SMEs also face a major problem in obtaining finance from external equity due to higher floatation costs of stock issues for smaller companies and initial public offerings of smaller companies are also underpriced in several cases (Buckland and Davis 1990). Another option available for financing to SMEs is through venture capitalists which can be used to overcome problems present in equity and debt financing.
Although financing for SMEs can be obtained from venture capitalists but it too can be quite expensive (Sahlman 1990). SMEs can also opt for financing from internal sources such as sale proceeds and working capital (Hew and Loi 2004).
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