there is an important relationship between the provider and the entrepreneur, charging for credit tends to be reduced to the extent that this relationship is longer, even in these cases, fewer request or guarantees are required to backup those credits.
How to Cite
Downloads
Metrics
Article Details
Financing, Medium and Small Enterprises, Resources, Systems of amortization.
ANIF. Encuesta a MIPYME, primer semestre de 2014. Recuperado el 16 de noviembre de 2014.
Benavete, J., Galetovic, A., y Sanhueza, R. (2005). La dinámica industrial y el financiamiento de las MIPYME. Trimestre económico, (72), 3-35.
Berger, N., Allen, U. y Gregory, F. (1994). Lines of credit and relationship lendingin small firm finance. Working Paper. New York: New York University.
Boot, A., y Thakor, A. (2009). The accelerating integration of banks and markets and its implications for regulation. Oxford, USA. Oxford University Press.
Comisión Económica para América Latina y el Caribe (2014). Informe. Recuperado de http://www.cepal.org.
Emery, D., y Finnerty, J. (2000). Administración financiera corporativa. Ciudad de México: Pearson Educación.
Hellman F, T., y Lindsey L, A. (2003). Building Relationships Early: Banks in Venture Capital. Sauder School of Business Working Paper.
Hellman, T. (2002). A theory of estrategic venture investing. Journal of Financial Economics, 284-314.
Myers C, S. y Majluf S. N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 00.
Petersen, M. y Rajan, R. (1993). The benefits of lending relationships: evidence from small business. 3-37.
Rodríguez, A., (2003). La realidad de la MIPYME Colombiana, desafío para el desarrollo. Bogotá, Colombia: Fundes Internacional.
Stiglitz E, J., y Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review.
Superintendencia Financiera de Colombia (2014). Capitulo II Sistema de Administración de Riesgos.
Weston, E. y Brigham, J. (1981). Managerial finance. EE.UU: Dryden Press.
Zuleta, L. A. (2014). Política pública e instrumentos de financiamiento a las MIPYME en Colombia.
Once the manuscript is approved, the authors should file and sign the Right Transfer Format.
