Assessing access to finance for tourism development: entrepreneurial approach

摘要

Macedonia is a small open economy that is challenged by various policies and measures in the line of enhancing its competitiveness. Being focused on becoming a recognizable country with favorable business climate, Macedonia is faced with numerous and complex limiting factors. This paper intends to assess the access to finance as one of the most profound causes that inhibits tourism development. The paper elaborates the case of Krusevo, as one of the most developed winter tourism centers in Macedonia. The objective is to identify the major problems caused by lack of access to finance for further tourism development, by employing the entrepreneurial approach. A survey is conducted among managers/owners and employees of travel agencies and tourism service facilities as the main representatives of tourism supply side. The overall conclusion is that the destination is faced with serious obstacles in terms of providing finance for tourism development.