1、字数：英文 2177 单词， 11410 字符；中文 3954 汉字 出处： Rupeika-Apoga R. Financing in SMEs: case of the Baltic StatesJ. Procedia-Social and Behavioral Sciences,2014,150: 116-125. 外文文献： Financing in SMEs: Case of the Baltic States Abstract Access to finance represents one of the most significant challenges for SMEs e
2、ntrepreneurs. To ensure SMEs creation, existence and growth it is vitally important to understand the financing needs of SMEs and entrepreneurs, the main obstacles to finance availability and accessibility. The study indicates the difficulties in SMEs financing for the three Baltic States and provid
3、es the governments and other stakeholders with a tool to understand SMEs financing needs. The study results highlight importance of alternative resources of external financing for small developing countries such as the Baltic ones and the need to support the design and evaluation of policy measures
4、and to monitor the implications of financial reforms on SMEs access to finance. Keywords: SMEs financing, access to finance, alternative finance recourses, the Baltic States 1.Introduction 2008-2009 financial crises has effected availability of external financing for SMEs more dramatically than larg
5、e enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral. As a result nowadays access to finance represents one of the most significant challenges for SMEs entrepreneurs. In the Baltic States SMEs form the largest part of companies, providing the
6、 majority of jobs. Nevertheless, SMEs commonly follow “niche strategies,” using high product quality, flexibility, and responsiveness to customer needs as a means of competing with large-scale mass producers (see, for example, Hallberg, 2000 and Snodgrass, 1996), many researchers have highlighted the shortage of financial resources and access to finance as one of the main barriers to SMEs innovation capacity. Baltic companies find difficult to obtain commercial bank financing, esp
