SOURCES OF FINANCING FOR SMALL AND MEDIUM SIZED ENTERPRISES: THE CASE OF SLOVENIA

V diplomskem delu sem želel predstaviti pomen, vlogo in razširjenost različnih virov financiranja pri malih in srednje velikih podjetjih. Osredotočil sem se na območje Evropske unije pri čemer sem največji poudarek namenil Sloveniji. V nalogi sem želel ponazoriti primerjavo različnih virov financiranja v Sloveniji in EU. Podjetja si lahko finančna sredstva zagotovijo na različne načine. V osnovi ločimo notranje in zunanje financiranje. Notranje financiranje predstavljajo dobiček, amortizacija in druge kratkoročni denarni tokovi. Zunanje financiranje pa obsega bančne kredite, leasing, factoring, forfeting, državne vire… Vsa podjetja se z vprašanjem financiranja srečajo že ob ustanoviti podjetja in kasneje z razvojem, rastjo in širitvijo dejavnosti. Tako podjetnik že v začetni oziroma razvojni fazi naleti na ovire, ki so posledica predragih finančnih sredstev (zavarovanja, garancije), nezadostne informiranosti in s tem nepoznavanje in nezaupanje do neutečenih virov financiranja. To je vzrok, zaradi katerega se podjetniki malih in srednje velikih podjetij zatekajo k dolžniškim virom financiranja, medtem ko je lastniško financiranje še v začetni razvojni fazi. Pri presoji o višini zadolženosti se podjetniki odločajo o tistih virih sredstev, ki so na podlagi njihove sposobnosti kritja najhitreje dostopna.The present diploma work’s main objective is to present the meaning, the role and the spread of financial sources for small- and medium-sized enterprises. The special focus is on the European Union with the strongest emphasize on Slovenia. The present work wants to illustrate the comparison between different financial sources in Slovenia and in EU. Enterprises can provide for their financial funds in different ways. Basically there is a distinction between internal and external financing. The internal financing includes a profit, amortization and other short – term financial flows. The external financing consists of bank loans, leasing, factoring, forfeiting, state sources, and other. All enterprises come across the question of financing at the setting-up the business and later at their development, growth and spreading of activities. Thus entrepreneur is faced with obstacles already in the starting or developmental phase. Those obstacles are the consequences of too expensive financial means (insurances, guarantees), of insufficient information, thus resulting in ignorance and mistrust of uncommon sources of financing. This is the reason why the small and medium-sized enterprises resort to debt-generating financial sources, while the equity financing is still in the initial stage. At the estimation of the level of indebtedness the entrepreneurs decide for the sources which are the most accessible according to their capacity of covering the debts