Evaluating the Impact of SME Support Programs on Corporate Financing: Evidence from the ELITE Initiative
Abstract
This study investigates the impact of structured SME support initiatives on firms’ external financing using evidence from the ELITE Program. Drawing on a sample of Italian unlisted SMEs and using a difference-in-differences design with matched controls, we find that ELITE participation significantly enhances financial leverage and reduces debt costs. Results also suggest a restructuring of the debt profile, with a shift toward long-term and market-based instruments, notably bond financing. Our findings underscore the potential of growth-oriented programs to alleviate financing frictions and support SME access to sustainable capital.
References
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Copyright (c) 2025 Yang Kan
This work is licensed under a Creative Commons Attribution 4.0 International License.
