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This paper seeks to contribute to understanding the role that banks play in financing new businesses, based on a survey made with bank managers in Bogotá, Medellín, Cali, and Barranquilla (Colombia). The main theoretical reference is the strategic risk capital investors model developed by Hellmann (2002) and by Hellmann, Lindsey, and Puri (2003). The authors also explore the validity of the SMB financing model by Berger and Udell (1998) and analyze the bank managers' opinions on the effect of financial resource availability on new businesses that have experienced the entry of foreign banks and the mergers of some credit institutions in recent years. The main findings are (a) that commercial banking seems to have been participating in risk capital investment in young businesses, mainly for the purpose of attracting clients to later offer them short-term loans; (b) that Berger and Udell's financing model appears to adjust well to the reality of young businesses, and (c) that most of the managers surveyed believe that commercial banking should play a more important role in the risk capital market. [ABSTRACT FROM AUTHOR]

This paper explores the internationalization of SMEs in Antioquia to determine how the process is being conducted and how competitive the businesses have been during the process. The central question is: Are the SMEs competitive enough to consolidate a position in the international marketplace? The theoretical concepts used in the analysis are presented. The investigation is exploratory-descriptive. Two instruments were applied, using personal interviews with general managers and international business managers. The results show that export culture in Colombia (especially in Antioquia) is not well established. In fact, there is a certain resistance to changing the business mentality regards internationalization, especially amongst SMEs. [ABSTRACT FROM AUTHOR]