Advanced System of SME Financing in Market Economy

Increasing competitiveness of small and medium enterprises, especially in the situation of growing economic globalization in the member countries of European Union and internationalization of activity of such enterprises, requires overcoming numerous obstacles the enterprises have to face. One of the most substantial of them is deficiency of means for the enterprises’ growth, particularly the means earmarked for innovative activity. This is mainly the consequence of lack of knowledge about how the enterprises could gain financial means from the alternative financing sources. This hinders establishing the optimal configuration of financing for an enterprise. Consequently, the purpose of the paper to improve enterprises’ access to external capital so as to be able to carry out the investments oriented towards strengthening of the enterprises and launching innovative products and services. The main result of research (sample of Polish SME) is preparing of advanced system of financing including alternative forms of financing of SME on each stages of their life cycle, connected with multicriteria forms of their assessment.