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Policy Guidebook for SME Development in Asia and the Pacific

image of Policy Guidebook for SME Development in Asia and the Pacific
As drivers of economic growth and prosperity, small and medium enterprises (SMEs) play a key role in economic development. However, the SME sectors of developing Asia-Pacific economies face issues (both general and nation-specific) that hinder their growth. There is a strong need to tackle such issues while taking into account the variety of experiences, policies and programmes of different countries. Covering major SME constraints — business enabling environment, entrepreneurial culture, access to finance, innovation and technology adaptation, business development services, and market access — this publication proposes public policy guidelines with an aim to develop a vibrant SME sector. It serves as a training manual for entrepreneurs, trainers as well as business associations for SME capacity building.

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Financing a business

While not every SME turns into a multinational enterprise, they all face a similar issue in their early days: finding the right type of finance at an affordable cost to start and grow the business. The ability of SMEs to develop, grow, sustain and strengthen themselves is heavily determined by their capacity to access and manage finance. Unfortunately, SMEs in the region consistently cite the lack of access to finance as a serious obstacle to their development. Therefore, this chapter addresses some of the key issues concerning the financing of SMEs.

English

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