Slobodanka Jovin

DOI Number
First page
Last page


Small enterprises are the driving force of any economy, and the engine of economic growth in both developed countries and countries in transition. One of the problems that small enterprises and entrepreneurs face is the lack of financial resources, or difficult access to them, for starting and financing the development of their entrepreneurial venture.

The aim of the paper is to analyze the financing difficulties of small enterprises and entrepreneurs in the Republic of Serbia. 167 enterprises were surveyed and their responses were grouped into three groups depending on the size of an enterprise: small enterprises and entrepreneurs, medium enterprises and large enterprises so that by comparing the obtained results we could determine the differences in attitudes depending on the size of an enterprise and prove that small enterprises have limited access to financial resources.

The research investigated financing constraints, financial services and approved loan conditions in relation to the size of an enterprise. The results showed statistically significant differences between small, medium and large enterprises in the majority of the observed parameters and that small enterprises and entrepreneurs have difficult access to financial resources.


small enterprises and entrepreneurs, financing obstacles, financial institutions, loan, risk.

Full Text:

PDF (Cрпски)


Ayyagari, M., Kunt, A., & Maksimovic, V. (2008). How Important Are Financing Constraints? The Role of Finance in the Business Environment. The World Bank Economic Review, Vol 22, NO. 3, 483–516.

Barringer, B., & Ireland, R. (2010). Entrepreneurship, Successfully Launching New Ventures. Third Edition, Pearson Education Limited.

Bygrave, W., & Zacharakis, A. (2004). The Portable MBA in Entrepreneurship. Third Edition, John Wiley & Sons, Inc.

Casu, B., Girardone, C., & Molyneux, P. (2006). Introduction to Banking. Pearson Education Limited.

Down, S. (2010). Enterprise, Entrepreneurship and Small Business. Sage Publications Ltd.

Drucker, P. (2001). Moj pogled na menadžment. Adižes, Novi Sad.

Fabozzi, F., & Modigliani, F. (2009). Capital Markets – Institutions and Instruments. International Edition, Pearson Education Limited.

Hoflich, P. (2011). Banks at Risk, Global Best Practices in an Age of Turbulence. John Wiley & Sons.

Kaplan, J. (2001). Getting Started in Entrepreneurship. John Wiley & Sons, Inc.

Klapper, L., V. Saria-Allende, V., & Sulla, V. (2002). Small and Medium-Size Enterprise Financing in Eastern Europe. World Bank Policy Research, Working Paper, 2933.

Национална агенција за регионални развој (2013). Истраживање о стању, потребама и проблемима МСПП у Србији. Београд [National Agency for Regional Development. Report on the Conditions, Needs and Problems of SMEs in Serbia. Belgrade].

Pallant, J. (2011). SPSS, Priručnik za preživljavanje, [SPSS Survival Manual], IV izdanje. Mikro knjiga, Beograd.

Scarborough, N. (2012). Effective Small Business Management, An Entrepreneurial Approach, Tenth Edition. Pearson Education Limited.

Schlesinger, W., Unsal, F., & Zaman, M.R. (1987). Attributes of Sound Banking as Perceived by Small Businesses: Results of a Survey. Journal of Small Business Management, Vol. 25, No. 4.

Schumpeter, J. (2012). Teorija privrednog razvoja, srpsko izdanje. [Theory of Economic Development. Serbian Edition], Službeni glasnik, Beograd.

Станковић, Љ., Ђукић, С., & Лепојевић, В. (2014). Innovation Capacities of Serbian Small and Medium-Sized Enterprises. Теме, Ниш, No 3/2014, 1077–1093.

Stokes, D., & Wilson N. (2010). Small Business Management and Entrepreneurship. Cengage Learning EMEA, Hampshire.

USAID (2012). Финансирање раста малих и средњих предузећа, Пројекат за боље услове пословања. Београд [Financing the Growth of Small and Medium Enterprises, Business Enabling Project. Belgrade].

Van Horne, J., & Wachowicz, J. JR (2007). Osnovi finansijskog menadžmenta. [Fundamentals Financial Management], Data status, Beograd.

Влада Републике Србије (2015). Стратегија за подршку развоја малих и средњих предузећа, предузетништва и конкурентности за период од 2015. до 2020. године. [Government of the Republic of Serbia, The Strategy to Support the Development of SMEs, Entrepreneurship and Competitiveness for the period from 2015 to 2020].

World Economic Forum (2015–2016). The Global Competitiveness Report.

Закон о рачуноводству, Службени гласник Републике Србије, 62/2013, [Law on Accounting].


  • There are currently no refbacks.

Print ISSN: 0353-7919
Online ISSN: 1820-7804