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Economic Dynamics and Sustainable Development – Resources, Factors, Structures and Policies

Proceedings ESPERA 2015 – Part 1 and Part 2

Edited By Luminita Chivu, Constantin Ciutacu, Valeriu Ioan-Franc and Jean-Vasile Andrei

The book is dedicated to the 150th anniversary of the Romanian Academy. It contains the most valuable 100 papers presented at the International Conference «Economic Scientific Research – Theoretical, Empirical and Practical Approaches» (ESPERA 2015). The event is initiated annually by the National Institute for Economic Research «Costin C. Kirițescu» of the Romanian Academy. ESPERA aim to present and evaluate the economic scientific research portfolio as well as to argue and substantiate development strategies, including European and global best practices. ESPERA intend to become a scientific support for the conceptualization and the establishment of policies and strategies and to provide a systematic, permanent, wide and challenging dialogue within the European area of economic and social research.

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Micro-Financing Support to Entrepreneurship Development-Evidences from Serbia (Radmila Grozdanic / Mirjana Radovic-Markovic / Boris Jevtic)


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Radmila Grozdanic1, Mirjana Radovic-Markovic2 & Boris Jevtic3

Micro-Financing Support to Entrepreneurship Development-Evidences from Serbia

Abstract: The objective of this paper is to support the long-term impacts of micro-finance on SMEs and rural entrepreneurship development and poverty in Serbia, based on financing survey data collected in 2013/2014. Since its advent in early 2000s micro-finance has been the focus of much development issues. Serbia is one of the last Balkan countries of the micro-finance movement. Development practitioners have been keen to know the extent of non-adequate SMEs access to loans possible with micro-finance operation that mostly supports the smallest and poor rural households. Micro-finance means small-scale transactions of credit and savings. As such, it is largely meant to meet the needs of small- and medium-scale producers and businesses. The poor, especially women, are the target of micro-finance organizations in many countries, including Serbia. Besides financial services, micro-finance sometimes offers skill-based training to augment productivity or organizational support and consciousness-raising training to empower the poor. Benefiting from a micro-finance program, unlike other transfer schemes, requires not only an individual’s own entrepreneurship but also a favorable local market. Even if the marginal gains from micro-borrowing accrued to participants may be large, the accrued total benefits from micro-finance in reducing poverty, insolvency are likely to be small, as micro-finance transactions are often too small in volume to have a sustained aggregate impact on poverty reduction. In an economy where there is not much growth, as Serbia is, borrowing...

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