1. Chapter 9: Nurturing Small and Medium-Sized Enterprises in Europe

2. Characteristics of Tourism SMEs
Independence
Internally financed
Cash limited
Multi-tasking
Flexibility
Economies of Scope
Owner-management

3. Characteristics of Tourism SMEs
Competiveness-keeper rather than competitiveness maker
Informality
Invisible to the media
Largely local
Relational
Personal relationship
Trust
Openness

4. Financing of SMEs
Personal Savings
Lease financing
Informal financing
EU Funds

5. Financing of SMEs Crowd funding
Growing in popularity in hospitality and tourism
Concerns regarding reporting requirements