
e-ISSN: 2576-0971. January - March Vol. 8 - 1 - 2024 . http://journalbusinesses.com/index.php/revista
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which in their initial phase of development require venture capital and financing
mechanisms.
According to Amado, (2017) economic profitability has become a basic indicator to
measure business management, which establishes that if the behavior of asset accounts
has been managed independently of financing, it would be a profitable company; on the
contrary in an unprofitable company for the permanence of its assets financing is
required, in this sense it is necessary to analyze whether the problem arises from
problems in the development of its economic activity or from a deficient financing policy.
In Ecuador, most companies seek various forms of financing, because they cannot finance
themselves directly, in this context there is formal and informal financing; due to the
existing barriers in financing for SMEs, they end up opting for the second option, which
makes them end up over-indebted, in addition to the fact that they do not have a correct
administration; Most of the time it is done in an empirical way, in addition to the fact
that the personnel is not qualified in their areas, especially in the administrative and
financial ones, that is why this study by obtaining the results will allow to place in the
environment of decisions that the companies are carrying out, as well as to know the
impact of the decision making.
For large companies as well as for SMEs it is very important to have sources of financing
to ensure their growth, from the capital lent by banks to private capital in exchange for
ownership participation, have been resources that allow the expansion, permanence,
development and innovation of companies, especially in the initial stages; however, in
the business world as the Latin American there is difficulty in accessing the different
types of financing, so governments have had to intervene through various policies to
compensate to a lesser extent the absence of funding (Bazerque, Orueta, & Echagüe,
2017)..
This study was carried out in the canton of La Libertad, considered the economic capital
of the province of Santa Elena, since most of the commercial, port, fishing and banking
companies are located there, in addition to being the urban canton with the largest
number of inhabitants compared to the canton of Salinas and Santa Elena, which
concentrates the largest number of economically active population in this sector, are
determining factors for this study.
The basis of the economy in the canton La Libertad is trade, the same that occurs mainly
by SMEs in the sector, reaching a number of figures of 408 companies in the commercial
sector in the province of Santa Elena, according to data from INEC in 2018; However,
there is no accurate information of commercial enterprises in the canton La Libertad,
most SMEs have been born informally and with little administrative knowledge, but over
time only 5% have managed to be sustainable over time and have managed to grow and
be sustainable and have also generated direct and indirect jobs, thus improving the
economy of the canton.
Sergún Garzón González, (2017) currently financing means an important support for
financial management in commercial companies, because by obtaining bank loans allows