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Professor Stuart Fraser’s research interests include small business finance; applied financial economics; econometric analysis of small business issues.
Published: 10 June 2014
Recent ERC research provides new insights into bank borrowing among UK SMEs and emphasises the potential value of effective company boards in helping firms to access appropriate finance. The evidence suggests that only around 1 in 7 small businesses in the UK seek bank funding. Yet we know that firms which do utilise external finance grow more rapidly. As the upswing takes hold what can be done to encourage more small firms to seek external finance to support their growth? Recent ERC research provides some of the answers and highlights other ‘known unknowns’.
Back to Borrowing? .White Paper No 8.
Published: 25 March 2014
Discouraged Borrowers (DBs) are businesses which would like to borrow but which do not apply for bank finance because they either feel they would be turned down (‘indirectly discouraged’), or they've made informal enquiries but not proceeded with their application because the bank seemed reluctant to lend (‘directly discouraged’). We know a lot about who discouraged borrowers are but little about what influences whether a small business owner is discouraged or not. This paper explores those factors in more detail and identifies SME's dissatisfaction with their banking relationship as a key driver.
What Do We Know About The Relationship Between Entrepreneurial Finance and Growth? White Paper No 4.
Published: 4 April 2013
This paper explores what we know about the relationship between entrepreneurial finance and growth in SMEs in the UK.