【正文】 另外一些理由就是銀行收取貸款利息是被宗教所禁止的，“貸款貸走了好運”、“銀行在你向他們貸款的時候偷走了你的財產(chǎn)”和“我將我所有的利潤都再投入我的生意中因此我不需要貸款”。最后一條清晰的表明那些受訪者并不需要貸款。然而，其他的一些原因則是信貸渠道限制。 供應商信 貸 的廣泛使用 大多數(shù)微企主，尤其是那些在市場上營業(yè)販賣大量農(nóng)產(chǎn)品的微企主們往往會大量使用供應商信貸。農(nóng)產(chǎn)品生產(chǎn)商或者那些將農(nóng)產(chǎn)品從鄉(xiāng)村地區(qū)運送到城市地區(qū)販賣的中間人往往以農(nóng)產(chǎn)品本身為抵押來 獲取信貸并且在農(nóng)產(chǎn)品出售后償還貸款。這樣的實踐是被廣泛傳播的，以至于一些受訪者承認這是他們與供應商建立良好合作關系的重要組成部分。這種合作關系對于供應商和零售商來說是雙贏的。對于前者，保證了他們在一個市場上的穩(wěn)定地位，而對于后者來說他們不需要預先準備資金來購買能夠出售的農(nóng)產(chǎn)品。這種現(xiàn)象大幅地減少了做生意的成本并且可以解釋為什么微企能夠以少量的資本作為啟動資金。 其他一些形式的微企，比如小商店、沙龍和服務供應商也承認嚴重依賴供應商信貸或者經(jīng)常放置一些有限的商品和補益。使用供應商信貸有幾個好處比如質(zhì)量把控和供應確 保最終將有益于與供應商保持良好的合作關系。另外，使用供應商信貸比從放貸人那里借錢要便宜些，更加方便的啟動生意因為后者包括了一些利息，而利息在供應商信貸中則不存在。 然而，供應商信貸有著一定的限制和其固定的圈子，其他供應商則需要尋找另外的正規(guī)或者非正規(guī)信貸來源。例如非正規(guī)信貸被用來獲取公司股票 ，就不太合適用來資本投入比如一些設備像冰箱、家具或者其他可以改善某人生意的物品的購買。另外，另一些公司的多樣化很有可能造成累計利潤或者信貸資金被擠出。 簡單、方便地獲取非正規(guī)信貸 這一點是 非正規(guī)信貸相比于正規(guī)信貸而言的非常大的優(yōu)勢，即使正規(guī)的小型金融機構使用相似的借貸方式也并不能比非正規(guī)信貸顯得更有活力。調(diào)查發(fā)現(xiàn)有這么幾個優(yōu)勢比如快捷或者 十分簡單的信貸程序，重組償還的情況下一個依賴貸款的人將會體會到其困難。高額利息則是最大的缺點。然而，快捷簡單的信貸過程的優(yōu)點還是蓋過了其缺點。這是為什么呢，通過調(diào)查我們發(fā)現(xiàn)有時候微企主們很急切的需要信貸而從正規(guī)信貸部門又不能夠立即獲取貸款。這就包括培養(yǎng)預期貸款申請、組團過程和 初期 儲蓄的積累等。 組團編隊的過程往往平均下來要花費二到四周的時間。另外，一些小額貸款 人需要預先積累一部分資金并且要計算所占貸款的百分比（通常在 15%），或者規(guī)定最小貸款總量，或者花一到三個月時間與放貸人建立良好的個人關系。這些要求往往使那些急需信貸的微企主們望而卻步。然而，對于那些貸款需求不是那么急切比如計劃購買設備像冰箱或者股票來改善微企經(jīng)營的微企來說，他們還是寧肯向正規(guī)點兒的金融機構 申請信貸 而不是 申請 非正規(guī) 信貸。一下是一張小型金融機構預先申請信貸的時間表和需要的成本支出。 ●第一周 客戶導 向 ●第二周 組團編隊 ●第三周 探訪組成員處所，開戶和支付 初始最低保證金， 2,200（ $） ●第四周 按要求填寫貸款申請表和最低儲蓄存款 2,200（ $） ●第五周 提交貸款申請表和 支付貸款申請費用與貸款保證金的 2%和貸款價值的 1% ● 第六周 存款費用 2,200（ $） 和第一筆貸款的支出 結論 路徑依賴是抑制微型企業(yè)進入正規(guī)信貸的一個主要因素。這是因為他們往往缺少極少的初始資本和技能。這種定義的特點在整個烏干達都是類似的，他們對經(jīng)濟的貢獻主要限于非農(nóng)業(yè)非正規(guī)部門自我就業(yè)上。他們 的融資約束提供給我們 微型企業(yè)融資動態(tài)的觀察窗口。雖然啟動資金可以從非正規(guī)渠道包括個人儲蓄、從朋友和家人那里的借貸，微企決定使用正式或者非正式信貸往往取決于具 體的因素，如供應商的信用可用性，需要購買資本設備或者多樣化的業(yè)務。另外，一些因素諸如冗長的貸款處理程序，有關貸款申請過程的負面看法和違約賬戶的惡劣后果都導致了非正式信貸的廣泛使用。 Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions Dr. Winifred Tarinyeba Kiryabwire Abstract Access to finance literature in developing countries focuses on access to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low ine countries, micro enterprises play a much more significant role than SMEs because of their contribution to nonagricultural selfemployment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit. Introduction It well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit1. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macroeconomic performance, petitiveness in the financial system, and regulatory frameworks that enable financial institutions to develop products for SMEs such as leasing and factoring2. Over the past ten years, policy makers in developing and low ine countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as mercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors. Path Dependence in Micro Enterprises: Formation and Business Characteristics The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in which they operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as wellthought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing th