THE FINANCIAL SUPPORT FOR SLOVAK SMALL AND MEDIUM-SIZED ENTERPRISES IN THE ERA OF GLOBALIZATION

Small and medium sized enterprises (SMEs) in Slovakia are facing various barriers in their business, while access to finance is the dominant factor in the development of these. Development of SMEs is closely related to the development of national and world economy, because they are the main source of economic growth. The contribution deals with financial support for SMEs in Slovakia. It focuses on opinions of entrepreneurs and their perceptions of non-refundable, but also repayable forms of financial support. The objective of the paper is to examine and to assess the conditions for the use of financial support for small and medium enterprises in Slovakia and to propose a set of recommendations for improving its effectiveness. The empirical data were gained by the survey realized by the end of 2016 at the sample of selected small and medium-sized enterprises operating in Slovakia, which in the past received financial support from public sources and used it to raise their business in the global environment. The research have reached to assess the awareness of entrepreneurs on financial support, identifying key factors and barriers of gathering of financial support and to draft recommendations for the effective use of funding and improving the business environment. Based on primary and secondary research we set out recommendations to simplify the process of obtaining and receiving financial support for SMEs in Slovakia with the aim to increase their competitiveness in the era of globalization.