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Credit Scoring Credit scoring A statistical technique that combines several financial characteristics to form a single score to represent a customer's creditworthiness. : A Tool for More Efficient SME Lending. SME Issues. Vol. 1, No. 2, November. Washington DC: World Bank. Venture One/Ernst and Young (2003): "Venture Capital Industry.1995-2002. USA, Europe, Israel." Available at www.ventureone.com WTO See World Trade Organization. : "Agreement on subsidies and countervailing measures." Available at http://docsonline.wto.org/ Wyse, R. and Burril, S. (2000): "Venture Capital and Economic Growth. A Perspective." Presentacion disponible en www.wisconsin.edu.summit/archives/2000/papers. (1) Closing the Gap in Education and Technology, World Bank Latin American and Caribbean Series, de Ferranti, et. al., 2003; OECD (2003) Economic Assessment of Chile. Economic Policy Seminar. Draft, Economic Assessment by the Secretariat. A large share of Chilean exports are natural resource-based products, such as mining, foods and other agriculture and livestock products. These categories amount to 80 percent of total exports in 2000 (World Development Indicators, World Bank). (2) World Bank (2001); World Bank, Poverty and Income Distribution in High Growth Economy. Latin America and the Caribbean Region (2001). Chile New Economy, World Bank (2004). (3) OECD (2003) (4) Expert commentary provided by Eduardo Bitran, Executive Director, Fundacion Chile (Feb. 2004). (5) Little, Mazumdar and Page (19870; FIEL (1996);, Kosacoff (2000); Batra and Tan (2003). (6) The argument in favor of government intervention is based on the presence of market deficiencies or government obstacles that may hurt SMEs. The theory of industrial organization, emphasizes three principal groups of factors: (i) market power, segmentation and distortions in input and product markets; (ii) technical efficiency, that determines the minimal scale of efficient operations; and (iii) economies of scale that affect the capacity of a firm to respond to external and internal shocks. It should be emphasized that factors related to economies of scale remain outside the public policy arena. See: Tirole (1986), Guasch (1986), and Acs, Carlsson, y Karlsson (1999), among others. (7) On the business environment, see Levy (1994); On Donor Committee Guidelines for SME policies, see Hallberg (2000). (8) De Ferranti et al. (2002). (9) See Martin y Scott (2000). (10) Griliches (1992). (11) See World Bank OP 8.30 Operational Policy on Financial Intermediary Financial Intermediary An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions. Notes: This can include chartered banks, insurance companies, investment dealers, mutual funds, and pension funds. Lending, July 1998, Revised August 2004 and April 2007. (12) The unit's purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. is defined daily by the previous month's variation in Consumer Price Index. The approximate exchange rate on March 22, 2004 was US$27.86/UF (UF value of Peso 16,820.82, dollar set at Peso 607.64). (13) Caracterizacion de las Micro y Pequenas Empresas (2002). (14) This second indicator of SME sales to the interior refers to how sales are distributed in the various sectors of the economy. Measured by: Sales by SME / Sales by all enterprises (15) Alarcon and Stumpo (2001). (16) Bravo, D.; Crespi, G.; Gutierrez, I. (2002); Fundes Chile (2001). A key bank access index measures the number of firms that have had some relationship with the formal banking system at some time, whether this means through loans, deposits, or other transactions. (17) Caracterizacion de las Micro y Pequenas Empresas, with information from Customs and CORFO, based upon ProChile and SII SII Servicio de Impuestos Internos (Chile) SII Seiko Instruments, Inc. SII Strong Interest Inventory SII Standards Institution of Israel SII Securities and Investment Institute (UK) database. (18) Little, Mazumdar and Page (1987), Dahlman et al (1992), FIEL (1996), Kosacoff (2000), Batra and Tan (2001). (19) Controling for the sector activity, concentration has the effect of increasing the risk of closure for a firm. Crespi, G. (2003), Pp. 78-80 (20) On Japan and the United States, see: Audretsch, D. (1995), Chapter 6. See also Cabrera, A., el. al. (2002), pp 23- 24. (21) Controling for sector activity, concentration increases the risk of closure for a firm. See: Crespi, G. (2003), pp. 78-80. (22) Based on a panel of businesses interviewed by INE Ine (ī`nə), king of Wessex (688–726). In 694 he forced the people of Kent to pay compensation for the murder of a kinsman, and he extended his sway over Sussex and Surrey and probably over Devon. between 1986 and 1997. Note: The transition matrix has been constructed in the following way. In year t, all existing plants were classified according to criteria provided in table 5 (of Cabrera, de la Cuadra, Galetovic, and Sanhueza, 2002). Ten years later, the size of the plant is measured again. For example, the matrix shows that, on average, 1% of the small businesses transformed into microbusinesses, 37% remained in the small category, 10% became medium sized firms, 1% became large firms, and 51% had ceased operations. The database starts with information from 1986 and 1987, to permit a ten-year analysis. (23) Batra and Tan (2003). (24) Cabrera, De la Cuadra, Galetovic and Sanhueza, (2002); Consultoria Nomisma (2002); Bravo, Crespi, and Gutierrez (2002); Alarcon and Stumpo (2001); FUNDES-UNGS (1999). (25) Bitran (2002); de Ferranti et al (2002); Alarcon C and G. Stumpo (2001). (26) Nadvi and Schmitz (1999); Bravo et al (2002). (27) In 2001, of the 82 projects in this program, most were in the agriculture and agro-industrial sectors. (28) Ministry of Labor news bulletin. June 9, 2002. Available at www.mintrab.gob.cl. (29) Ministry of Agriculture news bulletin, June 25, 2003. Available at www.agricultura.gob.cl . (30) Development Projects (Proyectos de Fomento--PROFOs): A partnership experience in Chile. Jose Miguel Benavente H., Department of Economics, Universidad de Chile/University of Oxford, December (1998); Benavente (1998). (31) de Ferranti, et.al (2002), Table 4.4, page 84. (32) Cabrera et. al. (2002); Bravo et. al.(2002). (33) Fundes (34) By way of comparison, Berger, A. et al. (1998) report that--based on 1993 data--in the USA only 54.2% of small businesses have any type of credit with a financial institution. See Gallego, F. y Loayza, N. (2000); Financial analysis of Banco del Estado; interviews with senior management. (35) Government of Chile, Comite de Fomento de la Micro y Pequena Empresa, "La situacion de la Micro y Pequena Empresa en Chile" (2003), P. 36, Box 20; Foxley, J. (1999). The author found differentials of up to 6 percent in the spreads between loans of up to 200 UF and loans of more than 2.000 UF. Furthermore, there is no significant proof that SME are more likely to fail than larger firms. (36) See: http://www.prochile.cl/servicios/exportar_paso_a_paso/incentivos5.php. (37) For this Table, the following sources were used: a) Programa de Reinsercion Laboral y Empleo, Linea de Trabajo Independiente, by FOSIS FOSIS Federation of Student Islamic Societies (UK) (executed US$ 5 million in 2001, equal to 1.7 percent of of the 2001portfolio; Generacion de Alternativas Laborales para Ex Trabajadores Portuarios, by SERCOTEC, represented in 2 percent of the resources and had 500 beneficiaries in 2001. b) INDAP's loan programs; c) FOGAPE.; d) BancoEstado; e) SERCOTEC's Programa para el desarrollo Competitivo de la Microempresa (business lines accounted for 1 percent of the resources executed in 2001,with around 7800 beneficiaries); f) Line 1 of CORFO's FONTEC; g) All lines of CORFO's FONTEC, CORFO's Fondo de Desarrollo e Innovacion , and CONICYT's FONDEF h) CORFO's FIDES (the funds allocated in this program are equivalent to only 0.3% of the total loan and guarantee support provided by the portfolio as a whole), and ENAMI's venture capital program for the exploration of mineral reserves (the funds allocated in this program are equivalent to around 60% of the loan support granted by ENAMI ENAMI Empresa Nacional de Mineria (National Mining Company; Chile) ; however, it is only 0.35 percent of the total loan and guarantee support provided by the portfolio as a whole) (38) These may require two different parametric models: one for formal micros and another for SMEs. (39) See Foxley, J. (1998) and Held, G. (1999). (40) See the worldwide study conducted by Babson College and the London Business School Around 800 degree students, from 70 countries, graduate from the school each year. Over 80 percent of students, and over 70 percent of faculty, come from outside the UK. A further 6,000 executives attend the school executive education programmes each year. and reported in a public presentation at the Universidad de Los Andes Universidad de Los Andes (Spanish: "University of the Andes") may refer to:
(41) See Titulo VII, Ley 18.815 currently in force. These Funds are annually audited by external auditors accredited with the Superintendencia de Valores y Seguros (Securities and Insurance Superintendency Su`per`in`tend´en`cy n. 1. The act of superintending; superintendence. ). (42) As of mid-2004, the Chilean Government did not require any type of evaluation of government-financed programs. Therefore, client surveys, independent evaluations and even simple cost-benefit efficiency results are very rarely available. (43) Bartik and Bingham (1995). Can Economic Development Programs Be Evaluated? Upjohn Institute Staff Working Paper 95-29. (44) See: http://www.corfo.cl/. (45) Annual Peso/USD average exchange rate stood at 540 pesos in 2000 and 635 pesos in 2001 (according to data series posted in the website for the Banco Central--www.bcentral.cl) (46) See: http://www.corfo.cl/biotechnology/index.html. See also: Nelson, Roy C. Transnational Strategic Networks and Policymaking in Chile: CORFO's High Technology Investment Promotion Program Latin American Politics & Society--Volume 49, Number 2, Summer 2007, pp. 149-181 (47) Nelson (2007) fn. 4. (48) See: http://www.indap.cl/. (49) However, INDAP should not engage in both first tier and second tier operations in the same region, since this opens the door to unfair competition and could undermine commercially oriented retail financial institutions. (50) See: http://www.sercotec.cl/base/homepage.cfm. (51) See Mullin et al., (1999); Crespi and Rau (2000) and observations by an Inter-American Development Bank Inter-American Development Bank (IDB) international organization founded in 1959 by 20 governments in North and South America to finance economic and social development in the Western Hemisphere. mission charged with evaluating advances science and technology in INVERTEC-IGT (1999). (52) Gerens (1996, a, b and c). See Crespi y Rau (2000) for a detailed analysis of the methodology. (53) See: Wallsten, S.J. (2000): "The effects of government-industry R&D programs on private R&D.: the case of the small business innovation research program." RAND Journal of Economics 31 (1); Lach, S. (2000): "Do R6D subsidies stimulate or displace private R&D. Evidence from Israel." NBER Working Paper 7943. See also Benavente (2002) and ILADES (1998). (54) The exchange rate at the time of this part of the study was US$25 per UF. As of March 2004, it is US$27. (55) Chile produces fewer than 100 doctorates per year and would need to produce around 3,000 per year to reach a level comparable to the knowledge-based developed economies. Similarly, Chile has only one scientist for every thousand economically active inhabitants, while the developed countries have an average of five scientists per thousand. Lauritz Holm-Nielsen and Alex Norsworthy, Chile's Millennium Science Initiative The Millennium Science Initiative (MSI) is an international initiative funded by the Science Initiative Group and The World Bank dedicated to bringing science and technology from developed nations to the third world. : Building Human Capital for the Global Knowledge Economy. En Breve BREVE, practice. A writ in which the cause of action is briefly stated, hence its name. Fleta, lib. 2, c. 13, Sec. 25; Co. Lit. 73 b. 2. Writs are distributed into several classes. Series, World Bank, December 2002, Issue No. 15. (56) World Economic Forum (2004); Chile: New Economy Study, Volume 1, Executive Summary and Policy Recommendations, World Bank (57) In the OECD countries, the private sector's support of R&D fluctuates between 40 and 70 percent. In Chile more than 55 percent of the resources in science and technology are dedicated to basic research. In Korea, the figure is 12.6 percent; in Spain, 22 percent; and in the United States, 18.3 percent. See Brunner, 2001; Bitran, E. 2002;. De Ferranti, et. al. 2003. (58) Chile: New Economy Study, Volume 1, Executive Summary and Policy Recommendations, Feb. 18, 2004. (59) See http://www.tamas.gov.il/NR/exeres/ CE7F61C9-9B1E-462C-BE43-26EF711283E2.htm. (60) See http://www.tekes.fi/eng/. World Bank, 2003. For more examples, see: In the United Kingdom, the Department of Business Regulation and Reform (formerly, the Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007[1]. ) http://www.dti.gov.uk/about/index.html; in New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , the Ministry of Research, Science and Technology http://www.morst.govt.nz/; and in Ireland, the National Policy and Advisory Board for Enterprise, Trade, Science, Technology and Innovation http://www.forfas.ie/about/index.html . (61) See: UNCTAD (2002) p.205 for an analysis of the incentives offered to large transnationals. Bloningen and Van Kolpin (2002) find evidence that in the face of strong stimuli to reduce costs, enterprises can modify technology processes and reduce their innovation activities. This phenomenon is aggravated if, in addition, there is no critical mass of enterprises that favors the benefits of clustering. Egloff (2001); Marshall (1996). (62) For example, CORFO's Programa de Desarrollo de Proveedores seeks to strengthen suppliers of firms that show significant sales, but not to support the creation of suppliers for start-up firms. CORFO should consider elaborating performance agreements to develop R&D activities with foreign enterprises established in the country, instead of forcing them to participate in tenders whose methods of operation are cumbersome for start-ups. (63) See the discussion in: de Ferranti, et. al, Closing the Gap in Education and Technology, World Bank (2003). (64) Stern et al. (2000), p.3 (65) They are: Centro de Investigaciones Minero Metalurgicas (CIMM CIMM Canadian Institute of Mining and Metallurgy CIMM Centro de Informação Metal Mecânica (Brazil) CIMM Commodity Integrated Material Manager CIMM Configuration; Installation; and Maintenance Manual ); Centro de Informacion de Recursos naturales (CIREN CIREN Centro Internacional de Restauración Neurológica (Spanish: International Center for Neurologic Restoration; Havana, Cuba) CIREN Crash Injury Research and Engineering Network (transportation research body) ); el Instituto de Fomento Pesquero (IFOP IFOP Instrumento Financeiro de Orientação das Pescas (Portugal) IFOP l'Institut Français d'Opinion Publique ); Instituto Forestal de Chile (INFOR); Instituto de Investigacion Agropecuarias (INIA); Corporacion de Investigacion Tecnologica (INTEC INTEC Information Technology (Ghent University department) INTEC Institut National des Techniques Économiques et Comptables (National Technical Institute for Business and Accounting; Paris, France) ) and Fundacion Chile, a private entity of which the Government is a partner. Execept in the case of INIA, which has a budget of around US $ 25 million, the public institutions manage projects with less than US3 million per year. (66) Fundacion Chile has the advantage of being a private institution; even through public-sector representatives are on the board of directors. Fundacion Chile is able to start companies, and is tightly linked to the private sector. See Mullin et al. (2000).
Table 1.1 Some Trade and Competition Regulations (comparison between
Chile and OECD Countries)
(Scale: 0 represents a very low level, while 6 is a high incidence)
Emerging
Chile Markets
(1)
GOV'T OWNERSHIP AND
INVOLVEMENT
* State control 2.1 3.0
* Public ownership 1.7 3.4
* Size of public enterprise sector 1.5 2.5
* Involvement in business operations 2.7 2.4
* Price controls (2) 2.0 1.2
ADMINISTRATIVE BARRIERS
* Barriers to entrepreneurship 2.3 2.0
* Regulatory and administrative
opacity 3.5 2.2
* License and permits system 4.0 3.0
* Communication and simplification of
rules and procedures 3.1 1.2
* Administrative burdens on start-ups 2.2 2.2
* Administrative burdens for
corporation 2.3 2.7
* Administrative burdens for sole
proprietor firms 4.0 2.1
* Sector specific administrative
burdens (3) 0.6 2.1
TARIFF AND TRADE RESTRICTIONS
* Barriers to trade and investment 2.7 2.5
* Explicit barriers 1.5 2.8
* Ownership barriers 0.0 2.6
* Discriminatory procedures 2.3 2.0
* Tariffs 3.0 3.7
* Other barriers 4.3 2.0
* Regulatory barriers 5.3 1.7
REGULATORY FRAMEWORK FOR
COMPETITION
* Economic regulation 1.9 2.5
* Regulation of economic structure 2.0 2.7
* Regulation of economic behavior 2.5 3.1
* Regulation of competition 1.0 1.4
Mexico EU-15 US
GOV'T OWNERSHIP AND
INVOLVEMENT
* State control 1.7 2.4 0.9
* Public ownership 1.7 2.3 0.8
* Size of public enterprise sector 1.4 1.9 0.0
* Involvement in business operations 1.7 2.4 0.9
* Price controls (2) 1.3 1.2 0.0
ADMINISTRATIVE BARRIERS
* Barriers to entrepreneurship 1.7 1.8 1.3
* Regulatory and administrative
opacity 2.3 1.9 2.1
* License and permits system 4.0 2.9 4.0
* Communication and simplification of
rules and procedures 0.5 0.8 0.0
* Administrative burdens on start-ups 1.8 2.1 0.8
* Administrative burdens for
corporation 2.1 2.3 0.5
* Administrative burdens for sole
proprietor firms 1.6 2.1 1.3
* Sector specific administrative
burdens (3) 1.6 1.9 0.5
TARIFF AND TRADE RESTRICTIONS
* Barriers to trade and investment 2.2 0.7 0.9
* Explicit barriers 3.1 0.9 1.3
* Ownership barriers 2.7 0.3 2.2
* Discriminatory procedures 1.4 0.6 0.3
* Tariffs 5.0 2.0 1.0
* Other barriers 1.1 0.4 0.3
* Regulatory barriers 0.3 0.2 0.0
REGULATORY FRAMEWORK FOR
COMPETITION
* Economic regulation 1.5 2.0 1.0
* Regulation of economic structure 1.7 2.1 1.0
* Regulation of economic behavior 1.8 2.7 1.2
* Regulation of competition 0.7 1.0 0.8
Data for Chile take into account the state of the legal framework in
May 2003 and for the other countries, 1998. (1) Emerging markets:
Czech Republic, Hungary, Korea, Mexico, Poland, Turkey; (2) Includes
sector specific information on road freight, air transport, retail
distribution and some telecom services; (3) Exemptions to public
enterprises and state-mandated actions only. Source: OECD 2003
Table 1.2 Contract Resolution Comparisons
Cost (%
Number of Duration GDP per
Country Procedures (days) capita)
Chile 21 200 15.0
Brazil 16 380 2.0
Mexico 47 325 10.0
Australia 11 319 8.0
Canada 17 421 0.7
France 21 210 3.8
Germany 22 154 6.0
Ireland 16 183 7.2
New Zealand 19 50 11.6
Spain 20 147 10.7
United Kingdom 12 101 0.5
United States 17 365 0.4
Average 20 238 6
Complexity Creditor
Country Index Rights Index
Chile 73.0 2
Brazil 48.0 1
Mexico 62.0 0
Australia 29.2 3
Canada 31.3 1
France 84.7 0
Germany 61.1 3
Ireland 42.4 1
New Zealand 36.8 4
Spain 82.6 2
United Kingdom 41.8 4
United States 45.8 1
Average 53 2
Source: Doing Business, World Bank
Table 2.1 Chilean classification by firm size.
Value of Annual Sales in Value of Annual Sales
FIRM SIZE Unidades de Fomento (UF) (US$ equivalent)
(see note 15)
Micro Less than 2,400 Less than $52,800
Small 2,401 thru 25,000 $52,800 to $550,000
Medium 25,001 thru 100,000 $550,001 to $2,200,000
Large More than 100,001 More than $2,200,000
Table 2.2 Number of Firms by Sector and Size (2000)
Sector Micro Small Medium
Mining 1,219 451 85
Agriculture 60,635 9,303 806
Industry 30,388 8,761 1,745
E.G.W. * 863 222 43
Construction 23,113 6,386 1,047
Commerce 216,014 31,016 4,607
Restaurants 26,466 3,591 363
Transport 63,251 9,763 975
Services 92,139 23,601 3,428
UC. * 19,391 748 60
Total 533,479 93,842 13,159
Micro, Small and
Medium as % of
Sector Large Total Total
Mining 87 1,842 95.28
Agriculture 243 70,987 99.66
Industry 1,137 42,031 97.29
E.G.W. * 88 1,216 92.76
Construction 484 31,030 98.44
Commerce 204 251,841 99.92
Restaurants 98 30,518 99.68
Transport 416 74,405 99.44
Services 1,443 120,611 98.80
UC. * 29 20,228 99.86
Total 4,229 644,709 99.34
Source: Caracterizacion de las Micro y Pequenas Empresas (2002).
* E.G.W.: Electricity, Gas and Water; UC: Unclassified
Table 2.3 Shares of all formal sector employment 1994-2000
(percent of all formal sector workers)
Firms 1994 1995 1996 1997
Micro 81.91 81.53 81.59 81.04
Small 15.05 15.33 15.26 15.62
Medium 2.11 2.17 2.17 2.28
Large 0.93 0.97 0.98 1.06
Total 100 100 100 100
Micro, Small & 99.07 99.03 99.02 98.94
Medium Total
Firms 1998 1999 2000
Micro 81.48 82.57 82.51
Small 15.36 14.48 14.51
Medium 2.17 2.03 2.04
Large 1 0.93 0.94
Total 100 100 100
Micro, Small & 99.01 99.08 99.06
Medium Total
Source: Caracterizacion de las Micro y Pequenas Empresas. Based on
data from CASEN Survey, 1990-2000 Figures do not include the
self-employed, military forces, public service, household service,
and undefined categories, which account for more than 42 % of total
employment)
Table 2.4 Shares of productive sector employment
(percent of productive sector employment)
Employment 1990 1992 1994 1996 1998 2000
Micro 33.97 33.6 30.26 38.95 30.85 33.18
Small 28.62 31.04 33.47 32.36 24.91 26.92
Medium 17.85 18.08 17.63 17.07 17.22 17.18
Large 19.56 17.28 18.64 11.61 27.02 22.71
Total 100.00 100.00 100.00 100.00 100.00 100.00
Micro, Small & 80.44 82.72 81.36 88.38 72.98 77.28
Medium Total
Source: Caracterizacion de las Micro y Pequenas Empresas. Based on
data from CASEN Survey, 1990-2000 Figures do not include the
self-employed, military forces, public service, household service,
and undefined categories, which account for more than 42 % of
total employment)
Table 2.5 Growth Rates by Size, 1994-2000
Years Micro Small Medium Large Total
1995-1994 3.63 6.06 7.03 8.87 4.11
1996-1995 5.12 4.50 5.13 6.25 5.04
1997-1996 -0.04 3.01 5.74 8.71 0.64
1998-1997 7.68 5.33 1.84 0.74 7.10
1999-1998 1.86 -5.23 5.87 -6.94 0.51
2000-1999 2.48 2.80 2.87 3.92 2.55
2000-1994 22.4 17.16 17.31 22.53 21.5
Source: Caracterizacion de las Micro y Pequenas
Empresas (2002)
Table 2.6 Exports by Size and Value, 1994-2000
Exports 1994 1995 1996 1997 1998 1999 2000
Micro 0.2 0.19 0.17 0.1 0.23 0.12 0.07
Small 1.88 1.51 1.55 1.09 1.19 1.18 0.97
Medium 4.64 3.75 3.7 3.03 3.58 3.47 2.9
Large 93.28 94.55 94.58 95.78 95.01 95.23 96.06
Total 100 100 100 100 100 100 100
SME Total 6.52 5.26 5.25 4.12 4.77 4.65 3.87
Source: Caracterizacion de las Micro y Pequenas Empresas (2002), with
information from Customs (Aduanas) and CORFO, based on ProChile and
SII database.
Table 2.7 Matrix Measuring Transition over ten-year period (22)
En't + 10 [right arrow]
En t Microenterprise Small Medium
Micro 0.16 0.11 0.03
Small 0.01 0.37 0.10
Medium 0.01 0.09 0.34
Large 0.01 0.01 0.04
En't + 10 [right arrow]
En t Large Exiting Firms
Micro 0.03 0.66
Small 0.01 0.51
Medium 0.21 0.35
Large 0.68 0.26
Source: Cabrera, de la Cuadra, Galetovic, and Sanhueza, 2002.
Table 3.1 Access to finance by size, 1996, 1998, 2000
Size 1996 1998 2000
Micro 41.7 42.1 39.4
Small 66.5 63.6 61.8
Medium 77.5 73.8 72.1
Large 84.3 79.6 78.3
Source: I&G (2000). Based on data from the Super Intendencia de
Bancos e Instituciones Financieras.
Table 3.2 The Continuum of Government SME Services (37)
Type of Service Chile Australia Canada Finland
Social x (a) x x x
Subsidies to
unemployed for start-
ups
Subsidized interest x (b)
rates for SMEs
Operational
State loans or mutual x (c) x x
guarantees for SMEs
State banks for SMEs x (d) x
Microcredit funds x (e) x x
Transforming
Loans to potential high x (f) x x
growth SMEs
Research and dev. x (g) x x x
loans and grants
Govt aid to risk capital x (h) x x x
funds
Fiscal incentives for x x
"angel", other
investors
Data bases, "angel" x x
networks
Type of Service Hol. Ireland Spain Sweden
Social x x x
Subsidies to
unemployed for start-
ups
Subsidized interest x
rates for SMEs
Operational
State loans or mutual x x
guarantees for SMEs
State banks for SMEs x
Microcredit funds x x
Transforming
Loans to potential high x x
growth SMEs
Research and dev. x x x x
loans and grants
Govt aid to risk capital x x x x
funds
Fiscal incentives for x x
"angel", other
investors
Data bases, "angel" x x
networks
Type of Service Taiwan UK US
Social x
Subsidies to
unemployed for start-
ups
Subsidized interest
rates for SMEs
Operational
State loans or mutual x x x
guarantees for SMEs
State banks for SMEs x
Microcredit funds x x
Transforming
Loans to potential high x
growth SMEs
Research and dev. x x x
loans and grants
Govt aid to risk capital x x x
funds
Fiscal incentives for x x x
"angel", other
investors
Data bases, "angel" x x x
networks
Source: Stevenson and Lundstrom (2002); Crichton, D. (2000).
Table 4.1 Grant and Credit Programs
Sector Grant Programs
1.- Fishing 2
2.- Agricultural and animal husbandry 16
3.- Mining 2
4.- Commerce, restaurants and hotels 2
5.- Cross-sectoral 38
Total PSD programs 60
6.- Special 8
7.- Social assistance 5
Total reported programs 73
8.- Not received / Aggregated 7
TOTAL
Sector Credit Programs Total
1.- Fishing -- 2
2.- Agricultural and animal husbandry 4 20
3.- Mining 6 8
4.- Commerce, restaurants and hotels -- 2
5.- Cross-sectoral 12 50
Total PSD programs 22 82
6.- Special -- 8
7.- Social assistance 1 6
Total reported programs 23 96
8.- Not received / Aggregated -- 7
TOTAL 103
Table 4.2 Grant Programs in Private Sector Development
Grant Program Percentage
Franquicia Tributaria a la Capacitacion, SENCE 36.4%
Ley No 18.450 Fomento al Riego y Drenaje, CNR 9.7%
Sistema de Incentivos para la Recuperacion de Suelos
Degradados, SAG 6.2%
Programa para la recuperacion de suelos degradados, INDAP 5.3%
Programa de Promocion de Exportaciones, PROCHILE 4.5%
FONDEF, CONICYT 3.8%
Servicio de Asesorias Tecnicas, INDAP 3.8%
Fondo de Desarrollo e Innovacion (FDI), CORFO 3.7%
Proyecto Asociativo de Fomento (PROFO), CORFO 3.5%
FONTEC, CORFO 3.5%
Subsidio Ley 19.561 a la Forestacion, CONAF 2.3%
Fondo de Asistencia Tecnica (FAT), CORFO 2.3%
Programa Riego, INDAP 2.2%
Others 12.8%
Total 100.0%
Source: Almeyda and De la Barra (2002). See Annex B.
Table 4.3 Credit Programs in Private Sector Development
Credit Programs Percentage
Reprogramacion de deudas PYME, CORFO 62.3%
FOGAPE, Banco Estado 19.1%
Financiamiento de Inversiones de las medianas y pequenas
empresas (linea de credito B.11), CORFO 5.6%
Credito corto plazo individuales y organizacionales,
INDAP 3.6%
Financiamiento al comprador extranjero de Bienes Durables
y Servicios de Ingenieria chilenos. (Linea de credito
B.21), CORFO 2.2%
Credito a largo plazo individuales y organizacionales,
INDAP 2.1%
Construccion y Mejoramiento Obras de Riego (Ley de
Riego). Credito de Enlace, INDAP 0.8%
Credito de reprogramacion de pasivos de pequenas empresas
(linea de Credito B.13), CORFO 0.8%
Others 3.5%
Total 100.00
Source: Almeyda and de la Barra (2002). See Annex B.
Table 5.1 Strengths and Weaknesses of the Chilean National
Innovation System
Strengths
--Broad University Network
--Strong competitive environment
--Open economy
--Strong foreign direct investment
--Free Trade Agreements and
complementary economy with the
European Union, the United States,
Canada and Mexico.
--Export orientation
--Availability of public resources to
promote innovation
Weaknesses
--Low level of quality of education
--Low percentage of population with post-secondary education
--Excessive focus on basic scientific research and a decline in
applied science and technology development
--Few patent applications
--Inadequate training of personnel in the sciences and
technologies
--Little investment in R&D
--Low proportion of R&D research done by enterprises
--Limited collaboration between businesses and universities
--Weak technological institutes, and without a culture of
collaboration
Source: Brunner (2001); Mullin et al. (1999); Mullin et al. (2000);
Bitran (2002); Benavente, and Crespi, (1998), and interviews with
experts.
Table 5.2 Proposed Private Sector Development Portfolio Reform
Sector Grant Programs
1. Fishing 1
2. Agriculture and animal husbandry 10
3. Mining 1
4. Commerce, restaurants and hotels 1
5. Cross-sectoral 17
Total 30
Sector Credit Programs
1. Fishing --
2. Agriculture and animal husbandry 3
3. Mining 4
4. Commerce, restaurants and hotels --
5. Cross-sectoral 6
Total 13
Sector Total
1. Fishing 1
2. Agriculture and animal husbandry 13
3. Mining 5
4. Commerce, restaurants and hotels 1
5. Cross-sectoral 23
Total 43
Figure 2.2 Sales Growth Rates, by Size, 1994-2000
Micro 22.00
Small 16.63
Medium 17.45
Large 42.61
Source: Caracterizacion de las Micro y Pequenas Empresas (2002).
Note: Table made from bar graph.
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