TRADYCYJNE I ALTERNATYWNE MOŻLIWOŚCI FINANSOWANIA MAŁYCH I ŚREDNICH PRZEDSIĘBIORSTW

Key words: alternative financing options, sector SME Summary Small and medium-sized enterprises in the Polish economy play a significant role both in terms of the number of active entities, the share in GDP, number of employees and participation in the creation of economic growth. However, the results of study in this sec tor indicate the number of barriers to their development, in particular in the problem of payment gridlock, existing for many years. All companies need funding, regardless of their size, location or scope of activities. Funding comes in many shapes and sizes, depending on the needs and capabilities of the funded company and the approved funding strategy. Committed capital is a necessary mechanism for the operation of any enterprise, because without it its development is not possible. In the subject literature there are many divisions of potential sources of companies financing, based on various criteria, among which the following are worth mentioning: the ownership of capital, the source of capital, time of having certain capital at one’s disposal, and funding target. The criterion source of capital distinguishes the equity capital and third party capital. Every company has assets (current assets and fixed assets) necessary to conduct operations. To finance the necessary assets, the company must obtain adequate capital. By capital we mean funds (financial resources) assigned to the company by its owners21. In most companies equity is the main source of funding. Third party capital, however, is made available to the company for a specified period, after which it should be returned. In the current era the enterprises have at their disposal a number of possibilities for financing their business. Traditionally, the forms of financing include: issue of shares, bonds or commercial papers, leasing, factoring, franchising, trade credit (merchant’s) bank loans and cash loans, as well as forms such as private equity or venture capital. The choice the enterprise has is very wide. Of course, not all forms of funding are appropriate for each company. The selection of sources of funding should take into account a number of factors that define which methods of raising capital are at the moment most appropriate for the company and blend together so as to form the most favorable capital structure. The use of appropriate tools and solutions allows operators to reduce the risk, thus affecting the achievement of its goals of maximizing the value and growth of the enterprise. 21