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date: 25 February 2020

Abstract and Keywords

This article discusses the contribution of small and medium-size enterprises to the economy and the kind of financial environment they face, the notion of the finance gap faced by small business, and the type of capital structure they have. It then introduces the importance of the working capital management process and the role of cash management in achieving growth for small firms, and the way to enhance liquidity by financing accounts receivable. It provides an overview of the factoring and invoice financing market, the possible determinants that have contributed to the growth of this form of financial service to businesses, and the potential costs and benefits to the entrepreneurial firm. An analysis is then provided to evaluate whether factoring and invoice financing could be a short-term or long-term financing choice for small and medium-size enterprises.

Keywords: medium-size enterprises, small enterprises, cash management, invoice financing, capital structure, financial market

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