THE MODEL OF FUNDING INVESTMENTS BY RISK CAPITAL IN SMEs; ESTABLISHED FACTS, ANALYSIS AND IMPLICATIONS: specific case of Cameroon SMEs.

Emmanuel BEYINA

Volume : VII, Issue : III, March - 2018

THE MODEL OF FUNDING INVESTMENTS BY RISK CAPITAL IN SMEs; ESTABLISHED FACTS, ANALYSIS AND IMPLICATIONS: specific case of Cameroon SMEs.

Emmanuel Beyina

Abstract :

Bank debt and informal funding through means of group and associations more often constitute the only sources of SME funding. But if it is already difficult for a big enterprise to have access to bank loans in order to contribute to informal funding groups with the aim of financing its activities, then the difficulty of a small enterprise is bigger because of technological and commercial risks in which it is confronted to and which increases the probability of not being able to pay its debt thus the funding constraints and increasing difficulties in reimbursing debt by SME permit credit establishments to ration their loan requests quantitatively or to have a standardized behavior to all loan requests less compatible with the needs of these enterprises. However, other alternative means of funding exist and notably funding by risk capital. The fundamental specification of risk capital companies compared to other financial intermediaries resides in their participation in the selection, follow up and control of invested projects. The objective aimed at in this article is to show that other efficient and adapted funding formulas exist that accompany the SME in their policy of funding investment projects.

R�sum�:

L�endettement bancaire et le financement informel par la voie des tontines constituent souvent les seules sources de financement des PME. Or s�il est d�j� difficile pour une grande entreprise d�acc�der au cr�dit bancaire et tontinier en vue de financer ses activit�s, la difficult� d�y parvenir est plus grande pour une petite entreprise en raison surtout des risques d�ordre technologique et commercial auxquels elle est confront�e et qui augmentent sa probabilit� de d�faut de paiement de sa dette. Ainsi les contraintes de financement et les difficult�s croissantes de remboursement de la dette par les PME permettent aux �tablissements de cr�dit soit de rationner quantitativement leurs demandes de pr�ts, soit d�avoir un comportement standardis� pour l�ensemble des demandes de cr�dit peu compatible avec les besoins de ces entreprises. Pourtant d�autres alternatives de financement existent et notamment le financement par capital risque. La sp�cificit� fondamentale des soci�t�s de capital risque par rapport aux autres interm�diaires financiers r�side dans leur participation dans la s�lection, le suivi et le contr�le des projets investis. L�objectif vis� dans cet article est de montrer que d�autres formules de financement efficaces et adapt�es existent pour accompagner les PME dans leur politique de financement de projets d�investissements.