Revenue-based financing for small and medium enterprises growth
New approach
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This paper examines the revenue-based financing as an alternative to conventional methods of financing for the small and medium-sized enterprises on the stage of their growth. Micro, small and medium-sized enterprises (SMEs) play important role in the economy of EU countries. The research of the relevant economic literature indicated existence of financial gap for small and medium enterprises. Current financial system does not provide necessary funds for growing SME by non-differentiation interest rate or by implying other restrictions. Considering SME importance for the economy and existing f...
This paper examines the revenue-based financing as an alternative to conventional methods of financing for the small and medium-sized enterprises on the stage of their growth. Micro, small and medium-sized enterprises (SMEs) play important role in the economy of EU countries. The research of the relevant economic literature indicated existence of financial gap for small and medium enterprises. Current financial system does not provide necessary funds for growing SME by non-differentiation interest rate or by implying other restrictions. Considering SME importance for the economy and existing financial gap I would like to investigate under which conditions revenue-based financing can be an attractive solution. Research performed in this thesis shows that revenue-based financing is suitable for growing companies with substantial gross margin. For the companies that satisfy above- mentioned criteria revenue-based financing is better option for equity financing both in terms of qualitative (non-dilution of ownership, flexibility of repayment etc.) and quantitative criteria (IRR for investor and present equity value for entrepreneur).
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