In the aftermath of the crisis, we are dealing with an issue of mismatched demand and supply in SMEs financing, that the traditional lending technologies and actors seem not able to overcome. In this essay, we have summarized the main actors, technologies and informational issues involved in the SMEs financing. On one side, there are the banks who are typically the originators of loans, and follow the traditional banking technology. On the other side, there is the entire investor community, that is made up of new lending entities, like shadow banks, in a broad sense, but also other private and public agents. A solution to the mismatched demand and supply in SMEs financing requires at the same time a diversification both of actors and of technologies used in the financial markets.
Alexandra D’Onofrio holds a Ph.D. in Money and Finance from the University of Rome “Tor Vergata”. She is currently Economist in the Economic Research Unit at Assonime. She is also a Research Fellow of the Arcelli Center for Monetary and Financial Studies of Luiss Guido Carli University.