A Hybrid Framework for SME Financing Based on the Mix between Governmental Support and the Use of a Specialized Investment Fund in the Actual Context of a Slow Recovery after Crises and Turbulences

The global crisis (2007-2009) and the European sovereign debt crises (2011-2013) have led to major changes in the SMEs financing. The recovery after the mentioned turbulences is slow and it requires the creation of new financial instruments that allow SMEs maintaining/ developing the existing business solution, but also the creation of new start-ups. In the emerging European countries the situation is even more critical because SMEs access to conventional financial solutions was seriously limited. Governments should respond more actively to solve the growing difficulties faced by SMEs in accessing finance (injections of capital in loan guaranteed programs, direct lending programs, micro-credit loans and other guaranties), but should be designed also other interesting innovative schemes (public-private partnership, special dedicated investment funds with flexible structure).