Mezzanine capital is a hybrid instrument which combines the benefits of debt and equity

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The small and medium-sized enterprise sector (SMEs) is considered an essential factor for growth and economic development. But despite its economic, social and innovative role, the SME sector is confronting with many vulnerabilities. Access to finance represent one of the main problems facing the SME sector. The new economic context imposed by the pandemic crisis has further highlighted these vulnerabilities and imposed new solutions for resilience and post-crisis recovery. The paper presents the characteristics and evolutions of the Romanian SMEs, the effects generated by the crisis on small and medium enterprises, the main measures adopted to support and to provide liquidity for SMEs affected by the crisis. This challenge comes both with restrictions and negative aspects, but also with some positive aspects, which can be turned into real opportunities for this sector so important in the economy. The main sources of finance for the Romanian SME sector as well as the major financing programs and instruments at the national and European level are analyzed in light of the role that financing plays in supporting and developing small and medium-sized enterprises. The measures adopted (greater financing flexibility, credit guarantees, public and private investment), the financing programs and instruments but also ensuring a stable legal and juridical framework, can contribute to the development of SME sector in Romania, after the pandemic crisis.

The pandemic crisis has meant a challenge for SMEs and a factor that can change the way of doing business. The current paper analyses the correlations between financial resources, turnover, sustainability, and digital technologies and how these components can be adapted to changes in the economy triggered by the pandemic crisis in the structure of activities carried out by SMEs. Resting on the importance of integrating the innovative, digital component to the activities of SMEs, in close connection with the financial resources component, a multicriteria research model for business has been developed, assessing the correlations between key variables and their influence on European SMEs. In order to fully define the concepts envisaged and to emphasise these correlations, multiple linear regression, clustering techniques, and correlation analysis were used. In the end, the proposed solution provided a common language through which companies can evaluate traditional processes and bring together the research components into business activities.

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