International practices in financing small and medium enterprises (SMES)

Small and Medium Enterprises (SMEs) are essential for economic growth, innovation, and employment. However, they face significant challenges in accessing financing, particularly in emerging economies. This study explores international financing models for SMEs and their potential adaptation in Moldova, examining traditional and alternative sources like bank loans, venture capital, crowdfunding, and microfinancing. It highlights the role of government and international initiatives, such as EU programs (COSME, Horizon Europe) and efforts in emerging economies like China, India, and Brazil. The research suggests that Moldova can benefit from these practices, including the creation of a national loan guarantee fund, business incubators, and fiscal incentives. Challenges to implementation include bureaucratic barriers and underdeveloped financial infrastructure, with recommendations for improving the financing system to enhance SME sustainability and competitiveness, fostering long-term economic growth.