By John Kenneth Galbraith
The world-renowned economist bargains "dourly irreverent analyses of economic debacle from the tulip craze of the 17th century to the new plague of junk bonds."—The Atlantic.
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Extra info for A Short History of Financial Euphoria
In addition to capital, business angels are able to provide expertise and advice to assist the investee company in return for their equity stake. They play an important role in filling the gap between debt finance and the formal venture capitalists whose attention is focused on larger deals. With a lower cost base and different objectives, business angels are more comfortable investing smaller amounts and are more orientated towards start-up or early-stage funding. With its comparatively low visibility, business angels’ activity is probably underestimated.
Its goal is to build an enterprise society in which all small businesses thrive and achieve their potential. The SBS provides business support, advice and access to appropriate expertise through the Business Link network. It also manages a number of national services. Role of SBS Investment Directorate The role of the SBS Investment Directorate is to identify any market weaknesses in the provision of finance to SMEs and to decide whether and how these might be addressed. Small Business Investment Taskforce (SBIT) The 2000 Budget report announced the creation of a Small Business Investment Taskforce (SBIT) to advise David Irwin, SBS chief executive, 18 The Corporate Finance Environment and through him the Government, on how best to stimulate the operation of markets providing finance for SMEs.
Types of corporate finance available to SMEs Debt finance In the eighth edition of its report, Finance for Small Firms (March 2001), the Bank of England points out that, in total, SMEs have become markedly less reliant on external finance in recent years. For those that do raise external finance, traditional bank loans and overdrafts remain Financial Market and Business Conditions for SMEs 11 the primary source of funding. Bank lending to SMEs rose rapidly in 2000 after several years of decline, with term loans accounting for 72 per cent of lending as at the end of September 2000 and the maturity profile remaining stable.