HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

Comment faciliter et booster le financement des PME en Wallonie par l'intermédiaire des produits de garantie proposés par la Sowalfin ?

Izzi, Elena ULiège
Promotor(s) : Streel, Alexandre ULiège
Date of defense : 28-Aug-2017/11-Sep-2017 • Permalink :
Title : Comment faciliter et booster le financement des PME en Wallonie par l'intermédiaire des produits de garantie proposés par la Sowalfin ?
Author : Izzi, Elena ULiège
Date of defense  : 28-Aug-2017/11-Sep-2017
Advisor(s) : Streel, Alexandre ULiège
Committee's member(s) : Hermans, Dominique ULiège
Sablone, Oriana 
Language : French
Number of pages : 132
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion (Horaire décalé)
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] The Belgian economic fabric consists mainly in Small and medium-sized enterprises (SMEs). In Wallonia, those are a key element of the economic fabric and figures show it well. Indeed, 99% of the Walloon companies are SMEs which represent 80% of the employment in Wallonia. These companies are thus real vectors of economic growth and employment.
Given the importance that SMEs take in the economy of the South of the country, a lot of initiatives were taken in the last 15 years to promote their development by facilitating access to credit.
However, following to the economic and financial crisis of 2008, which took origin from the American economy and which was fast propagated to the whole global economy, the European banking sector operates now in a stricter framework following measures taken under Basel III and at the new requirements of the ECB (EUROPEAN CENTRAL BANK).
Accordingly to the implementation of these measures, it became more difficult for small and medium sized businesses to obtain an adequate financing and to pursue their activity.
According to several studies the main causes leading to a banking refusal is the insufficiency of equity in 38 % and the lack of guarantee in 35 % of the cases.
Wallonia has made through SOWALFIN every efforts for a few year to create and perpetuate these small companies by helping them regarding financing and by proposing customized tools to facilitate the credit access.
By granting “partial and supplementary” guarantees (percentage of cover) and “ex ante” guarantees (fixed amount) to cover bank financing, SOWALFIN boosts and facilitates the financing of SMEs.



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  • Izzi, Elena ULiège Université de Liège > Master sc. gest. (H.D.)


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