Determinante inovativnih modela financiranja kao nadomjestka 'seed' kapitala mikro, malih i srednjih preduzeća
Determinants of the Innovative Models of Financing as a Substitution of Seed Capital of Micro, Small and Medium Enterprises

Summary/Abstract: Capital lending market is to great extent influenced by the structure of enterprises that generate economic growth and enable largest development potential. On EU level, 99% of enterprises are small and medium enterprises, whereby even 92% belong to micro enterprises employing less then 10. In apsolut numbers, micro enterprises employ two third of total working force in EU and thereby in this segment these should be treated separately. Considering from the development perspective, one of key surviving factors is a access to effective external financing during the period that impedes high risks and low ROI. As SMEs do not possess public accountability the negative selection is on high level that burdens the pilot investments additionally. Thereby important segment of financial market presents seed capital in form of risk capital that can be placed as intermediary aim or throughout commercial micro credits. Taking into account that transitional economies possess limited funds dedicated to these purposes, micro credit financing is set as imperative of sustainable development of micro credit enterprises. This article lightens basics in micro credit financing in practice and theory.

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