När bankerna säger nej – vem säger ja? : En studie om handelskredit som alternativ finansiering i små och medelstora byggföretag i Sverige

Sammanfattning

This study examines how small and medium-sized construction firms in Sweden use trade credit in relation to bank financing during periods of credit tightening, with a particular focus on the COVID-19 pandemic. The purpose is to analyze whether trade credit functions as a substitute or complement to bank financing, and to identify the factors influencing this relationship. The study applies an abductive research approach, combining 21 semi-structured interviews with quantitative secondary data and previous research. The analysis is based on theories of trade credit, pecking order, information asymmetry, financial constraints, relationship lending, and working capital management. The findings show that the role of trade credit is highly context-dependent. For smaller and financially constrained firms, trade credit primarily functions as a substitute for bank financing and is essential for managing cash flow, material purchases, and daily operations. In contrast, medium-sized firms use trade credit strategically as a complement to optimize liquidity, working capital, and financial flexibility. The study further shows that credit tightening and economic uncertainty increased firms’ reliance on supplier credit. At the same time, access to financing is influenced by firm size, financial stability, and relationships with banks and suppliers. The findings also indicate that suppliers may possess informational advantages over banks, enabling them to extend credit even when bank financing becomes restricted. The conclusion is that the relationship between trade credit and bank financing is dynamic rather than static. The study contributes with a construction-industry-specific understanding of how small and medium-sized firms adapt their financing strategies during periods of credit tightening, and how trade credit can create both financial flexibility and increased vulnerability. Keywords: Trade credit, bank financing, construction industry, credit tightening, liquidity, SMEs.