1. Introduction

In the years since the 2007–8 nancial crisis, the issue of access to nance for small and medium-sized enterprises (SMEs) has taken on a new prominence, having been formally recognised as an issue of pressing importance at the G20 summit in Pittsburgh in September 2009.1

Of course, one of the key reasons for the increased attention that this subject now receives is the well-documented problems of the banking system in many parts of the world following the lsquo;credit crunchrsquo; of 2008–9. This dimension of the nancial crisis – and the policy and regulatory measures subsequently put in place – has had a notable effect on the ability and willingness of the conventional banking system to fund SMEs in some parts of the world, and has therefore contributed to the emergence of innovative alternative forms of SME nance. In other regions, a general lack of development in commercial banking and other sorts of nancial infrastructure has been a more pressing issue.

Even so, other factors beyond the crisis of the developed worldrsquo;s banking system have also contributed to the initiatives that this paper will discuss, notably technological developments and increasing access to online services; electronic data from a growing variety of sources; and innovative nancial instruments and structures that together help to create new ways for savers and borrowers, investors and entrepreneurs, to meet and do business.

This paper provides examples of a range of important innovations in SME nance and discusses some of the lessons we can draw from them. Although the de nition of an SME varies widely across different markets, for the purposes of this report a small enterprise is considered to be a company with 50 or fewer workers and a medium- sized enterprise is any business with 51 to 249 workers. In common with other de nitions of SMEs, this excludes companies in extractive industries, utilities and nancial services.

2. The range of innovations in SME nance

Although by no means exhaustive, this section offers an overview of some of the most signi cant innovations and developments in access to nance for SMEs that have emerged in recent years, under four headings:

• New lending and equity funding initiatives 

• Innovative nancing structures and instruments 

• New proxies for credit information 

• Legal and regulatory infrastructure. 


NEW LENDING AND EQUITY FUNDING INITIATIVES 


The most obvious way to increase access to nance for SMEs is for more new organisations within or outside the banking system to start lending to them, and in many parts of the world this has happened. 
In June 2010 the giant Chinese e-commerce platform Alibaba launched a micro-credit company, Alipay Financial, based in the city of Hangzhou, to offer loans from its own cash resources to existing SME users of its e-commerce services. Initially it offered 30-day working capital advances of up to RMB500,000 ($82,000) to fund sales of goods via its Taobao online marketplace. Subsequently, the business expanded geographically and began offering a wider range of loan products. Larger loans could be secured by groups of three SMEs standing as guarantors for each other. Reports suggest that the Alipay Financial loans business later began originating loans among users of Taobao on behalf of China Construction Bank and the Industrial and Commercial Bank (ICBC) of China, among other mainstream nancial institutions, to expand its lending capacity. Writing in Global Times in February this year, Lu Zhengwai, chief economist at ICBC, said that from its establishment through to the rst half of 2012, Alipay Financial had made loans worth some RMB13bn ($2.09bn).

In the US and Europe, where e-commerce operations such as eBay and Amazon dominate, similar but smaller networks of alternative nance have begun to appear. In September 2012, Reuters reported that Amazon had begun offering funding to some of its largest sellers under a programme called Amazon Lending. Although Amazon has released no of cial details of the programme publicly, industry observers told Reuters that Amazon was offering advances of up to $800,000 to some merchants and charging interest rates that ranged from 1% to 13% a year.

Independent operators are also starting to offer nance to Amazon and eBay sellers. The largest such company, Kabbage, which was founded in 2009 and is based in the US city of Atlanta, obtains borrowersrsquo; consent to access real-time data from their e-commerce sellerrsquo;s accounts, PayPal accounts, UPS shipping accounts, as well as from a variety of SME accounting software packages such as QuickBooks, Stripe and Xero. Kabbage offers advances of between $500 and $50,000 at interest rates of between 2% and 7% for a 30-day period. For a six-month advance rates range from 10%–18%. In August 2013 the company announced it had made 80,000 advances in the US, four times more than its nearest competitor. During 2013 it also launched in the UK.

In many parts of Africa, meanwhile, high take-up of mobile phones has enabled the growth of mobile payment services that allow users to send and receive small sums via their phones. The most well-known such service is M-Pesa in East Africa, which now has more than 20 million users. Other similar services are also spreading fast, including Ecocash and Textacash in Southern Africa. More recently, services such as M-shwari have appeared, which add a loan facility to the basic mobile payments service. M-shwari is a joint venture between mobile provider Safaricom and a Kenyan bank, Commercial Bank of Africa (CBA). The service enables users to borrow sums ranging from the equivalent of about $1 up to about $235, although the largest loan advanced to date is less than $100.

The attraction of this service has resulted in a very rapid uptake of bank accounts at CBA,

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1. Introduction

1.介绍

In the years since the 2007–8 financial crisis, the issue of access to finance for small and medium-sized enterprises (SMEs) has taken on a new prominence, having been formally recognised as an issue of pressing importance at the G20 summit in Pittsburgh in September 2009.

自2007至2008年经济危机以来，中小企业融资问题获得了很多关注，2009年9月，在匹兹堡举行的G20峰会上，其紧迫性及重要性被正式认可。

Of course, one of the key reasons for the increased attention that this subject now receives is the well-documented problems of the banking system in many parts of the world following the lsquo;credit crunchrsquo; of 2008–9. This dimension of the fina ncial crisis – and the policy and regulatory measures subsequently put in place – has had a notable effect on the ability and willingness of the conventional banking system to fund SMEs in some parts of the world, and has therefore contributed to the emergence of innovative alternative forms of SME finance. In other regions, a general lack of development in commercial banking and other sorts of financial infrastructure has been a more pressing issue.

当然，这一问题现在得到越来越多的关注的主要原因之一是，世界许多地方的银行系统在2008年、2009年之后遭遇了信用恐慌。这场经济危机以及随之不断施行的政策与规范，严重影响了世界很多地方传统银行系统资助中小企业融资的能力和意愿，并因此导致了中小企业新的融资方式的出现。在其他地区，商业银行发展与其他融资基础设施的不足是一个更加亟待解决的问题。

Even so, other factors beyond the crisis of the developed worldrsquo;s banking system have also contributed to the initiatives that this paper will discuss, notably technological developments and increasing access to online services; electronic data from a growing variety of sources; and innovative financial instruments and structures that together help to create new ways for savers and borrowers, investors and entrepreneurs, to meet and do business.

即便如此，发达国家银行系统之外的其他因素也导致了这篇文章要讨论的主动性，包括显而易见的科技发展和不断增加的获取网络服务的途径方式，不断扩大的电子数据来源，以及创新的融资工具和结构共同为储蓄者和借贷者，投资者和企业家创造出磋商合作的新方式。

This paper provides examples of a range of important innovations in SME finance and discusses some of the lessons we can draw from them. Although the definition of an SME varies widely across different markets, for the purposes of this report a small enterprise is considered to be a company with 50 or fewer workers and a medium- sized enterprise is any business with 51 to 249 workers. In common with other definitions of SMEs, this excludes companies in extractive industries, utilities and financial services.

这篇文章列举了中小企业重要的创新融资方式的例子，并且讨论了我们从中可以学到的经验。虽然在不同市场中，对于中小企业的定义也不同，本文中，小企业是指员工数在50以下的公司，中型企业是指员工数在51-249之间的任意企业。与其他对于中小企业的定义相同的是，此定义排除了开采业和金融服务领域的公司。

2. The range of innovations in SME finance

2. 中小企业创新融资的范围

Although by no means exhaustive, this section offers an overview of some of the most significant innovations and developments in access to finance for SMEs that have emerged in recent years, under four headings:

• New lending and equity funding initiatives 

• Innovative financing structures and instruments 

• New proxies for credit information 

• Legal and regulatory infrastructure. 


虽然不可能做到毫无遗漏，这部分内容展示了一些近年来出现的最重要的中小企业融资方式创新与发展的概述，见以下四部：

新借贷与股权融资计划

创新融资结构与工具

信用信息新代理

法律与法规基础建设

NEW LENDING AND EQUITY FUNDING INITIATIVES 


The most obvious way to increase access to finance for SMEs is for more new organisations within or outside the banking system to start lending to them, and in many parts of the world this has happened. 
In June 2010 the giant Chinese e-commerce platform Alibaba launched a micro-credit company, Alipay Financial, based in the city of Hangzhou, to offer loans from its own cash resources to existing SME users of its e-commerce services. Initially it offered 30-day working capital advances of up to RMB500,000 ($82,000) to fund sales of goods via its Taobao online marketplace. Subsequently, the business expanded geographically and began offering a wider range of loan products. Larger loans could be secured by groups of three SMEs standing as guarantors for each other. Reports suggest that the Alipay Financial loans business later began originating loans among users of Taobao on behalf of China Construction Bank and the Industrial and Commercial Bank (ICBC) of China, among other mainstream financial institutions, to expand its lending capacity. Writing in Global Times in February this year, Lu Zhengwai, chief economist at ICBC, said that from its establishment through to the first half of 2012, Alipay Financial had made loans worth some RMB13bn ($2.09bn).

增加中小企业融资途径的最明显的方式就是有银行系统以内或以外的新组织开始为他们提供借贷，这在世界很多地方都已经开始了。2010年6月，中国大型电子商业平台阿里巴巴开办了一个小额贷款公司：阿里金融。公司地点在杭州，为其电子业务使用者的中小企业提供贷款，而这一贷款是以其自身现金为来源的。阿里金融最初提供30天的最多人民币500000元的营运资本借款，且通过淘宝平台运行，以此资助货物销售。此后，这一业务在地域范围上不断扩展，并且开始提供很多种贷款产品。如果有三家中小企业组成一个集体来作为彼此的担保人，就可以享受比较大型的贷款支持。报告表明阿里金融后来代表中国建设银行和中国工商银行开始在淘宝用户间发行贷款，并且在其他主流金融机构间拓展其借贷能力。在今年2月的环球时报中，中国工商银行首席经济学家写到，自阿里金融建立到2012年上半年，支付宝金融借贷总额已达到人民币一千三百万。

In the US and Europe, where e-commerce operations such as eBay and Amazon dominate, similar but smaller networks of alternative finance have begun to appear. In September 2012, Reuters reported that Amazon had begun offering funding to some of its largest sellers under a programme called Amazon Lending. Although Amazon has released no official details of the programme publicly, industry observers told Reuters that Amazon was offering advances of up to $800,000 to some merchants and charging interest rates that ranged from 1% to 13% a year.

在美国和欧洲，以eBay和亚马逊为例的电子商务占据支配地位，相似但稍弱的替代融资方式已经开始出现。2012年9月，路透社报道亚马逊已经开始通过一个叫做亚马逊借贷的系统为其最大的部分卖家提供资金。虽然亚马逊并未公开对这一系统进行官方介绍，行业观察者告诉路透社，亚马逊已经为一些大商人提供高达80万美元的借款，并且以每年1%至13%的利率收取利息。

Independent operators are also starting to offer finance to Amazon and eBay sellers. The largest such company, Kabbage, which was founded in 2009 and is based in the US city of Atlanta, obtains borrowersrsquo; consent to access real-time data from their e-commerce sellerrsquo;s accounts, PayPal accounts

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