Analysis of Alternative Sources of Financing For Small And Medium-Sized Businesses
Keywords:
Financing, Profit, Fund, Small Business, Innovation, Policy, Enterprises, Development
Abstract
In modern economic conditions, the enterprises' own funds have not been able to become the necessary basis for implementing a unified innovation policy, and have not eliminated multi-channel financing. At the same time, it is necessary to consider that the greatest efficiency of the enterprise's activities is achieved if they equally provide and stimulate all types of activities, allow for comprehensive financing of the entire cycle, all areas of innovative development. In addition, no higher authority knows better than the enterprise itself where to direct the funds allocated for this so that they give the highest return. The solution to the problems raised becomes possible with the creation of a single fund for innovative modernization of enterprises (EFIMP). It involves the transfer to a single basis of all types of activities, not only current economic activities, but also financing of innovative activities in the context of the reconstruction and technical re-equipment of enterprises.
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Butikov I. The securities market of Uzbekistan: problems of formation and development - T.: Konsauditinform-Nashr, 2008.- 224 p.
Resolution of the President of the Republic of Uzbekistan dated March 24, 2023 “On additional measures to reduce state participation in the economy” No. PP-102. https://lex.uz/ru/docs/6417195.
Shokhazamiy Sh. Financial market and securities. Book 1: Textbook - T.: Iqtisod-moliya, 2005.- 725 p.
Waseem A.A., Zongrun Wang, Danish A.A. Potential Sources of Financing for Small and Medium Enterprises (SMEs) and Role of Government in Supporting SMEs. Journal of Small Business and Entrepreneurship Development December 2017, Vol. 5, No. 2, pp. 39-47 ISSN: 2333-6374(Print), 2333-6382 (Online).
Thorsten Beck, Asli Demirguc-Kunt, Luc Laeven and Vojislav Maksimovic. The determinants of financing obstacles. Journal of International Money and Finance, 2006, vol. 25, issue 6, 932-952.
Materials from the official website of the Ministry of Economy and Finance of the Republic of Uzbekistan. https://www.imv.uz/.
Huyghebaert N. On the Determinants and Dynamics of Trade Credit Use: Empirical Evidence from Business Start-ups. Journal of Business Finance and Accounting. First published: 21 February 2006. https://doi.org/10.1111/j.1468-5957.2006.001364.x
Demirgüç-Kunt A., Maksimovic V. Law, Finance and Firm Growth (July 1998). Available at SSRN: https://ssrn.com/abstract=139825 or http://dx.doi.org/10.2139/ssrn.139825.
Kenduiwo, E. K. (2014). The relationship between alternative sources of finance and financial performance of small and medium enterprises in Nairobi County (Doctoral dissertation).
Golić, Z. (2014). Advantages of crowdfunding as an alternative source of financing of small and medium-sized enterprises. Zbornik radova Ekonomskog fakulteta u Istočnom Sarajevu, (8), 39-48.
Sourek, M., & Turuk, M. (2019). Availability Analysis of Alternative Methods for Financing Small and Medium-Sized Enterprises in the Republic of Croatia. Global Business & Economics Anthology, 1.
Oladele, P. O., Oloowokere, B. A., & Akinruwa, T. E. (2014). Sources of finance and small and medium scale enterprises’ performance in Ado-Ekiti metropolis. European Centre for Research Training and Development UK (Www. Ea-Journals. Org), 2(1), 59-78.
Abdulsaleh, A. M., & Worthington, A. C. (2013). Small and medium-sized enterprises financing: A review of literature. International Journal of Business and Management, 8(14), 36.
Godke Veiga, M., & McCahery, J. A. (2019). The financing of small and medium-sized enterprises: an analysis of the financing gap in Brazil. European Business Organization Law Review, 20(4), 633-664.
S. Utomo, “Microfinance institutions development model as alternative sources of financing small businesses in rural,” Int J Econ Res, vol. 13, no. 4, pp. 1765–1776, 2016, [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84994339666&origin=inward
V. Zabolotnikova, “Entrepreneurial projects’ development: Alternative sources of investments,” Entrepreneurship and Sustainability Issues, vol. 8, no. 2, pp. 253–268, 2020, doi: 10.9770/jesi.2020.8.2(15).
S. Sazonov, “Alternative sources of business development: Mezzanine financing,” Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, vol. 23, no. 37, pp. 143–155, 2016, [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84988517617&origin=inward
O. Semenenko, “Attracting finance and investment in small and medium-sized enterprises in the context of a ‘green’ and defense economy and using alternative energy sources,” Polityka Energetyczna, vol. 27, no. 2, pp. 5–26, 2024, doi: 10.33223/epj/178251.
M. Volpe, “Cascade Funding as an Alternative Funding Source for Innovative Investments,” Proceedings of the European Conference on Innovation and Entrepreneurship, ECIE, vol. 17, no. 1, pp. 575–581, 2022, doi: 10.34190/ecie.17.1.507.
Published
2024-12-13
How to Cite
Kamoliddin, N. (2024). Analysis of Alternative Sources of Financing For Small And Medium-Sized Businesses. Central Asian Journal of Innovations on Tourism Management and Finance, 5(8), 649-653. https://doi.org/10.51699/cajitmf.v5i8.799
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