Spatial variations in the role of equity investment in the financing of SMEs
INTRODUCTION Traditionally, locational analysts have regarded financial capital as being, in Weberian terms, a ubiquitous factor. Small businesses were therefore assumed to have equal access to finance regardless of location. Estall (1972) was one of the first commentators to dissent from this view, arguing that 'capital is not equally available at all locations, given identical risks and opportunities' (Estall, 1972: 1967). He went on to suggest hat the constraints that operate to impede its availability must, by extension, act also as a constraint upon regional economic development.