Availability of financing: there are many programs offering access to finance for SMEs, aiming at reducing the barriers to access to finance. Many of such programs are not able to distinguish between the credit constrained business and an opportunistic borrower who may be induced to take on unnecessary debt only because it is available at a favorable rate. Last year’s loss translated into an operating cash-flow deficit of $615 million. Companies, of course, are supposed to generate cash-flow surpluses for their stakeholders, and they can’t bleed cash indefinitely. With the $3.4 billion in new cash (from the IPO) and $1 billion it already has on the balance sheet, it can bear another two or three years of big losses without new funding.