Access to finance for UK social enterprises
利用英国纵向小企业调查数据，研究发现社会企业比中小企业更少申请银行透支但更多申请政府补助，且女性或少数族裔领导的社会企业在融资申请和获批方面存在差异。
We investigate access to finance for social enterprises, including those that are women and minority ethnic group (MEG) led. Using data from the UK Longitudinal Small Business Survey, we find that relative to small and medium enterprises (SMEs), social enterprises are less likely to apply for bank overdrafts, but more likely to apply for government grants. However, upon application, social enterprises are more likely to receive commercial mortgages, credit card funding, government grants and loans from mainstream financial intermediaries. By leadership diversity, women-led social enterprises are more likely to apply for loans from a bank, but less likely to receive bank funding compared to male-led counterparts. Our results also show that MEG-led social enterprises are less likely to apply for credit cards and government grants. Nevertheless, when they do apply, MEG-led enterprises have a higher probability of being granted government funding. In contrast, upon application, their chances of securing a bank overdraft facility are lower compared to those led by non-minority ethnic groups.