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Small business financing problems

Author: Erhan Valeriu
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Gheorghe Iliadi
doctor habilitat, professor, Institute of Economy, Finance and Statistics of the ASM
Scientific council:


The thesis was presented on the 30 January, 2009
Approved by NCAA on the 23 April, 2009


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173 pages


small and medium enterprise sector, banking sector, financial analysis, credit, loan, methods of financing, mechanism of credit, product of credit, risk, microlending


This Ph.D. thesis reveals the theoretical and practical issues of the development of bank lending to small businesses at the time of transition to market relationships.

The extent of small business development substantially depends on the ability of small businesses to access and mobilize adequately the financial resources. The shortage of financing is the main modern obstacle when Moldavian entrepreneurs attempt to make and develop their businesses, mainly reflecting inadequacy of methods of financing and mechanism of financial proceeds to which they have access through financial market. In this context, the thesis reveals the barriers which small businesses are facing with when getting access to external financing and analyzes the financial instruments and services that they could make use and provides a complexity of measures to follow in order to improve the situation.

Some reasons have been established in order to depict poor maturity of financial markets in mutual relationship of small businesses, and poor development of financial and lending services and lack of practices of modern financing used EC countries.

When analyzing the situation of financial market, the need for improvement the financial conditions of small businesses in Moldova is eminent and a number of measures are to be taken immediately to improve the access to finances and to enhance the level of competence among the owners and managers of small businesses, focusing on their financial-managerial abilities and enhancement of their knowledge of modern alternative methods of financing.

The investigation results and recommendations of improving the current banking mechanism of small business lending in Moldova could be practically followed in the banking sector in order to ensure the mutual advantage, enhancing the efficacy of small businesses and the national economy in the whole.