Public policy to promote access to financiing of smes in Spain: The Alternative Investment Market (AIM).

Abstract

The current economic crisis has affected the chances of attracting financing of small and medium-sized Spanish companies. To the tightening of credit conditions we must add also the increased risk because, on the one hand, the increase in defaults and, secondly, the fall in sales volume caused both by the significant loss of purchasing power of consumers as by increasing distrust. In this context the Alternative Investment Market (AIM), emerges as an alternative stock exchange market to provide financing to smaller companies, that however, want to expand and reach more markets than its own financial structure could afford. The main objective of the AIM is to provide financial resources, by increasing equity to companies undergoing expansion, both nationally and internationally. In this paper we analyze the main characteristics of this new market and tax benefits for both investors and businesses.