Issues and Country Experiences
Edited by Jesus Felipe
Chapter 10: The Republic of Korea’s financial support for small and medium-sized enterprises and venture businesses
Financial policies to enhance industrial performance are vital for small-and medium-sized enterprises (SMEs), which are a key source of dynamism, innovation and flexibility in both industrialized and developing countries. Small-and medium-sized enterprises are responsible for most net job creation in the member countries of the Organisation for Economic Co-operation and Development. Yet, without adequate access to external funds for investment, SMEs will have difficulty raising investment per worker, essential for improving productivity and wages. The difficulties SMEs face in accessing finance during their early and later stages of development are not easy to overcome. To improve access, many governments have developed financial policies and programs for supporting innovative businesses—and this is particularly important for restoring sustainable, long-term economic growth after recessions and financial crises.
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