Specyfika źródeł finansowania małych i średnich firm

The aim of the article is to analyze the reasons why small and medium-size businesses have a different structure of financing their assets from big ones. Assuming that the businesses realize the optimum structure of financing with debt and with their own capital, the author focuses on the mutual relation of the short-term and long-term debts. In the first part of the article the causes are characterized of much greater participation of short-term sources of financing the assets in small and medium-size businesses than in big ones. Next, advantages and disadvantages are presented of financing with short-term and long-term debts. To what proportion the firm's assets are financed with long-term debts also depends on the operation risk, the existing structure of assets and the size and maturity of the firm. The next part of the article is devoted to these issues. The last part discusses the sources of short-term credit accessible for small and medium-size businesses. As there is a lot of risk involved, commercial banks are very cautious about affording credit to small businesses. In consequence the merchant credit as a source of money for the firm acquires too much significance. Hence, in order to help finance the sector of small and medium-size businesses it is necessary for the government and self-government agencies to warrant bank credits. This will allow to fill the financial gap that limits the development of small and medium-size firms in Poland.