Government finance, loans, and guarantees for small and medium enterprises (SMEs) (2000–2021): A systematic review
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Governments across jurisdictional boundaries leverage financial incentives as a policy strategy to support and develop the business of small and medium enterprises (SMEs). This study is a systematic rety view of the literature on direct governmental finance to SMEs through loans, guarantees, and credit lines between 2000–2021. Among the 89 studies identified for inclusion, four themes emerged: provision of government loans, other government finance provision, external reasons for government finance provision, and the purpose and outcomes of government financing. The key managerial and finance findings in this study are that a greater awareness among SMEs is needed for accessing existing financial incentives from the government. Likewise, regarding government policy, this study highlights a need to clarify the purpose of loan provision to SMEs. Finally, despite calls by researchers for more qualitative assessments of SMEs and targeted government loan provision, there remains a lack of evidence to characterize this interelationship in practice.
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Financial institutions and development agencies frequently provide loans, credit guarantees, grants, and training initiatives designed to enhance SMEs' absorptive capacity and digital readiness.
“Financial institutions and development agencies frequently provide loans, credit guarantees, grants, and training initiatives designed to enhance SMEs' absorptive capacity and digital readiness (Crawford et al., 2023).”
From Artificial Intelligence Adoption for Sustainable Development in SMEs: Challenges, Strategic Pathways, and Lessons for Developing Economies (2026) · cites this paper as Crawford et al., 2023
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Policies to Address Supply-side Issues in MSME Finance: A Global Compilation
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SMEs’ Access to Bank Financing During the Financial Crises in Europe
Ghulam, Y., Hakro, A. N., & Naumani, O. (2025) · Journal of Small Business Strategy · doi:10.53703/001c.124820 · Cited by 3 · see citing works
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An evaluation of the impact of a government supported investment scheme on recipient firms
Lynch, A., Bhaird, C. M. A., & O’Reilly, S. (2026) · International Small Business Journal Researching Entrepreneurship · doi:10.1177/02662426261431263 · Cited by 2 · see citing works
Economic impact of a credit guarantee scheme: evidence from Spain
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The impact of fiscal transparency on the spatial layout of enterprises: evidence from China
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Balancing Tradition and Innovation: A Comparative Analysis of SME Financing Approaches in Practice
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Local Entrepreneurial Ecosystems for Global Market Diversification
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Public R&D Subsidies to Companies in Portugal
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ОСОБЛИВОСТІ ОБЛІКУ ТА ОПОДАТКУВАННЯ МІЖНАРОДНОЇ ЦІЛЬОВОЇ ДОПОМОГИ СУБ’ЄКТАМ ГОСПОДАРЮВАННЯ
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Effectuation, Causation and Bricolage in Regional Small Business: A Qualitative Study
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Self-citationDeterminants Of Financial Management Practices Among SMEs in EthiopiaPreprint
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Public Finance: Facilitating Climate Transition under Fundamental Uncertainty Increasing Risk
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- Authors
- Crawford, J., Cui, Z.-Y. A., & Kewley, D.
- Affiliations
- University of Tasmania (AU)
- Corresponding author
- Kewley, David
- Venue
- Journal of Small Business Management
- Publisher
- Informa UK Limited
- Published
- 2023-10-30
- Volume
- 62
- Issue
- 5
- Pages
- 2607-2637
- ISSN
- 0047-2778 (ISSN-L)
- 1540-627X
- OpenAlex
- W4388020139
- Cited by
- 60
- References
- 108
- Citations by year
- 2026: 24 · 2025: 26 · 2024: 10
- FWCI
- 2.93
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Journal of Small Business Management (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Innovation Policy and R&D
- Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
- Keywords
- small and medium-sized enterprises, public finance, government loans, loan guarantees, credit lines, financial incentives, SME financing, public policy
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