The principal topic in this paper is to investigate how social factors including gender, culture, education and motives affect financial decisions in newly formed businesses.

Access to capital is a fundamental requisite for the startup process of new firms. Earlier researches indicate that social factors can affect both the possibility to access financial capital and the attitude to accept external financing, for instance gender, ethnicity or cultural background of the entrepreneur. Understanding of these social and cultural barriers is important in order to take advantage of the full entrepreneurial potential in the society.