ACCESS TO FINANCE IN THE ROMANIAN ENTREPRENEURIAL ECOSYSTEM: INSIGHTS FROM FINANCIAL PROFESSIONALS

Access to finance remains a critical challenge for small and medium-sized enterprises (SMEs) in emerging economies, where institutional support and financial infrastructure are often underdeveloped. As in many European countries, SMEs in Romania play a central role in employment and value creation; however, they face persistent barriers in securing adequate financial resources for survival, growth, and innovation. This study investigates the perceptions of Romanian financial professionals - both from banking and non-banking institutions - regarding SMEs’ access to finance, aiming to identify perceptual patterns and their demographic and institutional determinants. Based on a survey of 74 financial professionals, the research employs several statistical techniques to uncover latent dimensions and segment respondents into coherent perceptual profiles. Three distinct profiles emerged: Optimists (confident in finance as a catalyst), Moderates (balanced but cautious), and Skeptics (cautious about finance’s role in early-stage entrepreneurship). The type of institution and locality size significantly influenced perceptions, while professional experience and education had limited impact. A notable finding is the divergence between the generally positive perception of finance’s role in SME development and the skepticism regarding its capacity to stimulate new business creation, suggesting the presence of systemic barriers. The study offers a practical framework for tailoring financial products and public policies to the perceptual and institutional profiles of financial professionals, contributing to more effective support mechanisms and a more inclusive entrepreneurial ecosystem.