ABSTRACT
Micro, small, and medium-sized enterprises (MSMEs) are a vehicle to create jobs and drive economic growth (Haltiwanger, Jarmin, & Miranda 2010). In developing countries, MSMEs have considerable difficulties obtaining the necessary financial resources to effectively start and then grow their businesses. Access to traditional growth capital, including debt and equity, is often prohibitively costly, and MSMEs’ main sources of capital are their retained earnings and informal savings, more rarely loan associations that nevertheless are unpredictable and not very secure.
