Le capital social comme levier de résilience financière pour les PME marocaines

Abstract

In Morocco, 93% of entrepreneurship consists of small and medium-sized enterprises (SMEs), yet nearly one in two of these entities fails to obtain suitable bank credit. Apart from a lack of guarantees, 35% of SME managers state that they sometimes have to turn to alternative funding channels, whether familial, friendly, or relational. Combine this with the fact that less than a quarter of SMEs provide remuneration to their partners, and you have numerous elements demonstrating the importance of social capital as a lever to overcome financial constraints. This work aims to study, through its mechanisms, the various means an SME has to leverage its social capital to compensate for the limitations of formal financing quantity. A literature review was previously conducted, revealing that social capital enables an SME to access alternative financing modes (such as interpersonal loans or crowdfunding) and that it helps reduce information asymmetries by building trust between lender and borrower. Finally, the entrepreneur's relational network is an essential element for success, allowing them to circumvent difficulties related to a lack of financing in the presented case.