ࡱ> GIDEF5@ bjbj22pXXw$*C*C*C*C<fD~NGGGGGHHH~~~~~~~$R߂(~0UHH0U0U(~GG~\\\0UGG~\0U~\(\:\kmGBG `7Sz*C X~lq, ~0~lZ(mm4HL\QO,}QHHH(~(~d@*C\ *CACCESS TO FINANCE OF CROATIAN SMEs Abstract Access to finance can be critical to business growth and success, particularly for start-up enterprises. It can increase the speed at which company grows, fund additional product development, or simply provide enough capital to run the business until the break-even point is reached. Large companies with an established performance record and assets have an easier access obtaining finance then small companies due to their unproven management and few tangible assets that they posses. Small and medium sized enterprises mostly prefer debt in contrast to equity finance because equity funds are usually more difficult and more expensive to obtain, also its realization generally is not quick enough. Therefore, the purpose of the survey conducted for this paper is to examine current market conditions faced by Croatian small and medium sized enterprises in accessing finance and to determine availability and usage of equity finance in Croatian small and medium sized enterprises, as a way to finance their business activity. Marko Kolakovic, University of Zagreb, Croatia Bojan Moric Milovanovic, University of Zagreb, Croatia Mladen Turuk, University of Zagreb, Croatia Marko Kolakovic, Ph. D. Associate Professor UNIVERSITY OF ZAGREB Graduate School of Economics & Business 10000 Zagreb J. F. Kennedy 6, Croatia tel. +385 1 238 3245 fax. +385 1 233 5633 e-mail  HYPERLINK "mailto:mkolakovic@efzg.hr" mkolakovic@efzg.hr Bojan Moric Milovanovic, B. Sc. Assistant UNIVERSITY OF ZAGREB Graduate School of Economics & Business 10000 Zagreb J. F. Kennedy 6, Croatia tel. +385 1 238 3245fax. +385 1 233 5633 e-mail  HYPERLINK "mailto:bmoric@efzg." bmoric@efzg.hr Mladen Turuk, B. Sc. UNIVERSITY OF ZAGREB Graduate School of Economics & Business 10000 Zagreb J. F. Kennedy 6, Croatia tel. +385 1 238 3245 fax. +385 1 233 5633 e-mail  HYPERLINK "mailto:mturuk@gmail.com" mturuk@gmail.com ACCESS TO FINANCE OF CROATIAN SMEs INTRODUCTION Small businesses are extremely important and certainly most dynamic segment of Croatian economy. Its share of the total number of companies in Croatia is 99.4% and they account for 64.8% of the total number of employed persons in Croatia. Small businesses are one of the most important impetuses of the overall economic development which stimulates private ownership and entrepreneurship, employment growth and significantly contributes to increase of production and exports. Enterprises in Croatia are by size divided on small (0-50 employees), medium-sized (50-250 employees) and large (250+ employees) and by the owners structure on private, mixed and public. Access to capital and finance is a key factor in the future success and sustainability of SMEs. The purpose of the survey conducted for this paper was to examine current conditions faced by Croatian small and medium-sized enterprises (SMEs) in accessing finance and to determine availability of equity finance, as a way to finance their business activity. Although banks are the main providers of finance to small and medium-sized businesses, there are other sources, such as equity finance from venture capitalists and other private investors. Enterprises with less than 250 employees were selected by random sampling method from the Croatian business entity register. A total of 103 out of 500 surveyed enterprises responded, which gives the response rate of 20,6 percent. Survey had 15 questions, mostly about past experience in raising finance/equity, such as sources of finance, amount of capital required and effects of finance/equity shortage. Second part of the survey consisted of present and future finance/equity requirements, such as difficulties in raising finance, amount of finance/equity requirements in the next 3 years, expected sources and expected usage of finance. It should be noted that in the case of questions where respondents had the multiple choice, overall response could be higher than 103 responses. PAST EXPERIENCE IN RAISING FINANCE/EQUITY 85 percent of enterprises (88 out of 103 enterprises) that responded to the survey attempted to raise finance/equity. Table 1 shows the most common sources of finance/equity of Croatian SMEs. Sources vary from family and friends, state grants, leasing, banks, to other private investors and venture capital funds. Many of them have attempted to raise finance/equity from more than one source, resulting in more than 88 responses. Banks loans, including mortgage and overdrafts, as well as leasing companies, make about 70 percent of attempted finance/equity sources. If we add state grants, we have about 87 percent of finance/equity sources of Croatian SMEs. Venture capital funds and other private investors interested in equity finance are not common, making each only about 2 percent of attempted sources of finance. Table 1 Sources of finance/equity of Croatian SMEs SourceNo. of enterprises%Family and friends126State grants3217Leasing4927Bank loan/mortgage/overdraft7943Other private investors42Venture capital32Other53Source: Authors Family and friends, making only about 6 percent of all attempted finance/equity sources, are mostly used in start-up phase. State grants are only available for enterprises that have previously met the requirements from Ministry of economy, labor and entrepreneurship or other state institutions in charge for small and medium-sized enterprises, regarding the program they applied for. As 17 percent of small and medium-sized that responded on the survey applied for this type of subventions, this presents third main source of finance of Croatian SMEs. An advantage of this kind of financing is that if an enterprise obtained funds from a government body, it often has positive effects on other finance providers, in case it needs additional funds. However, this kind of financing is highly competitive, with limited funds available. Government loans often require clear business and marketing plans, as well as completion of various application forms. This process usually takes some time as well. Though banks make about 43 percent of finance sources (if we add leasing companies, this number goes up to 70 percent), they still have conservative lending policies. When deciding whether to finance an enterprise, financial institution has to find out if a business has the capacity to repay the debt or has a repayment track record. Highly likely, it is necessary to provide the security or collateral support, which is the most difficult for enterprises in their start-up or the earliest development phases, because such enterprises usually do not posses assets worth at least as required amount of finance. Proof of further business opportunities is also a must. In order to finance a business, bank or other financial institutions require wide range of financial information and reports on the enterprise. This includes profit and loss statements and balance sheets, current year cash flow projections, cash flow projections for the term of the debt and assets that can serve as collateral in order to secure the investment. From the lenders point of view, conservative policy towards SMEs is mainly a reason of their low levels of equity, unclear business plan or financial projections, lack of financial strength, poor financial management and reporting system, insufficient reinvestment of profits or diversion of their funds into non-core activities. The longer the enterprise is in operation and has some assets that can be used as a security, easier is to obtain larger amounts of finance at lower interest rates. Though equity finance may be important for maintaining capital structure, particularly at the start-up and early expansion stages, it is not common for Croatian enterprises. Ideal enterprise would be the one that has first-rate product or service with clear business and marketing plan and exit strategy. Equity investors will expect higher return on their investments, and sometimes they want to participate in business decisions. Venture capital and other private investors make only about 2 percent each. The main reason is not enough developed financial market, where bank financing strongly dominates. Not less important, the investment process of the venture capital fund can take up to few months, which might sometimes be of a crucial importance. Table 2 shows number of enterprises by their development stage that attempted to raise or successfully raised all the finance/equity required. Enterprises were asked to divide themselves into one of the categories (start-up, development phase, steadily growing, considering expansion, consistent sales but not growing, or decreasing sales). There were 14 percent of enterprises that see themselves in the development phase, while almost 60 percent declared themselves as steadily growing or have considering expansion. Consistent, but not growing sales characterizes 22 percent of surveyed enterprises, while only 4 percent have decreasing sales. More than 4/5 of them succeeded to raise all the finance/equity required. However, this number varies from 62 percent to 100 percent, depending on the development stage. As expected, enterprises that are in their development phase, not yet completely established on the market, had the most problems in raising the finance/equity required (only 62 percent succeeded). In average, 68 percent of enterprises that have consistent but not growing sales and enterprises with decreasing sales have succeeded in raising all of the finance/equity required. Interestingly, 80 percent of enterprises that have overcome development phase and are steadily growing, have succeeded in raising all the funds, while all enterprises with considering expansion have managed to raise all of the finance/equity required. Table 2 Croatian SMEs that attempted to raise, or raised finance/equity by development stage Development stageNo. of enterprisesNo. of enterprises that attempted to raise finance/equityNo. of firms that raised all of the finance required% of firms that raised all of the finance requiredStart-up0000Development phase1513862Steadily growing45413380Considering expansion161515100Consistent sales but not growing23161169Decreasing sales43267Total103886978Source: Authors Debt finance is essentially a loan, which has to be repaid with interest, and the borrower bears most of the risk if the business fails. Equity finance involves an investor putting funds into a business with the expectation of future earnings. They therefore share the risk, and in return gain some ownership, and possibly some control of the business. Enterprises that have tried to raise or have recently raised finance/equity are shown in Table 3. Enterprises were asked to specify the amount of finance/equity they have recently raised. Although smaller firms tend to rely much more on bank sources of finance, such as loans and overdrafts, and are less exposed to other sources mostly because they are not quickly available, the lowest rate is observed in the 0 - 100.000 category, with only 65 percent of respondents being able to all the finance/equity required. Though banks usually offer the lowest interest rates available on the market, they tend to be more conservative in their lending policies, requiring higher collateral values or some asset to serve as a security. Unfortunately, these conservative lending policy is surely one of the biggest constrains in access to finance of Croatian small and medium-sized enterprises that are in their start-up or early development phase. Table 3 Enterprises that raised finance/equity by amount categories Amount of the finance/equity requiredNo. of enterprisesNo. of firms that raised all of the finance/equity required% of firms that raised all of the finance/equity required 0 - 100.000231565 100.001  250.000151387 250.001  500.000151280 500.001  1.000.000171482 1.000.001  2.000.0008788 2.000.000+10880Total886978Source: Authors Amount of finance/equity attempted to be raised by Croatian small and medium-sized enterprises by their development stage categories is presented in Table 4. Interestingly, every fifth enterprise in its development phase attempted to raise up to 100.000 while slightly more than 50 percent attempted to raise up to 500.000. According to the table below, 34 percent of steadily growing enterprises attempted to raise up to 100.000. As 44 percent of enterprises attempted to raise 100.001 to 250.000 and 500.001 to 1.000.000 (22 percent each), it means that more than 90 percent of steadily growing enterprises attempted to raise up to 1.000.000 of finance or equity (about 70 percent attempted to raise up to 500.000). All of the surveyed enterprises with considering expansion tried to raise finance or equity of more than 250.000. All enterprises with decreasing sales attempted to raise finance/equity only up to 100.000. Table 4  Amount of finance/equity attempted to be raised by Croatian SMEs by development stage categories Development stage 0- 100.000 100.001- 250.000 250.001- 500.000 500.001- 1.000.000 1.000.000- 2.000.000 2.000.000+"Start-up0000000Development phase32222213Steadily growing149592241Considering expansion00623415Consistent sales but not growing44141216Decreasing Sales3000003Total number of enterprises that attempted to raise finance/equity2415141781088Source: Authors Enterprises unable to raise all the finance/equity required were asked in what way it affected their further plans (Table 5). Although 88 out of 103 enterprises attempted to raise capital, 69 of them succeeded in raising all the finance/equity required for their further financing. Enterprises were asked for best answer that results from finance/equity shortage. The greatest effect of finance/equity shortage, as indicated by the surveyed enterprises, was working capital and cash flow constraints with 27 percent. This is followed by being dependent on bank finance with 17 percent, being unable to invest and update their equipment and technology and being unable to finance purchase of land and buildings with 15 percent each. Being unable to invest in marketing and advertising was a problem that 10 percent of enterprises faced with, while only 7 percent of surveyed enterprises had problems with financing their research and development and hiring new employees. Enterprises which failed to raise all of the finance/equity required were asked to indicate main reasons for this. As a reason for not being able to raise all the finance/equity required, enterprises stated various problems out of which high collateral value and being uninteresting for investors were the most common reasons. A smaller percentage of surveyed enterprises were declared high-risk and therefore unable to raise all the capital required. None of the enterprises stated unclear business plan or lack of track records as reasons for being unable to raise all the finance/equity required. Table 5 Effects of finance/equity shortage of Croatian SMEs ConsequencesNo. of enterprises%Unable to finance R&D37Unable to update technology/equipment615Unable to finance purchase of land and buildings615Unable to invest in marketing and advertising410Unable to hire new employees37Working capital and cash flow constraints1127Dependent on bank finance717Other12Total number of enterprises19100Source: Authors PRESENT AND FUTURE FINANCE/EQUITY REQUIREMENTS Table 6 shows expected amount of finance/equity requirements of Croatian SMEs in the next three years. Enterprises were asked if they expect the need for additional finance/equity in the next three years and 91 out of 103 enterprises (or 88 percent) responded positively. The highest percentage of enterprises (23 percent) expect additional external financing from 100.001  250.000. Requirement for additional finance/equity of less than 1.000.000 will have 65 enterprises (or about 71 percent). Table 6  Expected amount of finance/equity requirements in the next three years Amount of the finance/equity requirement in the next 3 yearsNo. of enterprises% of firms indicating a requirement in the next three yearsCumulative percentage0 - 100.000121313 100.001  250.000212336 250.001  500.000192157 500.001  1.000.000131471 1.000.001  2.000.000141687 2.000.000+1213100Total91100-Source: Authors There are about 67 percent of small and medium-sized enterprises in Croatia with line of credit or loans from financial institutions, 60 percent of Croatian SMEs use banks to finance their investments, while 63 percent use banks to finance their expenses. Enterprises were then asked whether they think it is difficult to raise finance/equity now, and whether it will be difficult to raise it in the next three years. Answers are presented in Table 7. While 52 percent of enterprises that participated in the survey think that it is difficult to raise finance/equity now, this number goes down to 41 percent when they were asked about the difficulties in raising finance/equity in the next three years. Table 7 Difficulty in raising finance/equity now and in the next three years DifficultiesNo. of enterprises%Yes now5452Yes in the next 3 years4140Source: Authors Table 8 shows expected sources of finance/equity requirements in the next 3 years. Answers about the expected sources of finance/equity in the next three years did not change dramatically regarding to the past sources. Bank finance still strongly dominates, having a share of 43 percent of all expected sources of finance of surveyed enterprises in the next three years. Leasing companies decreased their share for 10 percent and now have about 17 percent of all expected finance sources. This still means that banks and leasing companies hold 61 percent of expected finance sources in the next three years. Share of other private investors went up by 5 percent so together with venture capital funds they now have about 10 percent. Despite obvious recent progress in the area of governmental programs, state grants as expected source of finance went up by only 1 percent. As a part of this system there are: state financial institutions, Ministry of economy, labor and entrepreneurship which is in charge for enforcement of laws and regulations regarding small and medium-sized enterprises and preparing financing and subsidies programs, other public funds and local authorities. The Croatian Agency for Small Business (HAMAG) provides the support for enterprises that are in their start-up or early development phase. HAMAG encourages small and medium-sized business establishment and investments, provides loans and issues guarantees for small and medium-sized business loans and subsidizes loan interests or investments in modern technology. The HBOR is a development and export bank that has been established with purpose to grant credits for reconstruction and development of Croatian economy. HBOR finances the development of economic activities and reconstruction of economic subjects either directly or through other business banks. It also implements the programs of financing enterprises by equity investment, which are interesting for enterprises that have potential to grow at high pace, but are therefore more risky, which makes them unable to raise credit directly from other banks. HBOR main activities are loan programs for financial restructuring, loan program for the development of private SME, loan program for incentives to start up small enterprises and many others. These loans are realized with subsidized interest rate. According to the programs launched by the Government of the Republic of Croatia, the Ministry of Economy, Labour and Entrepreneurship plans, conducts and monitors development programs and incentive measures in order to achieve more homogenous development of all Croatian regions, removal of administrative hindrances, strengthening of export orientation,establishment of entrepreneurship zones, increase of the number of small and medium-sized businesses, change of the business structure to the benefit of production, growth of the employment rate, increase of competitiveness - (investment into development, education, new technologies. According to the Operational Plan for SME Promotion in 2007, adopted by Croatian Government, the Ministry of Economy, Labour and Entrepreneurship continues with the following incentive programs: Entrepreneurship promotion, Entrepreneurship education, Competitiveness, Entrepreneurship financing, Cooperatives and Support institutions. Concerning laws and regulations, Croatian Chamber of Economy with its 20 county chambers, implementing program guidelines of Croatian government in the area of small businesses, actively engages all its organisational forms (associations, affiliations, groups), in order to inform its members, by creating more favourable entrepreneurship environment, monitoring and analysing of reports on implementation of projects and incentive measures for small businesses. It suggests and supports initiatives, gives comments and suggestions on provisions and normative regulation related to small businesses in order to improve laws and other regulations. It cooperates with central government institutions, other entrepreneurship organisations and Associations of small and medium-sized entrepreneurs which are involved in the problems and activities of small businesses. The Small Business Association has been established within CCEs Industry and Technology Department whose goal is to bring together Croatian small and medium-sized entrepreneurs from all economic branches on voluntary basis, in order to articulate the interest and needs of small and medium-sized entrepreneurship and to create stimulating entrepreneurship climate, facilitate the adaptation of Croatian small businesses to common European market, stimulate the regional cooperation, technology transfer and other higher forms of cooperation. Law authorizes parties to agree on out of court enforcement as well. Table 8 Expected sources of finance/equity requirements in the next 3 years SourceNo. of enterprises%% of past sourcesFamily and friends846State grants381817Leasing361727Bank loan/mortgage/overdraft914443Other private investors1372Venture capital632Other1473Source: Authors According to the Doing Business and Enterprise Survey conducted by The World Bank, legal system, corruption, taxes, customs and finance (which implies access to finance and cost of finance) could be classified as biggest problems for small and medium-sized enterprises in Croatia. Inadequate sources of finance and difficulties in access to finance are often main problem of SMEs, especially in their start-up or early development phase. Adequate financing of entrepreneurial venture is one of the most important may determine their final success. Though there were some positive changes recently that made access to finance easier, they mainly affected large enterprises, or medium-sized enterprises that are already established on the market and that operate in more favorable environment. Croatian SMEs affront with more difficulties in accessing finance, resulting in its higher cost. They are in much better positions and have fewer difficulties than SMEs. Table 9 Use of future additional finance/equity Croatian SMEs ConsequencesNo. of enterprises%Finance R&D208Update technology/equipment6829Finance purchase of land and buildings4519Invest in marketing and advertising167Hire new employees3314Working capital and cash flow constraints3917Investing in shares21Other125Total number of enterprises235100Source: Authors Table 9 shows use of future additional finance/equity of Croatian SMEs. Almost 1/3 of the respondents plan to invest additional finance into technology and equipment, while every fifth enterprise plans to finance purchase of land and buildings, which is favorable usage of additional finance. Slightly less than 17 percent of respondents plan to use additional finance for overcoming their cash flow constraints and maintain working capital. Very common problem of Croatian SMEs is non-payment between enterprises within payment date, which can cause difficulties with cash flow and working capital. Therefore, banks offer quickly available straight short term credit lines (up to 1 year) in order for enterprises to overwhelm those difficulties and ensure continuous usual business operations. Only 14 percent of enterprise plan to hire new employees. Croatian Employment Service has introduced measures for co-financing the employment of persons up to 25 years old with no work experience, no matter of their educational level. These measures also cover unemployed persons that are in its evidence at least for 12 out of last 16 months, as well as unemployed woman above 45 and men above 50 years old, no matter of their previous work experience and educational level if they are at least 6 months in the Croatians Employment Service evidence. Special co-financing measures refer to disabled persons, single parents of under aged children as well as parents with 4 or more children. Only 8 percent of respondents plan to use additional finance for financing research and development, while 7 percent of the surveyed enterprises plan to invest in marketing and advertising. Despite recent popularity in Croatia, only 1 percent of enterprises plan to invest additional money in shares. Financing of early SMEs development phase include seed and start-up financing. Characteristics of seed financing are the necessity for small amounts of money necessary for finalizing business plan, forming managerial team and early product development. Start-up financing is aimed to be the support for the development of SMEs organizational structure. This financing is aimed towards enterprises that are ready to start their business operations. Financing of the start-up phase includes financial support of different funds and state grants in order to ensure full production and investments in different marketing activities. Collateral value needed for a loan is average value of the collateral required as a percentage of the loan value, for enterprises with a recent loan or overdraft that required collateral or a deposit. Value of collateral in Croatia needed for a loan (as a percentage of the loan amount) reaches almost 121 percent. The law allows all natural and legal persons to be party to collateral agreements, but all type of assets cannot be used as collateral. All types of obligations cannot be secured as well. Already strict lending policies of Croatian financial institutions have recently become even more conservative, due to introduction of unified credit registry, which means that enterprise having credit line in one bank often cannot receive credit from other bank, which was often case. Secured creditors do not have absolute priority to their collateral in the bankruptcy procedures. CONCLUSION Croatian SMEs appear to have a preference for debt as opposed to equity finance for a number of reasons, one of which is that debt finance can have tax advantages and is usually more quickly available. Equity funds are more difficult and often initially more expensive to obtain, and generally are not available quickly. Smaller enterprises tend to rely much more on bank sources of finance, such as loans and overdrafts. While 85 percent of enterprises (88 out of 103 enterprises) that responded to the survey attempted to raise finance/equity, 69 succeeded in raising all the finance/equity required. Though banks make about 43 percent of finance sources (if we add leasing companies, this number goes up to 70 percent), they still have conservative lending policies towards small and medium-sized enterprises. These policies mostly affect enterprises in their start-up or early development phase. Venture capital funds and other private investors interested in equity finance are not common, making each only about 2 percent of attempted sources of finance. Almost every fifth small and medium-sized enterprise that responded on the survey applied for state grants. As a part of this system there are: state financial institutions, Ministry of economy, Labor and Entrepreneurship which is in charge for enforcement of laws and regulations regarding small and medium-sized enterprises and preparing financing and subsidies programs, other public funds and local authorities. An advantage of this kind of financing is that if an enterprise obtained funds from a government body, it often has positive effects on other finance providers, in case it needs additional funds. However, this kind of financing is highly competitive with limited funds that are not quickly available and usually requires additional administration. Government loans often require clear business and marketing plans, as well as completion of various application forms. Despite recent progress in the area of governmental programs, state grants as expected source of finance went up by only 1 percent as expected source of finance in the next years. Enterprises that are in their development phase, not yet completely established on the market had, as expected, the most problems in raising the finance/equity required (only 62 percent succeeded). In average, 68 percent of enterprises that have consistent but not growing sales and enterprises with decreasing sales have succeeded in raising all of the finance/equity required. Interestingly, 80 percent of enterprises that have overcome development phase and are steadily growing, have succeeded in raising all the funds, while all enterprises with considering expansion have managed to raise all of the finance/equity required. The greatest effect of finance/equity shortage, as indicated by the surveyed enterprises, was problem with working capital and cash flow constraints with 27 percent. This is followed by being dependent on bank finance with 17 percent, being unable to invest and update their equipment and technology and being unable to finance purchase of land and buildings with 15 percent each. Being unable to invest in marketing and advertising was a problem that 10 percent of enterprises faced with, while only 7 percent of surveyed enterprises had problems with financing their research and development and hiring new employees. As a reason for not being able to raise all the finance/equity required, enterprises stated various problems out of which high collateral value and being uninteresting for investors were the most common reasons. A smaller percentage of surveyed enterprises were declared high-risk and therefore unable to raise all the capital required During the last decade, Croatian SMEs have been limited in their development due to various macroeconomics problems and inadequate financial support that have reflected on the possibility of their financing. While 52 percent of enterprises that participated in the survey think that it is difficult to raise finance/equity now, this number goes down to 41 percent when they were asked about the difficulties in raising finance/equity in the next three years. Expected sources of finance/equity in the next three years did not change dramatically regarding to the past sources. Share of other private investors went up by 5 percent so together with venture capital funds they now have about 10 percent. With expected additional finance, 14 percent of enterprises plan to hire new employees. Croatian Employment Service has introduced measures for co-financing of the extra employment, which might also serve as additional source of future financing. 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Although the law allows all natural and legal persons to be party to collateral agreements, all types of assets cannot serve as collateral. Although leasing companies decreased their share for 10 percent and now have about 17 percent of all expected finance sources, it still means that banks and leasing companies hold 3/5 of expected finance sources in the next three years. REFERENCES Adelman, P. and Marks A. (2006) Entrepreneurial Finance, Pearson Education, UK Barr, M. S., Kumar A. and Litan R. E. (2006): Access to Finance: Building Inclusive Financial Systems (World Bank/IMF/Brookings Emerging Markets), Brookings Institution, U.S. Deakins, D. (1996) Entrepreneurship and Small Firms, McGraw Hill, Berkshire Dewhurst, J.P. (1990) Small Business Planning, Financing and Control, MacMillan Education Kolakovic, M. (2006) Poduzetnistvo u ekonomiji znanja, Sinergija, Zagreb Longenecker, M. (1991) Small business management, South-western Publishing Co., Cincinnati, Ohio Malhotra, M., Chen, Y., Crisuolo, A., Fan, Q. and Hamel I. I. (2007) Expanding Access to Finance: Good Practices and Policies for Micro, Small, and Medium Enterprises (Wbi Learning Resources Series), World Bank Publications, Markovic, I. (2000) Financiranje-Teorija i praksa financiranja trgovackih drustava, RRiF, Zagreb Nagarajan, G. and Meyer, R. (2001) Financial and advisory services to SMEs in transition countries, Bureau of development studies, United Nations development program Orsag, S. (1995) Financije zapoduzetnike, Hita Consulting, Zagreb Viducic, Lj. (2006) Financijski mendzment, RRiF, Zagreb Doing Business, The World Bank,  HYPERLINK "http://www.doingbusiness.org/" http://www.doingbusiness.org/ Enterprise Surveys, The World Bank,  HYPERLINK "http://www.enterprisesurveys.org/" http://www.enterprisesurveys.org/ Croatian Agency for Small Business,  HYPERLINK "http://www.hamag.hr/" http://www.hamag.hr/ Croatian Bank for Reconstruction and Development,  HYPERLINK "http://www.hbor.hr/" http://www.hbor.hr/ Croatian Chamber of Economy, http://www.hgk.hr/ Croatian Employment Service,  HYPERLINK "http://www.hzz.hr/" http://www.hzz.hr/ Croatian Ministry of Economy, Labor and Entrepreneurship, http://www.mingorp.hr/ The World Bank,  HYPERLINK "http://www.worldbank.org" http://www.worldbank.org/ yԒd)qrԔ(7WŶŞzkk_k__zPDhcp<CJaJmH sH h]hiCJaJmH sH hY CJaJmH sH hFx4hY CJaJmH sH hiCJaJmH sH h]CJaJmH sH h^4CJaJmH sH heCJaJmH sH h^ CJaJmH sH h^ h^ CJaJmH sH h^ hk CJaJmH sH hhCJaJmH sH h]h^4CJaJmH sH h]h^45CJaJmH sH Ԕ7yf p#v:p#v:p#v:p#v:p#v:p#v:p#v:p#v:p#v:p#v:p#v:p#v:xgd@xgdY x^`gdY WXǗȗ?@bcwxy͘Θ01Ѳp]%jh=h=CJUaJmH sH hehu?0CJaJmH sH hu?0CJaJmH sH heCJaJmH sH hL#CJaJmH sH heheCJaJmH sH %jheheCJUaJmH sH h3CCJaJmH sH hcp<CJaJmH sH h3Ch3CCJaJmH sH %jh3Ch3CCJUaJmH sH  1QRdefǙș  ÷Ézzn_hk h {}CJaJmH sH heCJaJmH sH h3Ch3CCJaJmH sH %jh3Ch3CCJUaJmH sH h!CJaJmH sH h3Ch=CJaJmH sH h=CJaJmH sH hL#CJaJmH sH h=heCJaJmH sH %jh=h=CJUaJmH sH h=h=CJaJmH sH 61h/R :pZ5. 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