Roohallah Noori

Abstract
Despite the critical role of small and medium sized enterprises in economic development of Iran, they face difficulties such as problem of timely availability of working capital. As such, the main purpose of this study is to investigate roots and causes of this issue, as the most challenging problem of SMEs. So, this applied and descriptive study was done using qualitative data collection method and through selected managers in small and medium sized companies located in industrial estates in such provinces as Tehran, Qazvin, Alborz and Mazandaran. First, characteristics of small and medium sized companies and also principles and theoretical concepts of working capital were studied. Second, backgrounds and reasons of timely availability of working capital in small and medium sized companies were determined. Finally, the opinion of selected company's managers based on semi-structured interview was received and prioritized with Top Ten method. The results of the study showed that roots and causes of the lack of timely availability of working capital in small and medium sized companies can be investigated in two internal and external aspects meaning the supply and demand side.

Keywords:

Working capital, Financing, SMEs, industrial estate.