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An Investigation of the Factors Affecting the Small and Medium Enterprise Financing from the Formal Channel

The study aims to ascertain the underlying factors that influence the financing of the small and medium enterprises (SME) from the formal channels. A survey has been carried out among the SME entrepreneurs in order to identify the presence and importance of both the finance-related and service-related factors. The results of the principal component analysis identified five factors: service delivery factor, service responsiveness factor, fund availability factor, fund delivery factor, and implicit cost factor. Service delivery factor has been identified as the most significant factor as indicated by the highest variance of over 16 percent. The results of the study have several implications for the financial institutions as the formal sources of funds for the SME entrepreneurs. The financers can reduce the bureaucratic processes while delivering the required funds which would improve the availability of funds. In the process, the SME entrepreneurs can get rid of unnecessary implicit costs of funds. The government and regulatory bodies can apply these five factors while assessing the scenario of the access to funds for the small and medium enterprises.