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This article aims at studying the effect of export activity, viewed as a way of estimating small business internationalization, on access to bank capitals during the recent global crisis. The empirical analysis leads to several interesting results. In particular, the existence and intensity of exports are negatively related to bank capitals, demonstrating the difficulties of small businesses to rely on financial leverage when they wish to explore new markets. Conversely, indicators of solvency and liquidity are positively related to this same source of financing. They are more important than those of profitability and growth opportunities in explaining the financial leverage level, attesting the primary need of small businesses to provide sufficient guarantees when they wish to incur new bank loans in times of crisis. These findings may interest policy makers, financiers and researchers and contribute to enriching the debate on the relationship between small business internationalization and access to leverage.

How did export activity affect small business access to bank capitals during the global crisis?