essthanEUR2million)financeconstraintsstillseemtohampertheirdevelopment.Itisworthwhilenotingthatalackoffinancingdoesnotnecessarilyimplyalackofdebt.Indeed,creditrationinginthestrictsenseisrarelyobservedinFrance,Italy,andGemiany.However,thisdoesnotruleoutthatbanksoverchargeSMEloansand,asaconsequence,thatfinancialmarketimperfectionshaveanegativeimpactonthegrowthofSMEsandthustheeconomyatlarge.PublicpolicyinsupportofSMEsneedstobedesignedinsuchawaythatreliefisofferedwherefinanceconstraintsaremostbinding.Inthisrespect,equityfinancingdeservesmoreattention.AccordingtoarecentOECDreport(OECD2002),smallbusinessesexperienceconsiderabledifficultyinobtainingriskcapital.InEurope,parisontotheUnitedStates.Therefore,thepromotionofsecondarycapitalmarketsandventurecapitalfundsneedtorankhighonthepoliticalagenda.
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