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    Public Financing for Small and Medium-Sized Enterprises: The Cases of the Republic of Korea and the United States
    Public Financing for Small and Medium-Sized Enterprises: The Cases of the Republic of Korea and the United States
    Public Financing for Small and Medium-Sized Enterprises: The Cases of the Republic of Korea and the United States
    Ebook128 pages1 hour

    Public Financing for Small and Medium-Sized Enterprises: The Cases of the Republic of Korea and the United States

    By Asian Development Bank

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    About this ebook

    Highlighting the importance of Asia’s small and medium enterprises (SMEs), this report shows how economies can learn from policies employed by the Republic of Korea (ROK) and the United States (US) to offer SMEs the credit they need to thrive. With SMEs making up some 96% of all Asian businesses, the report explains the challenges they commonly face and analyzes the impact of specialized financing facilities in the ROK and the US. It offers a study of public institutional approaches towards improving credit access, assesses international lending regulations, and explores how developing public lending schemes for SMEs can support growth.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateNov 1, 2023
    ISBN9789292704650
    Public Financing for Small and Medium-Sized Enterprises: The Cases of the Republic of Korea and the United States

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      Book preview

      Public Financing for Small and Medium-Sized Enterprises - Asian Development Bank

      PUBLIC FINANCING FOR SMALL AND MEDIUM-SIZED ENTERPRISES

      THE CASES OF THE REPUBLIC OF KOREA AND THE UNITED STATES

      NOVEMBER 2023

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2023 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 8632 4444; Fax +63 2 8636 2444

      www.adb.org

      Some rights reserved. Published in 2023.

      ISBN 978-92-9270-464-3 (print); 978-92-9270-465-0 (electronic); 978-92-9270-466-7 (ebook)

      Publication Stock No. TCS230540-2

      DOI: http://dx.doi.org/10.22617/TCS230540-2

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this publication, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This publication is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess.

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Please contact [email protected] if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda.

      Notes:

      In this publication, $ refers to United States dollars.

      ADB recognizes Korea as the Republic of Korea.

      Cover design by Anthony Villanueva.

      On the cover: Small and medium-sized enterprises in Asia contribute significantly to economic development and employment, yet face difficulties accessing finance. (photo by ADB).

      Contents

      Tables, Figures, and Boxes

      Foreword

      Robust economic growth in recent years has alleviated poverty and added to the number of middle-income countries in the world. Economies had to evolve, however, to overcome slowdowns brought about by several financial crises and the coronavirus disease (COVID-19) pandemic and to strengthen small and medium-sized enterprises (SMEs) and thus boost national productivity. Small firms, often hardest hit during economic turmoil, account for the majority of businesses worldwide and are important contributors to job creation and global economic development, particularly in the developing world.

      In Asia alone, SMEs are considered the backbone of their respective economies. A 2016 report by the

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