Historical Financing of Small- and Medium-Sized Enterprises

@article{Cull2005HistoricalFO,
  title={Historical Financing of Small- and Medium-Sized Enterprises},
  author={R. Cull and L. Davis and N. Lamoreaux and J. Rosenthal},
  journal={Entrepreneurship & Economics eJournal},
  year={2005}
}
We focus on the economies of the North Atlantic Core during the 19th and early 20th centuries and find that an impressive variety of local financial institutions emerged to supply the needs of SMEs wherever there was sufficient demand for their services. Although these intermediaries had significant weaknesses, they were able to tap into local information networks and so extend credit to firms that were too young or small to secure funds from large regional or national institutions. In addition… Expand
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