Despite the rise of many alternative sources and products to provide financing to the small business sector, most small enterprises will find financing difficult to access during their start-up phase. And for the financing that is available, low leverage and short repayment terms sometimes aggravate the efforts of companies to generate sufficient working capital to expand and grow the business.

Understandably, higher leverage and longer repayment terms present significantly more risks to the lender of loans to younger enterprises. Banks are discouraged by their regulators from underwriting these kinds of risks on any business, much less those that are less mature. But smaller companies need more leverage. Without ...

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