Access to Finance of Innovative SMEs

  • Valeria Venturelli
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)


This chapter surveys the theoretical literature on the financial constraints affecting small and medium-sized enterprises (SMEs)1 and then briefly introduces the reasons supporting government intervention to sustain the companies most at risk of credit rationing: new firms and small firms with innovative business plans in the early stages of their development. The focus here is mainly on SMEs, although the financial constraints on innovative operations also affect larger firms (Hall, 2002; 2005).


Venture Capital Information Asymmetry Moral Hazard Credit Rationing Innovative Firm 
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© Valeria Venturelli 2008

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  • Valeria Venturelli

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